| Mortgage market not new, some say
NEW YORK -- While the disruption roiling the mortgage financing industry may seem like panic, some market veterans say it is actually a return to normal following a period of excess. Without trillions of dollars in easy money pouring into bonds backed by mortgages in the last few years, many of the lenders going bankrupt this year would never have thrived. And the American consumer never would have grown accustomed to a market where someone with a spotty credit history and no verifiable income could borrow lavishly with little or no down payment. "There is a little bit of rationality returning to the markets," said Richard Bookstaber, a former risk manager at a number of Wall Street investment banks. Bookstaber is author of a book called "A Demon of Our Own Design," which argues crises like this are inevitable because of the way markets are structured.
Tax commission hears from IPS superintendent
When it comes to property taxes, it seems everyone has a story to tell. On Monday IPS Superintendent Dr. Eugene White got a chance to tell his. Indiana has long debated the significance of property tax abatements and tax incremental financing districts (TIFS). That debate raged on before the state tax and financing policy committee. "While TIF areas temporarily capture a portion of the new property taxes from new investment. This new investment frequently results in new jobs that generate new tax revenues for state and local government," said Gary Malone, CPA. IPS Superintendent Dr. Eugene White knows all about abatements and TIF districts. One third of the real property in his district is off the property tax rolls because of it and IPS also lost $600 million because of the elimination of the inventory tax.
Noticias Infobolsa / Titulares
Round of Financing; Brings Total Equity Funding to $34.5 Million 11/08/2007 22:48:00 Business Wire About Intel Capital Intel Capital, Intel s global investment organization, makes equity investments in innovative technology start-ups and companies worldwide.
Intel Capital invests in a broad range of companies offering hardware, software and services targeting enterprise, home, mobility, health, consumer Internet and semiconductor manufacturing.
Since 1991, Intel Capital has invested more than US$6 billion in nearly 1,000 companies in more than 40 countries.
In that time, about 180 portfolio companies have been acquired by other companies and another 155 have gone public on various exchanges around the world.
In 2006, Intel Capital invested about US$1.07 billion in 163 deals with approximately 60 percent of funds (excluding Clearwire) invested outside the United States.
Small Businesses Caught in Credit Crunch
A running-scared Wall Street is impacting business in North Texas, as Dallas investment banker David Mahmood saw this week when he tried to complete $90 million in private financing for a California client. The client, a technology company that makes electronic consumer goods, needed money to see it through the manufacturing process in China, then to retail sales during the make-or-break Christmas season. "The lender backed out yesterday, so now we're scrambling," Mr. Mahmood said Friday. "If we can't raise enough money, [the company] will lose tens of millions of orders." Mr. Mahmood's firm, Allegiance Capital Corp., managed to secure $50 million, but the lender is demanding that Allegiance come up with $10 million from another source before it will put in the remaining $40. "We're not concerned about getting it done, but it's indicative of the fact that the market is tightening up," said Mr.
Reuters Canada Business Summary
TORONTO (Reuters) - Fallout from the U.S. subprime mortgage meltdown spread to Canada on Tuesday with a rating agency warning of possible defaults in the C$116 billion ($109 billion) market for asset-backed commercial paper, and one issuer saying it couldn't repay paper that is falling due. Dominion Bond Rating Services, Canada's main rating agency, said 17 issuers of asset-backed commercial paper were seeking cash. The 17 had C$26.6 billion of asset-backed commercial paper (ABCP) outstanding, or almost a quarter of Canada's C$116.2 billion market, it said. Subprime fallout throws doubt on rate hike TORONTO (Reuters) - Fallout from the U.S. subprime mortgage crisis has clouded what had until recently been considered a slam dunk rate hike by the Bank of Canada next month, economists said on Tuesday.
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Announces Class Action Lawsuit Against American Home Mortgage Investment ...
The law firm Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has filed a lawsuit in the United States District Court for the Eastern District of New York on behalf of its client and on behalf of other similarly situated purchasers of American Home Mortgage Investment Corporation ("American Home Mortgage or the "Company) (NYSE:AHM) common stock between April 26, 2006 through and including July 30, 2007 (the "Class Period). The complaint charges American Home Mortgage and certain of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act). It is alleged that defendants omitted or misrepresented material adverse facts about the Companys financial condition, business prospects, and revenue expectations during the Class Period. American Home Mortgage is a real estate investment trust (REIT), which engages in the investment and origination of residential mortgage loans in the United States.
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