VENDOR SALES SPECIALISTS LEASING SALES PROFESSIONALS Like selling vendor programs and large transactions? Enjoy international financing programs? Prefer the advantages of a commission only environment with the security of health and welfare benefits? CLICK HERE to find out how to have fun again.

Friday, January 30, 2009

Headlines---

Classified Ads---Asset Management
    Marlin Shuts Down Broker Division
        Last Call--- GE “new slogan” contest
    Mailing List
The parent of Financial Pacific is in trouble
    ELFA Dec./Year-end Leasing Business Charts
        Classified Ads---Help Wanted
    Employee retention top concern
Che/My Bloody Valentine/George Wallace
RocknRolla/Roman Polanski: Wanted and Desired
Fernando’s View by Fernando F. Croce
    Microsoft Explorer 8 out of Beta?
        Classified ads—Asset Management
Mortgage applications drop 38.8%
    Foreclosure Problems Still Not met
        249,000 Foreclosures Prevented in December
Canadian Banks could re-enter auto leasing
    Obama Slam on ’Shameful’ Bonuses
    Murdoch Says No Hiding from Credit Woes
    NYC Budget Axe To Carve Out $1 Billion/23,000 jobs
News Briefs---
    You May have Missed---
        California Nuts Brief---
    Sports Briefs---
"Gimme that Wine"
    Today's Top Event in History
        This Day in American History
    SuDoku
Daily Puzzle
    GasBuddy
        Weather, USA or specific area
            Traffic Live----

######## surrounding the article denotes it is a “press release”

(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)

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Classified Ads---Asset Management

For a full listing of all “job wanted” ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

To place a free “job wanted” Leasing News ad:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

ELFA Career Center: Job Seekers (free):
http://careers.elfaonline.org/search.cfm

[headlines]

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Marlin Shuts Down Broker Division

The emails started late morning on Thursday that Marlin had closed down their broker division and would only keep the direct division working. Leasing News had reports the company was down to two broker representatives, not getting the quality business it was seeking, and the once performing division has never been the same since Mike Bennie was fired by Executive Vice President, General Counsel & Secretary Corporate Secretary George D. Pelose.*

There were others let go, other changes, exiting factoring, doing loans, vehicles, cutting staff, then a bank, which has enable Marlin to go after TARP, plus the economy changed. As many companies
appear to be doing now, they are cutting back to work their portfolio, in hopes of getting through the tough times with minimum overhead.

One of the readers who informed us of being telephoned to inform them not to send any more business, also sent a copy of an email letter he received:

January 29, 2009

Dear-------

I would like to thank you for your past business with Marlin Leasing and express our appreciation for your patronage. Whether we have completed five business transactions or one hundred, we have valued your business.

Unfortunately, and effective immediately, Marlin Leasing will not be accepting equipment financing applications from the broker community in the near term. Marlin will honor outstanding approvals (subject to the terms and conditions set forth in such approvals) and respond to outstanding applications. However, no new credit applications will be accepted.

Given the current economic environment, this action is a prudent and necessary step for our business. We believe this action is a temporary one, but one which needs to be taken as we navigate through this economic climate.

Please do not hesitate to call your sales professional at Marlin if you need more information.

Thank you for the privilege of your business, and we wish you only the best in your future endeavors.

Ed Siciliano
Senior Vice President Chief Sales Officer

Leasing News was able to receive a statement from Marlin Leasing:

“Thanks for asking for clarification from Marlin’s management regarding our announcement today. If you choose to print my response to your request please do so in its entirety.

“Marlin exited the Broker channel today by informing all of our broker customers in writing of the change. We intend to provide professional service as we honor the backlog and process all open business.

“Our decision was based on the credit quality deterioration that we have been seeing in broker application flow. The risk vs. price relationship simply did not match the attractiveness of our other origination channels. Therefore we are applying former broker sales resources and capital to our direct channels. We sincerely wish the best for the broker community as we all manage through this economic climate.”

Ed Siciliano
SVP & Chief Sales Officer
Marlin Leasing Corporation
300 Fellowship Road
Mount Laurel, NJ 08054
T: 888-479-9111, ext 4105
F: 888-299-6756
email: esiciliano@marlinleasing.com

Thursday’s stock closing was $3.99.

*Mike Bennie and the Broker Division:
http://www.leasingnews.org/Conscious-Top%20Stories/More_on_Bennie.htm

[headlines]

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Last Call--- GE “new slogan” contest

There are some very funny ones; some very serious ones. Several we will follow the request and print without the name of who sent the slogan. Monday, the winner, and the many runners up.

The winner receives a bottle of Duckhorn Napa Valley Merlot, 2000, Wine Spectator 90 rating (Best from 2004 through 2010.)

(Photo is 2005 merlot, but actual bottle 2000)

Send GE new slogan suggestions to kitmenkin@leasingnews.org
The funnier, the better!!!

[headlines]

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Mailing List

Several readers asked to be removed from the Leasing News mailing list as they didn’t appreciate the levity of the “extra:”

“Are you ready for some football?”

http://www.youtube.com/watch?v=NHH-6ZQktRQ

I do understand being bombarded with too many emails.

I’m trying to get some humor and fun into the editions, instead of all the “down” news. The bottom line is you don’t have to open the url’s, but in case you want to get into the spirit for this weekend:

The original song by Hank Williams, Jr. for ABC-TV Monday Night Football:

http://www.youtube.com/watch?v=TmDW5p8X9xs&feature=related

GO CARDINALS!!!!!

January 30, 2000 - Super Bowl XXXIV (at Atlanta): St. Louis Rams 23, Tennessee Titans 16. Rams' QB Kurt Warner (MVP) completed 24 of 45 passes for a record 414 yards (breaking Joe Montana's mark of 357 yards). Plays of the game: 1) Warner to Isaac Bruce for a 73-yard touchdown pass in the 4th quarter and 2) St. Louis linebacker Mike Jones stopping Tennessee's Kevin Dyson just short of the goal line as time expired.

[headlines]

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The parent of Financial Pacific is in trouble

Allied Capital says it may find itself in the position unable to borrow.

Allied Capital Corporation (NYSE:ALD) announced its purchase of Financial Pacific Company (FinPac) for $94 million on June 30, 2004, stating the company "a network of independent brokers. FinPac's portfolio of $200 million in lease assets covers over 25 categories of equipment, including industrial, food service, data processing, vehicles, trailers, construction, and maintenance equipment. The company, which was founded in 1975, employs over 120 professionals and is headquartered in Federal Way, WA. The company's current majority owner is Windward Capital Partners, L.P." The web site states the staff remains at 120.

In a press release issued Wednesday, Allied Capital stated, "it has re-opened discussions with the lenders under its revolving credit facility and the holders of its outstanding private notes. Based on current estimates of asset values as of December 31, 2008, the Company believes its asset coverage ratio will be less than the 200% that is required under the revolving credit facility and the private notes. The Company plans to seek relief under the relevant terms of both the credit facility and the private notes."

"Under the current terms of the revolving credit facility and the four separate issues of private notes, failure of the Company to satisfy the minimum 200% asset coverage ratio would constitute an event of default. In addition, if the Company does not maintain a minimum 200% asset coverage ratio, it would be precluded from declaring dividends or other distributions to its shareholders.

"The Company also currently expects that it will not be able to complete the process of granting a first priority lien on its assets under the revolving credit facility and the private notes by January 30, 2009, which absent an extension from the lenders and noteholders, would result in an event of default.

"An event of default under the Company's revolving credit facility and its outstanding private notes could have a material adverse impact on the Company's liquidity, financial condition or results of operations."

Allied Capital was formed in 1958, becoming a company in 1960, investing in small and mid-size businesses in return for equity. There are approximately 117 companies in their portfolio, including Financial Pacific. They employ 132 people. At September 30, 2008, Allied Capital had $4.6 billion in total assets, $2.1 billion in total borrowings, $2.4 billion in total equity and a net asset value per share of $13.51.

[headlines]

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ELFA December/Year-end Leasing Business Charts

In News Briefs, Reuters had the story first about the Equipment Leasing and Finance Association monthly MFLI-25 index. Month-to-month new business volume increased 120 percent from November to December, from $4.0 billion to $8.8 billion. The report also found cumulative year-to-date new business volume declined by only 3.6 percent, as compared to 2007.

It was noted “Citicorp and Irwin Financial will be replaced in the MLFI-25 by Dell Financial Services, the finance subsidiary of Dell Inc., and Susquehanna Commercial Finance, a subsidiary of Susquehanna Bank/Susquehanna Bancshares. Citicorp and Irwin Financial are being replaced due to changes in their equipment finance operations."

Here are the 26 companies who make up the MLFI-25:

ADP Credit Corporation
Bank of America
Bank of the West
Canon Financial Services
Caterpillar Financial Services Corporation
CIT
De Lage Landen Financial Services
Dell Financial Services
Fifth Third Bank
First American Equipment Finance
GreatAmerica
Hitachi Credit America
HP Financial Services
John Deere Credit Corporation
Key Equipment Finance
Marlin Leasing Corporation
National City Commercial Corp.
RBS Asset Finance
Regions Equipment Finance
Siemens Financial Services
Susquehanna Commercial Finance, Inc.
US Bancorp
Tygris Vendor Finance
Verizon Capital Corp
Volvo Financial Services
Wells Fargo Equipment Finance

Here are the charts for the December report (please scroll):
http://leasingnews.org/PDF/Dec_2008_MLFI_Charts.pdf

Reuters: ELFA December Lease Survey: 5th Straight Month Down
http://uk.reuters.com/article/fundsNews2/idUKN2747516120090127

(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Scott Wheeler.)

[headlines]

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Leasing Industry Help Wanted

Commercial Sales Associate Looking for Sales Associate with a following.  Your area of expertise should be with any titled rolling stock;  New or Used Ambulances, Trucks, Street Sweepers,Tow Trucks, Buses,  any commercial vehicle.  National Scope.  Hi Commission with benefits.  Curt Webster, CVLE  516 922-7447 We are an independent automobile, truck, and commercial equipment leasing company with over 36 years serving the best customers in the United States.

carleaseusa.com

sales

VENDOR SALES SPECIALISTS LEASING SALES PROFESSIONALS Like selling vendor programs and large transactions? Enjoy international financing programs? Prefer the advantages of a commission only environment with the security of health and welfare benefits? CLICK HERE to find out how to have fun again.

Please see our Job Wanted section for possible new employees.

[headlines]

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Employee retention top concern

By Vanessa Ho
www.connectitnews.com

In a recent survey of 100 senior executives, Robert Half International noted that employers were the most worried about retaining good employees even in the current economic climate.

According to the survey, 33 percent of respondents cited employee retention as their greatest staffing concern while 23 percent said staff morale. Recruitment was named by 22 percent of respondents and productivity at 17 percent.

"Retaining your really great people is critical because it maintains your productivity even in tougher times," said Rod Miller, regional vice-president for Robert Half Technology. "Those individuals who are top contributors have a well defined and specific skill set you want to retain & as the company moves through this economic downturn."

He added that there is a cost if companies were to lose these skilled employees such as loss of knowledge and experience. This results in employers having to re-train somebody else or hire someone new.

In addition, IT companies are the ones that see the importance of employee retention.

"Within the IT market, we have individuals who are very specific in what they do and companies are looking specifically for those people and once you get somebody, you want to make sure you do your best to hang on to them," explained Miller.

To retain good employees, Miller stressed that communication is key. He advised employers to be honest in their communication whether good, bad or indifferent and be as open as they can be to their staff but also ensure the messaging they are giving to their employees, clients and the marketplace is consistent.

As well, companies need to be sure they are transparent to their employees and be present. Miller explained that the leadership within an organization needs to a connection or engagement with their staff.

Another suggestion is employers need to make sure they are taking the time to sit down with employees and talk to them about their career and the contributions that they make.

"Take the time to discuss their career goals, develop an action plan for that career and also develop an action plan for that employee development," commented Miller. "Quite often what you see in this [economic] climate is companies will not expand or add new positions but what they will do is have other employees in the company take on other roles or take on more responsibility which for some can be a burden but for others it is a way to develop an opportunity."

He added that companies can help with retention by hiring within.

Employees can also assist with retention by communicating with their bosses about their desire for career development and leading by example such as investing in their education and skill development that not only shows they are open to something new in order to help the company achieve its goals but also makes them more marketable. "Hence companies want to retain them and don't want to see that individual go to their competitor," said Miller.

Retention can also be as simple as recognizing employees who are making a contribution to the company.

"When you look at the survey results, retention improves morale which increases productivity. Ultimately, companies are able to address these three issues [morale, recruitment and productivity] by focusing on retention," noted Miller.

In terms of morale and how it ties to communication, when companies are unsure what to communicate or don't communicate at all, that has a huge impact on morale of the employees and if they better share information, it only increases it.

"We see it and hear it every day [in the media] companies laying people off and employees read that. Companies need to respond to it or acknowledge it and here are the challenges we are going to face. If you don't do that, then you are going to allow all the negative publicity to define how your employees think about their own career or think about the company they are working for and that then causes the morale issues that we see and the retention issues that we see."

He concluded that companies that communicate, engage and recognize are the ones that are going to come out on top when the economy gets better because they will have the bench strength that they need to be competitive in the marketplace.

[headlines]

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Fernando’s View
By Fernando F. Croce

In Theaters:

Che (IFC Films): The always unpredictable filmmaker Steven Soderbergh (“Traffic,” “Ocean’s Eleven”) takes on the legendary Argentinean revolutionary Ernesto “Che” Guevara (played by Benicio Del Toro) in this complex, not entirely successful but never less than fascinating historical epic. Portraying Guevara’s life from his decision to join the overthrow of the Cuban dictatorship in the 1950s to his final days as a guerilla fighter in Bolivia, the film manages to simultaneously illuminate his methods as a fighter while obscuring his personal side. Not all of Soderbergh’s strategies come through in this lengthy, challenging movie, but even those not interested in Guevara’s politics will savor the ingenious filmmaking and Del Toro’s quietly ferocious performance.

My Bloody Valentine (Lionsgate): The title may lead viewers to lump this movie in with the rest of terrible horror flicks nowadays, but don’t be fooled: Bloody it may be, but it’s also engaging fun for those who like their scares laced with smarts. The story focuses on brutal doings at a mine town, where Tom (Jensen Ackles) and Sarah (Jaime King) try to mend their old relationship in the midst of a series of murders. Unlike the “Scream” films of the 1990s, director Patrick Lussier keeps smirking irony to a minimum and focuses instead on skillful frights that make imaginative, often funny use of 3-D effects. Keep an eye out for a cameo by genre staple Tom Atkins (“The Fog”).

New on DVD:

George Wallace (Warner Bros.): One of the best of director John Frankenheimer’s projects for cable, this meticulous biopic from 1997 examines the turbulent life and times of the notorious Alabama governor is finally available on a two-disc DVD set. George Wallace (excellently played by Gary Sinise) governed the state during the 1950s, when the Civil Rights movements was in full bloom, and today he’s remembered mainly as one of the movement’s main foes, stubbornly standing for segregation. However, like “Che,” the film uses a controversial political figure to give a panorama of the many contradictory forces at work during a historical era. With an exceptional cast that includes a pre-stardom Angelina Jolie, Clarence Williams III, and Joe Don Baker.

RocknRolla (Warner Bros.): Guy Ritchie (“Lock, Stock and Two Smoking Barrels”) employs the new passion he found in the underrated “Revolver” to return to the British gangster antics he’s famous for. When a real-state scam results in millions of pounds floating in the London underworld, every criminal, from small-time hoods to powerful industrial bosses, scrambles to get their hands on the cash. The outrageously colorful gallery of characters includes a crook named One Two (Gerard Butler), a crime lord with unique interrogation methods (Tom Wilkinson), and a beautiful moll (Thandie Newton). Not exactly new ground for Ritchie, but a brutal, stylish and often hilarious treat to his fans.

Roman Polanski: Wanted and Desired (ThinkFilm): Tackling one of the most controversial celebrity cases in the past decades, director Marina Zenovich offers a fascinating portrait of a man, a time, and a justice system. When acclaimed filmmaker Roman Polanski was accused of unlawful relations with a minor in 1977, a media circus quickly developed around his sensational trial. With ample footage of Polanski’s films, views of the journalistic pile-up both inside and outside the courtroom, and interviews with participants and observers, the film manages to be admirably open and even-handed about the subject. In the end, however, the film is less about Polanski than our obsession with celebrity, an obsession that can still be seen on the media.

[headlines]

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Microsoft Explorer 8 out of Beta?

The PC magazines have announced that Microsoft Explorer 8 is out of “beta,” meaning test mode. Microsoft has been losing its browser share to both Mozilla Firefox and Safari, which Apple has made available for use on Microsoft operating systems.

The main Microsoft site does not have the “un beta” version and the articles point to the full fledge version, that still says Beta. When the browser was in test mode, it had problems, but the magazines report not now. Personally I found the Explorer 8 slow, changed the font to black and gray ( some new feature, bothered me) and uninstalled it. You may have a different experience. I find Firefox the fastest and easiest to use. I like Safari but don’t have enough experience to make a valid comment.

Explorer 8 download ( XP, but others listed)
http://www.microsoft.com/windows/internet-explorer/beta/

PC Magazine Review:
http://www.pcmag.com/article2/0,2817,2328880,00.asp

Firefox 3 Download:
http://www.mozilla.com/en-US/firefox/

Safari Download:
http://www.apple.com/safari/download/

(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)

[headlines]

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Classified ads—Asset Management

Leasing Industry Outsourcing
(Providing Services and Products)

All "Outsourcing" Classified ads
(advertisers are both requested and responsible to keep their free ads up to date):
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing.htm

How to Post a free "Outsourcing" classified ad:
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing-post.htm

[headlines]

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Mortgage applications drop 38.8%

The Mortgage Bankers Association reported its Weekly Mortgage Applications Survey for the week ending January 23, 2009 decreased 38.8 percent. On an unadjusted basis, the Index decreased 46.5 percent compared with the previous week and 40.4 percent compared with the same week one year earlier.

The refinance share of mortgage activity decreased to 72.8 percent of total applications from 83.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 2.4 from 1.5 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.22 percent from 5.24 percent, with points decreasing to 1.05 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.98 percent from 4.99 percent, with points decreasing to 1.13 from 1.20 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 5.96 percent from 5.89 percent, with points decreasing to 0.06 from 0.07 (including the origination fee) for 80 percent LTV loans.

[headlines]

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Foreclosure Problems Still Not met

Sales of new single-family homes fell 14.7% in December 2008 to a seasonally adjusted annual rate of 331,000 from the revised November 2008 rate of 388,000.

The December 2008 rate dropped 44.8% from the December 2007 estimate of 600,000, according to a Jan. 29 joint release from the U.S. Census Bureau and U.S. Department of Housing and Urban Development.

The number of new homes sold in 2008 fell 37.8% to an estimated 482,000 from the 2007 figure of 776,000. There is a supply of 12.9 months at the current sales rate.

Also in December, housing starts fell 15.5%, the lowest it has been since WWII. In some areas, prices have leveled off, whereas in unemployment pockets, relatively new developments for relatively lower income and perhaps subprime mortgages, are continuing to see lack of sales and prices dropping. It seems unemployment and foreclosures are going hand and hand, which came first, the chicken or the egg? As predicted, there will be more layoffs in 2009 than 2008, and wait until the city, county, state governments fiscal June 30th date, the real numbers do not spell out a good third or fourth quarter, either.

The S&P/Case-Shiller 10-city composite index indicates home prices dropped 19.1 percent in the 12 month period, which matched last month's record. In November, the annual home price index was down 32.9 percent in Phoenix and 31.6 percent in Las Vegas. Prices for the year fell 30.8 percent in San Francisco and 28.7 percent in Miami.

According to US Agriculture timber analyst Al Schuler, "the immediate problem that remains is foreclosures; which is driving inventories to record highs. Last year, we had approximately 2.25 million foreclosures - a typical number, even with a good economy, is 1 million per year.”

In California alone there were 236,321 homes, 2.8% of the state’s housing stock, there were repossessed by banks last year, according to MDA DataQuck of San Diego

“The housing collapse was initiated by problems with subprime mortgages - those made to people with FICA scores less than 620,”
Schuler points out. “ However, there is a new wave of problems coming from mortgages sold to people with good credit scores, but there are interesting twists - - these are ‘ALT A’ and ‘Option Adjustable rate mortgages. ‘

“In terms of size, subprime is about 1 trillion dollars; ALT A is one trillion dollars; and Option Adjustable rate mortgages is $600 billion dollars. ALT A refers to mortgages that do not require documentation (of income, job, etc), Option adjustable mortgages are ones that allow you to pick and choose your repayment schedule (for the initial period that is). The problem with both of these mortgages is that the delinquency rate is similar to subprime mortgages when they reset.

"The housing collapse led to the credit crisis as toxic mortgage backed securities pummeled the banks' balance sheets. The banks then cut back on lending, except to their most credit worth customers. Most of the TARP money that went to banks was used primarily to prop up sagging capital ratios and was not lent out as was the intention.

“As foreclosures continue (and they will unless we figure out how to help many people stay in their homes), the pressure on banks will continue - the credit crisis will continue - and the recession will continue.

"The consensus opinion is that we need is strong leadership that leads to a restoration of confidence with you and me, investors, banks - all of the stakeholders - confidence in our financial system, ourselves, our country, and our future. If we're not confident, we will not spend/consume/invest, and this will only end badly.

"Another consensus opinion - - the foreclosure problem has to be solved and the housing market must be stabilized (i.e., stop prices from falling) before the financial crisis can right itself. An increasingly mentioned strategy - - a significant/massive loan modification program promoted by the FDIC's Sheila Bare, where the homeowner and lender/investor (with financial help/persuasion from the government) will have to take a "haircut" in reaching mortgage terms that are livable/workable
( http://money.cnn.com/2008/11/14/news/economy/fdic_bair/?postversion=2008111416 ) .

“The new administration has promised that between $40 billion and $100 billion of the second part of the $700 billion TARP program will be earmarked for homeowner foreclosure assistance. This is encouraging!"

[headlines]

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### Press Release ###########################

249,000 Foreclosures Prevented in December

Washington, D.C. (January 29, 2009) – HOPE NOW, the private sector alliance of mortgage servicers, counselors, and investors that has been working aggressively to prevent foreclosures and keep homeowners in their homes, today announced that its members and the larger mortgage lending industry completed a record-high 239,000 foreclosure prevention workouts in December 2008. This is the first time since HOPE NOW began to compile data in July 2007 that the number of workouts exceeded 200,000 in 4 consecutive months and is the latest indication that the mortgage lending industry is continuing to increase its foreclosure prevention efforts.

The new monthly record number of workouts exceeds the previous high set in October 2008 by more than 5 percent. The 671,000 workouts completed in the last quarter of 2008 were the most in any three-month period since July 2007.

Including the December results, almost 2.3 million foreclosure prevention workouts were completed by the mortgage lending industry in 2008. Almost 3.2 million were completed between July 2007 and December 31, 2008.

The December 2008 results also show that the mortgage lending industry is continuing to shift its efforts to help homeowners from repayment plans to loan modifications. For the first time since July 2007, the number of loan modifications was more than half of all workouts completed in a single month. The 122,000 modifications completed in December 2008 are 19 percent higher than the previous record set in October 2008. HOPE NOW expects that the increasing reliance on loan modifications rather than payment plans will continue as economic conditions warrant.

HOPE NOW defines workouts in its data as both modifications to the terms of existing mortgages and repayment plans. Barring a life event such as a job loss, death, or illness, repayment plans and loan modifications are intended to enable a homeowner who has the financial capacity to make monthly payments to remain in his or her home as long as he or she wishes to do so.

According to Faith Schwartz, HOPE NOW’s executive director, the December results show that the industry is continuing to focus on the pace of help for homeowners. “HOPE NOW members know they have to keep doing more to keep up with the growing needs of homeowners at risk of losing their homes,” she said. “The December results demonstrate that HOPE NOW members are moving aggressively to do what’s needed to avoid preventable foreclosures.”

According to Steve Bartlett, president and CEO of The Financial Services Roundtable, a HOPE NOW founding member, the December results are a ray of good news for homeowners. “When coupled with the report from the National Association of Realtors earlier this week that existing home sales in December were higher than expected, HOPE NOW’s record-high number of foreclosure prevention workouts should provide some optimism for homeowners about the future.”

The HOPE NOW December data also shows:

·    37% of homeowners with prime loans who received workouts in December received modifications.

·    85% of homeowners with subprime loans who received workouts in December received modifications.

·    For the seventh consecutive month, the number of foreclosure starts for prime loans exceeded those for subprime.

·    The number of foreclosures started in December increased by 34,000 over the previous month. More than 75% of this increase was in prime loans.

ABOUT HOPE NOW

HOPE NOW is the alliance of mortgage market participants, mortgage servicers, and counselors that is working to help as many homeowners as possible avoid foreclosure and stay in their homes. For more information, including a full list of members, go to www.hopenow.com

HOPE NOW coordinates a nationwide campaign to reach homeowners who may be at risk of losing their homes. HOPE NOW members have agreed to make substantial additional efforts to contact homeowners whose mortgages will reset in the coming months and to further expedite the process used to determine how best to keep them in their homes.

The Homeownership Preservation Foundation, a HOPE NOW member, created and operates the Homeowner’s HOPE™ Hotline, which is available 24 hours a day, 7 days a week, and 365 days a year. The Homeowner’s HOPE™ Hotline received more than 1 million calls in 2008. There is no cost to homeowners for contacting a nonprofit counselor by calling 1-888-995-HOPE™.

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Home building industry reassesses the fundamentals of its business
http://www.builderonline.com/economic-conditions/starting-over.aspx

[headlines]

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News Briefs----

Canadian Banks could re-enter auto leasing
http://www.globeinvestor.com/servlet/story/GAM.20090129.RBUDGETAUTOS29/GIStory/

Obama Slam on ’Shameful’ Bonuses May Trigger New Restrictions
http://www.bloomberg.com/apps/news?pid=20601087&sid=aSsoVTYSs6g8&refer=home

News Corp.’s Murdoch Says No Hiding From Credit Woes
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aJ_fCKZXq9FY

NYC Budget Axe To Carve Out $1 Billion/23,000 jobs
http://wcbstv.com/breakingnewsalerts/nyc.budget.mayor.2.921808.html

With a staggering $14.6B loss, 2008 was Ford's worst year ever
http://www.usatoday.com/money/autos/2009-01-29-ford_N.htm

Economy likely shrank at fastest clip since '82
http://www3.signonsandiego.com/stories/2009/jan/29/economy-012909/?zIndex=44765

Latest Reports Indicate Economy Is Getting Worse
http://www.nytimes.com/2009/01/30/business/economy/30econ.html?_r=1&ref=business

3 Airlines End Tough Year With Deep Losses
http://www.nytimes.com/2009/01/30/business/30air.html?ref=business

[headlines]

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You May have Missed---

Cars we drove in the fifties and sixties to attract girls, we said
(sports cars waved or better, blinked their lights to each other)
http://thefiftiesandsixties.com/CarsWeDrove.htm

[headlines]

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Sports Briefs----

49ers set to hire Raye as replacement for Martz
http://www.mercurynews.com/49ers/ci_11578220

Former Tampa Bay Buccaneers coach Jon Gruden says he'll be back coaching again
http://www.tampabay.com/sports/football/bucs/article971503.ece

[headlines]

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California Nuts Briefs---

230,000 State Jobs Face Furloughs
Final ruling: Schwarzenegger can order two furlough days a month
http://www.sacbee.com/1095/story/1583427.html

Calif. panel rejects new offshore oil drilling
http://www.sacbee.com/state_wire/story/1584556.html

Calif. Capital faces loss of 500 city jobs, employee layoffs
http://www.sacbee.com/1089/story/1584833.html

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“Gimme that Wine”

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/
US/International Wine Events
http://www.localwineevents.com/
Winery Atlas
http://www.carterhouse.com/atlas
Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm
The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.
http://www.liv-ex.com/

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Today's Top Event in History

1882- Franklin Delano Roosevelt birthday, 32nd president of the US (Mar 4, 1933-Apr 12, 1945). The only president to serve more than two terms, FDR was elected four times. He is credited with bringing the country out of depression and was an extremely popular president. He supported the Allies in WWII before the US entered the struggle by supplying them with war materials through the Lend-Lease Act; he became deeply involved in broad decision making after the Japanese attack on Pearl Harbor Dec 7, 1941. Born at Hyde Park, NY, he died a few months into his fourth term at Warm Springs.

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This Day in American History

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SuDoku

The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?

http://leasingnews.org/Soduku/soduko-main.htm

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Daily Puzzle

How to play:
http://www.setgame.com/set/puzzle_frame.htm

Refresh for current date:
http://www.setgame.com/set/puzzle_frame.htm

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http://www.gasbuddy.com/
http://www.gasbuddy.com/GB_Map_Gas_Prices.aspx
http://www.gasbuddy.com/GB_Mobile_Instructions.aspx

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Weather

See USA map, click to specific area, no commercials

http://www.weather.gov/

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Traffic Live---

Real Time Traffic Information

You can save up to 20 different routes and check them out with one click,
or type in a new route to learn the traffic live.

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