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| Foreclosure may kill plan for 15,000 homes in North Port
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| Brian Tuttle's plan was to build 15,000 homes and 4.2 million square feet of retail and office space on a 5,800-acre tract of land in the extreme northeast corner of North Port. His purchase, completed at the height of the real estate market for $61.5 million, immediately became a rallying point for those for and against the rapid development of south Sarasota County.
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| @ Sarasota Herald Tribune | Posted: 05/08/09 at 0201 EDST
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| Manatee County bankers weigh fallout from tests
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| Those involved in community banks say they see both positive and negative impact from the government’s release of data Thursday that shows 10 of the nation’s 19 largest banks need a total of about $75 billion in new capital to withstand losses if the recession worsened. Thomas Hodgson, president and chief executive officer of 1st Manatee Bank, thinks community banks like his will likely benefit from the black eye being given to many national and large regional banks. The government-conducted stress tests showed, for example, that Bank of America needs to collect $34 billion in additional capital, and Wells Fargo needs between $13 billion and $15 billion.
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| @ Bradenton Herald | Posted: 05/08/09 at 0315 EDST
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| Tougher times lie ahead for Florida-based banks
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| Many Florida banks are in worse shape than their troubled U.S. counterparts because of the state's real-estate-based economy. ''There is still a lot of pain to come for Florida-based banks,'' said Michael Rose, a bank analyst with Raymond James & Associates in Tampa. ``Florida is a real-estate-based economy, and with commercial real estate expected to be the next shoe to drop, there is going to be a lot of stress on the banks here.''
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| @ Miami Herald | Posted: 05/08/09 at 0320 EDST
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| Shore up reserves, feds tell big banks.
SW Florida's busiest institutions affected
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| The banks include the largest players in Southwest Florida's banking market, together representing 240 branches and about $29 billion in deposits in Lee, Collier and Charlotte counties, according to the 2008 Deposit Market Share Report from the Federal Deposit Insurance Corp.
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| @ Ft. Myers News Press | Posted: 05/08/09 at 0330 EDST
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| Want to buy a house in Chicago? Better make $73K
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| Chicago's median home price fell 14 percent, to $225,000 between the third quarter of 2007 and last year's fourth quarter, making it the 40th most expensive homeownership market of 208 areas in the nation.
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| @ Chicago Tribune | Posted: 05/08/09 at 0345 EDST
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| U.S. to Wind Down Aid For Some Major Banks
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The government signaled yesterday that its financial rescue efforts may have reached their high-water mark, announcing that the much-anticipated "stress tests" of 19 large banks showed that only one, GMAC, was likely to need additional taxpayer aid and that it would begin to unwind assistance for the healthiest firms.
Editor's Comment: This is a good read.
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| @ Washington Post | Posted: 05/08/09 at 0400 EDST
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| Ailing Banks Need $75 Billion, U.S. Says
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| After subjecting the nation’s biggest banks to the most public scrutiny in decades, federal regulators ordered 10 of them on Thursday to raise a total of $75 billion in extra capital and gave the rest a clean bill of health. The long-awaited results of the “stress tests” set off an immediate scramble by major institutions for more capital. By June 8, they must give regulators their plans for raising the money, and raise it by November.
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| @ New York Times | Posted: 05/08/09 at 0415 EDST
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| Federal Reserve / FDIC "Stress Test" results
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| This is the complete report. It's definately worth the read. The official title is: "The Supervisory Capital Assessment Program"
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| @ Federal Reserve Bank | Posted: 05/08/09 at 0419 EDST
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| U.K. Producer Prices Increase Most in 10 Months as Government Raises Taxes
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| The price of goods at factory gates rose 0.6 percent, compared with a 0.1 percent gain the previous month. The inflation rate dropped to 2.9 percent in March, the lowest in a year.
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| @ Bloomberg News | Posted: 05/08/09 at 0646 EDST
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| IMF says Caribbean will recover quicker from the global crisis
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| The IMF estimates the Latin America and Caribbean (LAC) region will hit bottom in the first part of 2009 and will begin to grow in the second part of the year, while growth in advanced economies may not turn positive until the middle of 2010. According to the latest IMF forecasts, the LAC economies will shrink 1.5 per cent in the current year and return to a positive growth rate of 1.6 per cent in 2010. That compares to a drop of 3.8 per cent for advanced economies in 2009 and no growth in 2010.
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| @ Jamaica Observer | Posted: 05/08/09 at 0652 EDST
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| Mr. Bernanke, explain Bahamian food prices
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| The Central Bank is pointing to food and beverages costs that continue to increase on a monthly basis, even as the U.S. equivalent -- the best barometer of inflation in this country -- edges downward. That latter trend is being noted by no one other that U.S. Federal Reserve Chair Ben Bernanke. "Inflation for the twelve-month period ending March 2009 stood at 4.9 percent, unchanged from the previous month, albeit strongly elevated in comparison to 2.4 percent a year earlier," it said. "Of particular note were the average cost run-ups for food & beverages [at] 7.8 percent."
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| @ Nassau Guardian | Posted: 05/08/09 at 0655 EDST
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