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| Two minutes, and home goes away
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| Starting Friday, hundreds of people could lose their property each month in foreclosure hearings scheduled to take less than two minutes. Often called a "rocket docket," the streamlined foreclosure court can schedule up to 250 cases per day, sending properties to auction in cases where the owners never showed up to defend themselves.
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| @ Sarasota Herald Tribune | Posted: 05/15/09 at 0201 EDST
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| Courts need help on foreclosures
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| This will require difficult compromise and shared sacrifice. Caution, transparency, and good fiduciary judgment -- so conspicuously absent during the housing bubble -- will be crucial to reaching a fair compromise.
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| @ Sarasota Herald Tribune | Posted: 05/15/09 at 0315 EDST
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| Hints of stability found in Florida job data
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| Florida’s job picture -- while far from cheery -- may have stabilized in the last few months, an "inflection point" in the vernacular of mathematics that would be a welcome reprieve for the state's weary job seekers.
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| @ Sarasota Herald Tribune | Posted: 05/15/09 at 0330 EDST
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| Many Sarasota and Manatee banks feeling serious pain
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| For many local banks, first-quarter financial reports tell a story of more pain to come. First State Bank of Sarasota is in a particularly precarious spot, having lost $3.6 million in the first quarter and classified by the Federal Deposit Insurance Corp. as an undercapitalized institution.
The Sarasota-based bank is saddled with $36 million in non-performing loans and has a total risk-based capital ratio of 6.8, according to its most recent report to regulators.
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| @ Bradenton Herald | Posted: 05/15/09 at 0345 EDST
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| Pfizer offers free Viagra, Lipitor and other drugs to uninsured, jobless Americans
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| Pfizer Inc. says it will provide 70 of its most widely prescribed prescription drugs — including Lipitor and Viagra — for free to people who have lost their jobs and health insurance.
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| @ Chicago Tribune | Posted: 05/15/09 at 0400 EDST
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| Slow Start to U.S. Plan for Modifying Mortgages
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| Because of the size and complexity of the modification program, the administration has only recently assembled most of the pieces. In late April, officials fleshed out their plan to modify or forgive second mortgages — one of the big stumbling blocks in modifying primary mortgages — and provided more details on the Hope for Homeowners program, for borrowers who owe more than their homes are worth. Congress is close to acting on legislation to protect mortgage servicers from potential lawsuits from investors, while also expanding the Federal Housing Administration’s ability to modify loans.
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| @ New York Times
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| The Producer Price Index for Finished Goods increased 0.3 percent in April.
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| This
rise followed a 1.2-percent decline in March and a 0.1-percent increase in February.
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| @ U.S. Department of Labor | Posted: 05/15/09 at 0415 EDST
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| Hospital pass. America’s stress tests were too easy.
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That any bank can sell equity is one big benefit of the stress test. By producing a credible estimate of losses over the next two years—$600 billion—officials have restored some confidence in the banks’ word. Many observers believe the economic assumptions being used are a bit too optimistic (although the IMF has come up with a similar number for losses). But investors can now buy a bank’s shares and be confident that its books are not being cooked flagrantly and that it is not about to be nationalised. The rally in recent months has helped, as has the commendably clear presentation of the test results.
Editor's Comment: This is a good read.
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| @ The Economist | Posted: 05/15/09 at 0419 EDST
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| Getting Your Home Ready for the Market in Puerta Vallarta, Mexico
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| Some experts also recommend hiring a home inspector to thoroughly and impartially evaluate the property. (For a list of inspectors in your area, ask your real estate professional for recommendations.) A standard report will review the condition of the home's air conditioning, plumbing and electrical systems, the roof, walls, ceilings, floors, windows and doors. If there are recommendations for improvement, consult with your real estate professional in prioritizing the list of repairs.
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| @ Bandaras News Puerto Vallarta, MX | Posted: 05/15/09 at 0646 EDST
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| Panama Business Sector Encouraged
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| Fueled by booming construction – parti-cularly of high-rise apartment towers – a fl ush banking sector and commerce through the Panama Canal, the country's gross domestic product (GDP) has grown by an average of more than 8 percent annually since 2004, with growth spiking to 11.5 percent in 2007 and 9.2 percent in 2008.
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| @ Tico Times Costa Rica | Posted: 05/15/09 at 0652 EDST
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| German, Italy Economies Shrank at Record Pace in First Quarter
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| German gross domestic product plunged a seasonally adjusted 3.8 percent from the fourth quarter, when it fell 2.2 percent. That’s the steepest drop since quarterly data were first compiled in 1970. Italian GDP fell 2.4 percent, the most since records began in 1980, and France’s economy shrank 1.2 percent.
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| @ Bloomberg News | Posted: 05/15/09 at 0655 EDST
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