| Local Financial Services Industry Laying Off By The Hundreds
Financial services, a growth industry for the local economy in recent years, has been cutting staff at a faster rate this year as the upheaval in the mortgage-lending sector continues. On top of cuts inflicted at mortgage banks and brokerages, the student loan industry is cutting staff in reaction to changes in the federal subsidies granted to private lenders. Through the end of September, 1,500 jobs have been pared from the payrolls of San Diego financial services employers over the previous 12 months, according to the most recent report from the state Employment Development Department. Most are related to the national slowdown in the housing market. For example, Accredited Home Lenders Holding Co. cut about three-fourths of its staff starting this year, to 1,000 from 4,000 at the end of last year.
Auto Cellulosic Ethanol Promises $1 per Gallon Fuel From Waste
And they reproduce on their own," Lutz explained, excitedly. The process, Lutz elaborated, is a down-to earth approach that does not use designer organisms or chemicals. Further it eliminates many steps in traditional or enzymatic processing, including the need for a centrifuge or still. The process trumps traditional production in efficiency. Less than a third as much water is needed to produce a gallon of ethanol, which makes the process more affordable and easier to implement. Further an analysis of the process conducted at Argone National Laboratory reveals that for every unit of energy Coskata uses, it creates approximately 7.7 times as much energy, a ratio well above current tradition ethanol production. Lutz emphasizes the importance of reducing reliance on foreign energy via ethanol fuel. He also explained that the move will take GM and other auto makers "out of the firing line" of accusations that they contribute to everything from "out-of-control global warming, to funding terrorism." GM plans to aggressively fund Coskata and deploy the technology. While many alternative energy research technologies languish in the development phase, GM announced that a pilot plant will begin producing fuel before the close of 2008. By 2011 a full scale plant will come online, capable of producing 50 to 100 million gallons of ethanol a year. Such a plant would almost amount to 1% of the world's total ethanol production, including ethanol used for industrial sources.
US pawnbrokers benefit from hard times
Hard times in the US are benefiting pawnbrokers as beleaguered consumers pledge jewels, electronics and other goods in return for loans with interest rates running as high as 300 per cent a year. Dave Adelman, president of the National Pawnbrokers Association, said the number of loans at US pawn shops had risen 15-20 per cent since October. He attributed the increase to rising fuel prices and deteriorating economic conditions – an assessment echoed by other industry executives. “Brief and shallow downturns in the economy may benefit our business model," said Daniel Feehan, chief executive of Cash America, the biggest US pawnbroker chain, with 942 locations. Pawnbrokers offer loans in return for personal items. Customers can buy back their property for the value of the loan plus a fee, which works out to an interest rate that can reach 300 per cent on an annualised basis, according to the NPA.
Fitch Rates Alaska HFC $80.9MM Home Mtge Revs 2008 A 'AA+'
A bonds is affirmed. The current offering is the tenth series of bonds issued under a master trust indenture dated May 1, 2002 that pledges mortgage revenues, investment earnings, reserves and other funds to the bonds. The bonds' 'AA+' rating reflects the amounts on deposit in funds and accounts including a loan loss fund held under the indenture, the strong credit quality of the expected underlying collateral and related credit enhancements, the adequacy of projected pledged revenues to pay debt service, and the strong management capabilities and financial strength of AHFC. Credit concerns include the geographic concentration of the loan portfolio and vulnerability of the state's real estate market to the limited, oil-dependent economy. Additionally, the bonds are general obligations (rated 'AA+') of the corporation.
E-mails detail student loan firm's drive for profits
No new agreements can be made, but existing ones can continue as long as colleges invest the profits in need-based financial aid.
It was McCullough who suggested about four years ago that Des Moines University consider such an arrangement, university President Terry Branstad said last week. But the school picked Wells Fargo's bid instead of Iowa Student Loan's. That prompted McCullough to send an e-mail to select Iowa Student Loan employees in January 2004: "We need to consolidate the heck out of DMU loans."
Meanwhile, Wells Fargo, in the wake of criticism about school-as-lender deals, has decided to no longer enter into such arrangements.
Branstad said his school's deal with Wells Fargo will end in February.
But he defended such deals, saying if the university does not lend graduate students money, they will borrow money elsewhere.
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