October 27, 2011
The Obama administration has stepped up efforts to help homeowners refinance their mortgages, potentially bringing relief to millions of those who owe more than their homes are worth. It's an overdue step that should boost consumer spending, even if it may not avert a huge number of foreclosures. The latter problem requires more aggressive and effective loan modifications, which banks and investors have been reluctant to do — to their own detriment. The collapse of the housing market has left an estimated 11 million Americans owing more on their mortgages than their homes are worth.
April 21, 2011 |
Afghan officials plan to sell part of troubled Kabul Bank, the country's biggest financial institution, in hope of clearing the way to resume international aid temporarily suspended last year after the bank's loan scandal. The head of the country's central bank announced Wednesday that his institution had placed Kabul Bank in receivership and plans to have a government commission collect on its problem loans, then privatize what's left of the bank within three months. "All those who violated law and committed fraud in Kabul Bank, whether they are shareholders or employees, will be prosecuted strictly," said Abdul Qadir Fitrat, head of the central bank, which took over day-to-day operations of Kabul Bank after the scandal.
November 20, 2010 |
Federal Reserve Chairman Ben S. Bernanke made clear Friday that he's committed to keeping long-term interest rates suppressed. Now, if only the bond market would get the message. Long-term rates haven't followed the Fed's instructions since the central bank on Nov. 3 announced its plan to ramp up Treasury bond purchases by $600 billion through mid-2011. Interest rates are up, not down. In some cases, they're up dramatically. This week, yields in the municipal bond market rocketed to their highest levels by some measures in more than a year.
CALIFORNIA | LOCAL
November 21, 2009 |
When the space-age planned community of Century City displaced much of 20th Century Fox's backlot in the 1960s, the centerpiece of the office, retail and residential complex was an elegantly curved luxury hotel designed by a rising architect named Minoru Yamasaki. Now, plans to level the Century Plaza and erect two 50-story mixed-use towers have galvanized neighborhood groups and preservationists, whose determination to rescue the hotel has led to quiet negotiations with its owners.
July 22, 2009 |
The Bankruptcy Court auction of auto parts maker Delphi Corp. has been delayed for a second time as creditors consider their own rescue plan to counter one by a Beverly Hills investment firm. U.S. Bankruptcy Judge Robert Drain postponed Tuesday's scheduled auction until Friday. It was originally to have been last week. Beverly Hills investment firm Platinum Equity has the only bid on the table for Delphi.
CALIFORNIA | LOCAL
April 9, 2009 |
They're being forced to live on crumbs, so nuns at a Hollywood convent famous for its pumpkin bread are warning that they may have to slice up the place for development. The threat of a shutdown of the 75-year-old Monastery of the Angels below the Hollywood sign has prompted neighbors and supporters to mount a campaign to save the four-acre religious retreat.