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BUSINESS
May 24, 2013 | By Kenneth R. Harney
WASHINGTON - Here's a heads-up for the growing ranks of seniors whose post-retirement monthly incomes aren't sufficient to qualify for a mortgage under today's tough underwriting standards: Thanks to a rule change by the largest players in the home loan business, you may be able to use imputed income from your 401(k), IRA and other retirement assets to qualify for the loan you want. That, in turn, could open the door to a money-saving refinancing to a lower-rate loan or a downsizing purchase of a new house or condo.
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BUSINESS
April 27, 2014 | By Kenneth R. Harney
WASHINGTON - Are you on the home-buying sidelines this spring because you think you won't be able to qualify for a mortgage? Do you know what sort of FICO credit scores are being accepted by lenders at the moment - they're lower than they were a year ago - and whether yours could now be good enough? You may be part of the surprisingly large crowd of folks who fear the home-loan unknown. A new national consumer survey found that 56% of potential purchasers of homes say they're out of the market because they don't want to face the possibility of rejection by lenders.
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BUSINESS
September 22, 1989 | From Dow Jones
In a milestone for the banking industry, Bankers Trust New York Corp. on Thursday became the first bank tapped since the early 1930s to lead an underwriting group for a corporate bond offering. BT Securities, the securities unit of Bankers Trust New York, has been chosen as underwriter for a $150 million offering of seven-year notes by Morningstar Foods Inc., a Dallas-based producer and distributor of dairy products.
BUSINESS
February 16, 2014 | By Kenneth R. Harney
WASHINGTON - Parents, grandparents and young adults know the problem only too well: Heavy student-debt loads, persistent employment troubles stemming from the recession, plus newly toughened mortgage underwriting standards are all standing in the way of vast numbers of potential first-time home buyers in their 20s and 30s. But are there effective techniques that family members, friends, even employers can use to bridge the generational gap by...
BUSINESS
May 1, 1987 | From Staff and Wire Reports
The Federal Reserve Board on Thursday cleared the way for major bank holding companies to enter the securities market, despite a 54-year-old law intended to separate the two businesses. The board approved, on a 3-2 vote, the applications by J. P. Morgan & Co., Citicorp and Bankers Trust New York to underwrite commercial paper, mortgage-backed securities and municipal revenue bonds.
BUSINESS
December 9, 1993 | From Associated Press
More than 40 municipal bond underwriting firms have endorsed a self-imposed ban on political contributions as a way of avoiding possible conflicts of interest and allegations of influence peddling. Nineteen of the firms met in New York on Wednesday with Securities and Exchange Commission Chairman Arthur Levitt Jr. to spell out how the initiative will be implemented.
BUSINESS
January 17, 1991 | JEFF KAYE, SPECIAL TO THE TIMES
With hostilities under way, the continuation of commerce in the Mideast will depend on the calculations of London's war-risk underwriters, the insurance agents who are almost always willing to write a policy on the ships, planes and cargo that ply the waters and airspace of combat zones--if the price is right. The rates they set will determine where planes fly and ships cruise.
BUSINESS
October 29, 1987 | From Reuters
Investors spurned a $12-billion sale of British Petroleum stock Wednesday, turning Europe's biggest privatization into a flop that may aggravate the crisis in financial markets. When the offer closed undersubscribed, it appeared that only 200,000 people had applied for shares in the giant oil company, according to public relations consultants Dewe Rogerson, who acted with merchant bank N. M. Rothschild & Sons as the government's advisers on the offering.
BUSINESS
October 9, 1987 | Associated Press
The Federal Reserve Board announced Thursday that it has approved new securities underwriting powers for First Interstate Bancorp of Los Angeles, the nation's ninth-largest banking organization. The Fed voted 4-1 on Wednesday to permit the bank holding company, through its First Interstate Capital Markets subsidiary, to underwrite municipal revenue bonds, some industrial development bonds, mortgage-backed securities and commercial paper, a Fed statement said Thursday.
BUSINESS
June 25, 1991 | JAMES F. PELTZ, TIMES STAFF WRITER
At a speedboat race two years ago on the Allegheny River in Pittsburgh, one of the boats crashed while traveling 120 m.p.h. and hurtled into a crowd of spectators along the shore. A 7-year-old boy died, and 23 others were injured. The victims filed lawsuits against the race's organizers, who were insured by Transamerica Insurance Co. Under settlement talks now being held, the victims would receive about $3 million in damages over a number of years. And Transamerica would foot the bill.
CALIFORNIA | LOCAL
August 6, 2013 | By Dan Weikel
In an action that could influence government finance officials statewide, the Los Angeles County treasurer announced Tuesday that his office will no longer do business with securities brokers that make political contributions to school bond campaigns. Mark J. Saladino, whose agency is one of the largest issuers of municipal bonds in California, said he adopted the policy to prevent campaign donations from influencing the hiring of underwriters by school districts, and to increase competition between dealers who often charge millions of dollars for their services.
CALIFORNIA | LOCAL
June 3, 2013 | Dan Weikel
When the Garden Grove Unified School District was preparing to seek voter approval for a $250-million bond measure, it hired a securities broker to play a key role in the campaign. State law bars school districts from spending money to influence the outcome of elections, but not brokers such as George K. Baum & Co. The firm gave $35,000 in political contributions and, in accordance with its contract, polled voters, wrote the ballot language and provided campaign services. The 2010 bond measure passed, and Baum -- hired without competitive bidding -- earned $1.43 million for selling the initial $130 million in Garden Grove notes.
BUSINESS
May 24, 2013 | By Kenneth R. Harney
WASHINGTON - Here's a heads-up for the growing ranks of seniors whose post-retirement monthly incomes aren't sufficient to qualify for a mortgage under today's tough underwriting standards: Thanks to a rule change by the largest players in the home loan business, you may be able to use imputed income from your 401(k), IRA and other retirement assets to qualify for the loan you want. That, in turn, could open the door to a money-saving refinancing to a lower-rate loan or a downsizing purchase of a new house or condo.
BUSINESS
May 3, 2013 | By Lew Sichelman
Did you hear about the loan underwriter who demanded a letter from the borrower's doctor stating the borrower had been healed and his illness would not come back? How about the underwriter who wanted a verification of employment from the borrower who listed her occupation as "homemaker"? Yes, things are tough out there. And despite some evidence that lenders are easing up just a tad, in the new world of "prove everything - and prove it twice," there have been some unusual demands, to say the least.
OPINION
April 26, 2013 | By David Schenker
Security in the Forbidden City across the street from the Great Hall of the People was tight last month when Li Keqiang was installed as premier of China. But the uniformed guards weren't armed with automatic weapons. Instead, they were equipped with fire extinguishers to prevent would-be protesters from self-immolating. China these days is consumed with concerns about domestic stability. Notwithstanding this internal preoccupation, the Middle Kingdom's increasing appetite for Persian Gulf oil has sparked unprecedented Chinese interest in the Middle East.
BUSINESS
April 12, 2013 | By Andrew Khouri and Alejandro Lazo, Los Angeles Times
Kelly Hamon recently beat out several other home shoppers for a cream-colored North Hollywood home. But the victory came at a steep cost. Frustrated after getting outbid five times by all-cash buyers, Hamon ultimately bid $47,000 more than the asking price. She pursued the home so aggressively, she said, out of fear that the days of low interest rates and affordable prices would soon vanish. "I got really scared," Hamon said. "I got scared that everything was going up. " The once-in-a-lifetime mentality, fueled by a shortage of for-sale homes, is driving the Los Angeles area from recovery to frenzy, according to real estate agents and experts.
ENTERTAINMENT
April 2, 1992 | SHARON BERNSTEIN, SPECIAL TO THE TIMES
To entice businesses to underwrite public-television programs, fund-raisers are fond of reminding companies that an association with a PBS program can help enhance their image and make their products known to an upscale, highly educated audience. But critics say the proposition may be working too well, creating an aura of commercialism that may threaten the programs' integrity.
BUSINESS
December 29, 1990 | PAUL RICHTER, TIMES STAFF WRITER
Securities underwriting fees fell a breathtaking $1.2 billion, or about one-third, in 1990, in another sign of just how bruising a year it has been for Wall Street. Preliminary statistics released Friday by Securities Data Co. showed the fees declined to $1.9 billion this year from $3.1 billion in 1989. Such fees represent 4% or less of the securities industry's total revenue, but more than 50% of the profit of some Wall Street firms.
BUSINESS
December 27, 2012 | By Marc Lifsher
SACRAMENTO -- Financial regulators ordered five of the nation's biggest bond underwriters to pay $4.5 million in penalties and restitution for unfairly billing government agencies for fees the underwriters paid an industry group to lobby the state Legislature and government officials. On Thursday, the Financial Industry Regulatory Authority (FINRA) in Washington said it had signed consent agreements with Citigroup, Goldman Sachs, JP Morgan, Merrill Lynch and Morgan Stanley. The companies neither admitted nor denied the charges but agreed to pay $3.35 million in fines to the authority and $1.13 million in restitution to certain bond issuers in California.
BUSINESS
October 10, 2012 | By Andrew Tangel, E. Scott Reckard and Richard A. Serrano, Los Angeles Times
WASHINGTON - Federal officials unleashed a series of legal assaults on the financial industry, targeting actions they said helped trigger the housing market collapse and then attempted to take advantage of desperate homeowners left in its wake. The U.S. attorney's office in Manhattan accused Wells Fargo of defrauding a government-backed mortgage insurance program of hundreds of millions of dollars over more than a decade by improperly underwriting more than 100,000 home loans. At the same time, Atty.
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