02/04/2009
America's Realtors reported that the number of homes under contract rose more than 6 percent last month.
VIEW CLIP
CBS Morning News: Claire Leka
Friday, February 6, 2009
TARP recipients paid $114M to lobby lawmakers
Jacksonville Business Journal - by Tierney Plumb
Recipients of the $700 billion federal bailout package in the finance and auto sectors may view their contributions and lobbying as the smartest investments made in years, according to the Center for Responsive Politics.
More than half of the 300 companies helped by the federal government’s Troubled Asset Relief Program (TARP) have dished out $114.2 million for politicking, with $77 million spent on lobbying last year and $37 million spent on federal campaign contributions for the 2008 election.
Those political activities have, in part, yielded the companies $305.2 billion from TARP, or a massive return of 267,208 percent.
“Even in the best economic times, you won’t find an investment with a greater payoff than what these companies have been getting,” said Sheila Krumholz, the center’s executive director, in a statement.
The top three bailout recipients also spent big on campaigns and lobbying, according to the D.C.-based nonprofit.
Bank of America, combined with Merrill Lynch, spent $14.5 million and got $55 billion from the bailout. General Motors spent $15 million and got $10.4 billion, and American International Group spent $10.6 million and was paid out $40 billion.
Of all companies that have been helped by TARP, 25 paid lobbyists $76.7 million to represent them on Capitol Hill last year.
They spent the most during the third quarter of last year, dishing out $20.4 million on lobbying.
“Taxpayers hope their money is being allocated entirely on the merits, but with Congress controlling how much money the Treasury gets to hand out, it will be impossible to completely exclude politics from this process,” said Krumholz, in a statement.
Some of the top recipients of contributions from TARP beneficiaries are members of Congress who chair committees that regulate the financial sector and oversee how well the bailout program works.
In total, members of the Senate Committee on Banking, Housing and Urban Affairs, Senate Finance Committee and House Financial Services Committee received $5.2 million from TARP recipients in the 2007 to 2008 election cycle. President Barack Obama collected at least $4.3 million from employees at those companies for his campaign, said the center.
Recipients of the $700 billion federal bailout package in the finance and auto sectors may view their contributions and lobbying as the smartest investments made in years, according to the Center for Responsive Politics.
More than half of the 300 companies helped by the federal government’s Troubled Asset Relief Program (TARP) have dished out $114.2 million for politicking, with $77 million spent on lobbying last year and $37 million spent on federal campaign contributions for the 2008 election.
Those political activities have, in part, yielded the companies $305.2 billion from TARP, or a massive return of 267,208 percent.
“Even in the best economic times, you won’t find an investment with a greater payoff than what these companies have been getting,” said Sheila Krumholz, the center’s executive director, in a statement.
The top three bailout recipients also spent big on campaigns and lobbying, according to the D.C.-based nonprofit.
Bank of America, combined with Merrill Lynch, spent $14.5 million and got $55 billion from the bailout. General Motors spent $15 million and got $10.4 billion, and American International Group spent $10.6 million and was paid out $40 billion.
Of all companies that have been helped by TARP, 25 paid lobbyists $76.7 million to represent them on Capitol Hill last year.
They spent the most during the third quarter of last year, dishing out $20.4 million on lobbying.
“Taxpayers hope their money is being allocated entirely on the merits, but with Congress controlling how much money the Treasury gets to hand out, it will be impossible to completely exclude politics from this process,” said Krumholz, in a statement.
Some of the top recipients of contributions from TARP beneficiaries are members of Congress who chair committees that regulate the financial sector and oversee how well the bailout program works.
In total, members of the Senate Committee on Banking, Housing and Urban Affairs, Senate Finance Committee and House Financial Services Committee received $5.2 million from TARP recipients in the 2007 to 2008 election cycle. President Barack Obama collected at least $4.3 million from employees at those companies for his campaign, said the center.
Tuesday, January 27, 2009
TEXAS HOME PRICES AT LEAST RISK
WALNUT CREEK, CA (PMI Group) – Amidst a nation of MSAs hosting tumbling home prices, the Lone Star State’s own metropolitan areas have held tight to their home values, with only five of 26 MSAs seeing price declines in a 12-month period ending in September.
According to PMI Group’s Winter 2009 Risk Index, Dallas, Houston and San Antonio were the least likely large MSAs in the country during third quarter 2008 to experience lower home prices in the next two years. Each had a risk index of less than one.
Austin ranked as the 12th least likely metropolitan area to experience home price depreciation, with a 3.1 risk index, up from 2.3 in second quarter 2008.
Overall, Texas MSAs averaged a 2.8 percent increase in home prices between September 2007 and the same month in 2008.
Four of Texas’ MSAs claimed spots in PMI Group’s list of top ten annual house price appreciation rates. Sherman-Denison had an appreciation rate of 8.56; Victoria, 8.34; Odessa, 7.98; and College Station–Bryan, 6.71.
PMI’s U.S. Market Risk Index uses economic, housing and mortgage market factors (including home price appreciation, employment, affordability, excess housing supply, interest rates and foreclosure activity) to determine the probability of lower home prices in the future.
For the full study, including more rankings for Texas MSAs, see PMI Group’s Risk Index.
According to PMI Group’s Winter 2009 Risk Index, Dallas, Houston and San Antonio were the least likely large MSAs in the country during third quarter 2008 to experience lower home prices in the next two years. Each had a risk index of less than one.
Austin ranked as the 12th least likely metropolitan area to experience home price depreciation, with a 3.1 risk index, up from 2.3 in second quarter 2008.
Overall, Texas MSAs averaged a 2.8 percent increase in home prices between September 2007 and the same month in 2008.
Four of Texas’ MSAs claimed spots in PMI Group’s list of top ten annual house price appreciation rates. Sherman-Denison had an appreciation rate of 8.56; Victoria, 8.34; Odessa, 7.98; and College Station–Bryan, 6.71.
PMI’s U.S. Market Risk Index uses economic, housing and mortgage market factors (including home price appreciation, employment, affordability, excess housing supply, interest rates and foreclosure activity) to determine the probability of lower home prices in the future.
For the full study, including more rankings for Texas MSAs, see PMI Group’s Risk Index.
Monday, January 19, 2009
ECONOMIST PREDICTS STRONG TEXAS HOUSING MARKET IN 2009
BEAUMONT (Beaumont Enterprise) – Despite the negative news surrounding the real estate industry, now continues to be a great time to buy a home in Texas, said Dr. Mark Dotzour yesterday, speaking before the Beaumont Board of Realtors.
Dotzour, the chief economist for the Real Estate Center at Texas A&M University, said the states’s housing market should thrive in 2009 thanks to affordable housing and steady job growth.
However, he also told the group to expect a decline in new home construction this year, partly because more new homes could inflate the market, causing existing home values to decline.
Although the latest report from California-based foreclosure listing firm RealtyTrac showed an 81 percent increase in the number of homeowners facing foreclosure last year, Dotzour said he does not expect foreclosures to become an issue in Texas.
“Our home prices have been going up," he said, "and when your house is going up, you'd rather sell it then give it back to the bank."
Dotzour, the chief economist for the Real Estate Center at Texas A&M University, said the states’s housing market should thrive in 2009 thanks to affordable housing and steady job growth.
However, he also told the group to expect a decline in new home construction this year, partly because more new homes could inflate the market, causing existing home values to decline.
Although the latest report from California-based foreclosure listing firm RealtyTrac showed an 81 percent increase in the number of homeowners facing foreclosure last year, Dotzour said he does not expect foreclosures to become an issue in Texas.
“Our home prices have been going up," he said, "and when your house is going up, you'd rather sell it then give it back to the bank."
Friday, December 5, 2008
MORTGAGE APPLICATIONS MORE THAN DOUBLE
NEW YORK (CNNMoney.com) – Mortgage applications more than doubled last week as government bailouts led to sinking interest rates that made refinancing especially attractive, the Mortgage Bankers Association reported this week.
The Market Composite Index — the organization's measure of mortgage loan application volume — surged 112.1 percent on a seasonally adjusted basis from the week earlier.
On an unadjusted basis, the index increased 51.4 percent from the previous week, down 21.9 percent from a year earlier. Results included an adjustment to account for the Thanksgiving holiday.
Rates plummeted following the Fed's announcement that it would buy debt and mortgage-backed securities from mortgage finance companies Fannie Mae and Freddie Mac.
The Mortgage Bankers Association said 30-year fixed-rate mortgages fell to 5.47 percent this week, down from 5.99 percent last week.
Rates on 15-year fixed-rate mortgages fell to 5.13 percent from 5.78 percent.
The report's Refinance Index increased 203.3 percent to 3802.8 from the previous week, and the seasonally adjusted Purchase Index increased 37.4 percent.
The Market Composite Index — the organization's measure of mortgage loan application volume — surged 112.1 percent on a seasonally adjusted basis from the week earlier.
On an unadjusted basis, the index increased 51.4 percent from the previous week, down 21.9 percent from a year earlier. Results included an adjustment to account for the Thanksgiving holiday.
Rates plummeted following the Fed's announcement that it would buy debt and mortgage-backed securities from mortgage finance companies Fannie Mae and Freddie Mac.
The Mortgage Bankers Association said 30-year fixed-rate mortgages fell to 5.47 percent this week, down from 5.99 percent last week.
Rates on 15-year fixed-rate mortgages fell to 5.13 percent from 5.78 percent.
The report's Refinance Index increased 203.3 percent to 3802.8 from the previous week, and the seasonally adjusted Purchase Index increased 37.4 percent.
Friday, November 28, 2008
Subsea 7 Engineering and Construction Company Plans to Build a New Pipe Fabrication ‘Spoolbase’ in Port Isabel, Texas
Subsea 7 Engineering and Construction Company plans to build a new pipe fabrication ‘spoolbase’ in Port Isabel, Texas. Port Isabel was selected for a deepwater port in southeast Texas, close to the Mexican border to build a pipe assembly plant on a 58-acre site at the Port Isabel–San Benito Navigation District’s turning basin.
Subsea 7 signed a 25-year lease with the Port Isabel Logistical Offshore Terminal, a business aimed at attracting industry suppliers to the area.
The $32 million plant will help attract offshore oil and gas industry suppliers to the area, and it is expected to create about 100 welding and heavy equipment operation jobs.
The spoolbase will deliver the company's North and Central America region requirements for pipe fabrication, supporting Subsea 7's construction vessels. The facility will produce pipe stalks of up to 16 inches (40 cm) in diameter and 1.2 kilometers (0.7 miles) in length for spooling onto reeled pipelay vessels.
The new base will also be able to weld steel material for the onshore fabrication of offshore oil and gas pipelines and complete the manufacture of double joints, plastic lined pipelines, pipe-in-pipe and steel catenary risers.
Bill Boyle, vice president for the Subsea 7's North and Central America region said the spoolbase was a "key milestone" in the company's objective to expand its business in the U.S., Mexican and Gulf of Mexico markets. The company will begin shipping in mid 2009.
These new jobs and the new suppliers the plant will attract should provide a healthy economic boost for the area and increase demand for housing. This new demand should increase the value of property values.
Subsea 7 is one of the world's leading subsea engineering and construction companies. Subsea 7 is the result of mergers between DSND, Halliburton Subsea, Subsea Offshore and Rockwater. The company has five main divisions:
1. Subsea field development
2. ROV support to Drill Rig Operations
3. Inspection, Repair and Maintenance;
4. Survey and Positioning
5. Development and Application of Subsea Technology
Subsea 7 carries out its Subsea field development business in all the major offshore oil & gas markets globally.
• Operations are supported out of the North Sea, Africa, Brazil, Gulf of Mexico and Asia Pacific
• They install infield rigid and flexible pipelines up to 16" diameter, riser systems and umbilicals connecting production facilities on the seabed to fixed or floating platforms. They provide a full range of complementary design, fabrication and installation services for related subsea hardware in order to offer a total subsea field development package. They service deep and emerging deepwater projects with a modern fleet of pipelay, construction, survey and multi-purpose support vessels.
Onshore, our global operations include an extensive infrastructure of pipeline spoolbases and fabrication yards. The newest spoolbase is currently being developed at Port Isabel in the Gulf of Mexico. These strategically-positioned assets, in conjunction with a network of local partners, are central to their objective of developing strong and sustainable regional businesses.
Subsea 7 signed a 25-year lease with the Port Isabel Logistical Offshore Terminal, a business aimed at attracting industry suppliers to the area.
The $32 million plant will help attract offshore oil and gas industry suppliers to the area, and it is expected to create about 100 welding and heavy equipment operation jobs.
The spoolbase will deliver the company's North and Central America region requirements for pipe fabrication, supporting Subsea 7's construction vessels. The facility will produce pipe stalks of up to 16 inches (40 cm) in diameter and 1.2 kilometers (0.7 miles) in length for spooling onto reeled pipelay vessels.
The new base will also be able to weld steel material for the onshore fabrication of offshore oil and gas pipelines and complete the manufacture of double joints, plastic lined pipelines, pipe-in-pipe and steel catenary risers.
Bill Boyle, vice president for the Subsea 7's North and Central America region said the spoolbase was a "key milestone" in the company's objective to expand its business in the U.S., Mexican and Gulf of Mexico markets. The company will begin shipping in mid 2009.
These new jobs and the new suppliers the plant will attract should provide a healthy economic boost for the area and increase demand for housing. This new demand should increase the value of property values.
Subsea 7 is one of the world's leading subsea engineering and construction companies. Subsea 7 is the result of mergers between DSND, Halliburton Subsea, Subsea Offshore and Rockwater. The company has five main divisions:
1. Subsea field development
2. ROV support to Drill Rig Operations
3. Inspection, Repair and Maintenance;
4. Survey and Positioning
5. Development and Application of Subsea Technology
Subsea 7 carries out its Subsea field development business in all the major offshore oil & gas markets globally.
• Operations are supported out of the North Sea, Africa, Brazil, Gulf of Mexico and Asia Pacific
• They install infield rigid and flexible pipelines up to 16" diameter, riser systems and umbilicals connecting production facilities on the seabed to fixed or floating platforms. They provide a full range of complementary design, fabrication and installation services for related subsea hardware in order to offer a total subsea field development package. They service deep and emerging deepwater projects with a modern fleet of pipelay, construction, survey and multi-purpose support vessels.
Onshore, our global operations include an extensive infrastructure of pipeline spoolbases and fabrication yards. The newest spoolbase is currently being developed at Port Isabel in the Gulf of Mexico. These strategically-positioned assets, in conjunction with a network of local partners, are central to their objective of developing strong and sustainable regional businesses.
Wednesday, November 19, 2008
Sir John Marks Templeton- Requiescat in pace
Economic systems based on atheism have failed. Religion teaches the infinite worth of each individual.
Religion causes each individual to want to serve others. An increasing part of God's ongoing creative process is to encourage each individual to be purposeful and creative. The free market system removes limitations and thereby encourages amazing and increasingly varied forms of creativity. Religion teaches love and brotherhood and truth and diligence which tend to cause accelerating creativity and productivity.
Fortunes built on force or on inheritance can be harmful; but fortunes built on superior service are beneficial to rich and poor alike.
Sir John Marks Templeton
Requiescat in pace
Religion causes each individual to want to serve others. An increasing part of God's ongoing creative process is to encourage each individual to be purposeful and creative. The free market system removes limitations and thereby encourages amazing and increasingly varied forms of creativity. Religion teaches love and brotherhood and truth and diligence which tend to cause accelerating creativity and productivity.
Fortunes built on force or on inheritance can be harmful; but fortunes built on superior service are beneficial to rich and poor alike.
Sir John Marks Templeton
Requiescat in pace
Subscribe to:
Posts (Atom)
