Hotel In California - Bank Of America $8.5 Billion Mortgage Settlement Case Opens

Source - http://finance.yahoo.com/
By - Karen Freifeld
Category - Hotel In California
Posted By - Hampton Inn Santa Clarita

Hotel In California

Bank of America Corp's (BAC.N) proposed $8.5 billion settlement with investors in mortgage securities that went bad during the financial crisis offers billions more than they are likely to get if they go to trial, a lawyer for the trustee who helped negotiate the deal argued Monday.

Matthew Ingber, a lawyer for Bank of New York Mellon, the trustee overseeing the securities, made the case for the deal as a long-awaiting proceeding for approval of the settlement got underway in state court in New York.

Bank of America agreed to the settlement in June 2011 to resolve the claims of investors in bonds issued by mortgage lender Countrywide Financial Corp, which Bank of America bought in 2008.

Twenty-two institutional investors, including BlackRock Inc (BLK.N), MetLife Inc (MET.N) and Allianz SE's (ALVG.DE) Pacific Investment Management Co entered into the settlement. American International Group Inc (AIG.N) and others have objected, saying the settlement offered them only a fraction of the money they lost.

Bank of New York Mellon, as the trustee, is asking a New York state court to approve the settlement and make it binding on all the investors.

In court on Monday, Ingber said Countrywide had a maximum of $4.8 billion in assets to pay a judgment on the claims. If the settlement is not approved, investors probably won't be able to hold Bank of America responsible for misrepresentations made by Countrywide on the quality of the underlying mortgages, he said.

"You may hear a lot from the objectors about what the trustee should have done or could have done or might have done," Ingber told Justice Barbara Kapnick, who must decide whether to approve the deal. "But, your honor, all those coulda, woulda, shoulda are irrelevant if the pot of gold isn't going to be there."

Opening arguments are set to continue on Tuesday, with Texas attorney Kathy Patrick making the case for the institutional investors who support the settlement.

The opponents are expected to argue that losses to the trusts might exceed $100 billion. They claim BNY Mellon placed its interests and those of Bank of America above those of bond holders. And they point out BNY Mellon gets trust business from Bank of America.

Colorado attorney Dan Reilly, who represents AIG, said last week the proposed deal "offers pennies on the dollar" to the bond holders.

A lawyer for the federal home loan banks of Boston, Indianapolis and Chicago is expected to join AIG in an opening statement on behalf of the objectors on Tuesday.

Ingber argued Monday that the trustee did not receive any money or a release of claims in the settlement agreement. He told Kapnick the questions she had to answer were whether the trustee entered into the deal in good faith and whether the settlement was reasonable.

"This was an easy call and it was done for all the right reasons," Ingber said. "Approval of this settlement is a win for all investors."

Kapnick has set aside the first two weeks of June to hear the case. She said that because of other cases, she will then recess until July.

Meeting Space Santa Clarita - U.S. Drops Plan On Screening Of Statue Visitors

Source - http://www.nytimes.com/
By - PATRICK McGEEHAN
Category - Meeting Space Santa Clarita
Posted By - Hampton Inn Santa Clarita

 

Meeting Space Santa Clarita

In the staredown at New York City Hall over the Statue of Liberty, the National Park Service blinked.

 The Park Service had planned to have visitors screened on Ellis Island, rather than in Manhattan, when the statue reopens on July 4. But Raymond W. Kelly, the police commissioner, has been objecting to that move for more than two years.

Mr. Kelly wanted the security operation to remain on the promenade in Battery Park, where it had been since the statue and Ellis Island reopened to visitors after the Sept. 11 attacks. The New York Police Department was uncomfortable with allowing tourists to board ferries to the statue without first being checked for weapons and explosives.

On Monday, Sally Jewell, the secretary of the interior, notified Mayor Michael R. Bloomberg of the decision. She said the Park Service would erect a temporary screening center containing X-ray machines and magnetometers in Battery Park, but might have to leave it there for several years before a permanent solution could be devised.

The location of the screening post has long been a source of controversy. The Battery Conservancy, the organization that operates Battery Park, has tried for years to have it removed. But that did not happen until Hurricane Sandy swamped the security tent in October, ruined the equipment it housed and forced the closing of the statue.

In a letter on Monday, Secretary Jewell asked Mr. Bloomberg to provide a letter rescinding a 2010 request he made to the Park Service to vacate Battery Park. Mr. Bloomberg agreed. “It’s the right decision and an example of government agencies working together to achieve practical solutions,” he said in a statement.

Senator Charles E. Schumer, who also opposed moving the screening, said, “This solution wisely avoids any trade-off between speed-of-opening and optimum security.”

He added that the statue was vital to New York’s maintaining its pre-eminence “as the tourist capital of America,” and said that with the Park Service’s announcement, “it can continue to safely draw people from around the world.”

Accommodation In Santa Clarita - Oil Prices Decline After Weak China Data

Source - http://www.marketwatch.com/
By - Carla Mozee
Category - Accommodation In Santa Clarita
Posted By - Hampton Inn Santa Clarita

Accommodation In Santa Clarita

Crude for July delivery CLN3 -0.30%  fell 16 cents, or 0.2%, to $91.81 a barrel, with some pressure on the dollar-denominated commodity coming from strengthening U.S. dollar.

The ICE dollar index DXY -0.11%  , which measures the greenback against six other global currencies, rose to 83.237 from 82.294 on Friday. The index finished May higher by nearly 2%.

 On Monday, the final version of HSBC’s China manufacturing Purchasing Managers’ Index showed activity in the sector contracted in May. The index fell to 49.2 from a preliminary reading of 49.6. The latest reading was also more than a point off from April’s 50.4. A result below 50 signals contraction.

China is a key consumer of oil, and the reported contraction in the country’s manufacturing sector came at a time of general concern about a slowdown in China and its impact on energy demand.

HSBC’s report contrasted with China’s official PMI, released Saturday, which rose to 50.8 in May from 50.6 in April.

Monday’s slip in oil prices added to the 1.8% drop on Friday, when news about record-high European unemployment and a decline in U.S. consumer spending in April dented energy-demand prospects.

The oil market later Monday is due to receive May PMI reports for Germany, France, Italy, and the overall euro zone.

Ahead of the reports, European Central Bank President Mario Draghi said Monday that the euro area’s economic situation “remains challenging,” and the ECB doesn’t expect much of an improvement before the end of this year.

 The ECB on Thursday is expected to yet again downwardly revise its economic-activity forecast for this year. It currently expects a contraction of 0.5%.

But industry and investor worries about lackluster energy demand didn’t sway OPEC on Friday from sticking to its current oil-production target.

OPEC oil ministers at a summit in Vienna agreed, as expected, to keep the output target at 30 million barrels a day for the rest of the year, with many members expressing satisfaction with current price levels of about $100 a barrel for Brent crude.

But OPEC’s current target “has no teeth because there are no individual country allocations within the quota,” Simmons & Company International head of research Jeff Dietert wrote Friday. “Our view is that all nations, aside from Saudi Arabia, are essentially producing at max capacity anyway.”

July futures for benchmark Brent crude oil UK:LCON3 -0.36%  on Monday fell 16 cents, or 0.2%, to $100.23 a barrel. Brent ended May with a loss of 1.6%.

Hotel Reservations In Santa Clarita - Asian Stocks Set for First Drop in Seven Months; Rupee Declines

Source - http://www.bloomberg.com/
By - Glenys Sim & Jonathan Burgos
Category - Hotel Reservations In Santa Clarita
Posted By - Hampton Inn Santa Clarita

 

Hotel Reservations In Santa Clarita

Asian stocks headed for the first monthly decline since October as a drop in Japanese brokerages and shipping lines limited a rebound in the nation’s shares. The Indian rupee and equities fell as a report showed the nation’s economy grew at its slowest pace in a decade.

The MSCI Asia Pacific Index was little changed at 135.64 as of 2:41 p.m. in Tokyo, after climbing as much as 0.8 percent, and is down 4.6 percent in May. Japan’s Topix (TPX) index swang between gains and losses. Standard & Poor’s 500 Index futures and FTSE 100 Index contracts were steady. The yen fell against all 16 major counterparts. The so-called Aussie slid 0.3 percent to 96.38 U.S. cents.

India’s gross domestic product increased 5 percent in the year ended March 31, compared with 6.2 percent in the previous period, a government report showed. Data due today may show U.S. consumer spending stagnated, reducing bets the Federal Reserve will scale back its purchases of bonds. Japan’s industrial production expanded 1.7 percent in April, an initial sign of success for Prime Minister Shinzo Abe’s economic revival campaign.

“Price moves are being exaggerated by thin volume” as investors stay on the sidelines, said Alex Wong, a Hong Kong-based director at Ample Capital Ltd. “You can’t be bullish after the market fell so much, but with foreign markets being so resilient, you can’t be too bearish.”

The Topix slumped yesterday, passing the 10 percent threshold some investors use to define a correction. Even after yesterday’s plunge, the gauge is still up more than 30 percent this year after the Bank of Japan pledged to reach 2 percent inflation within two years with unlimited bond buying and by doubling the monetary base.
Shipping, Brokerages

Shipping companies dropped the most among 33 industry groups on the Topix, with Mitsui O.S.K Lines Ltd. falling 4.9 percent. Nomura Holdings Ltd. declined 2.7 percent to lead a slide among securities firms. Sony Corp. increased 3.3 percent after people familiar with the matter said the electronics maker is consulting banks about a proposal to take part of its entertainment unit public.

“The market is trying to find a place to settle,” said Takashi Aoki, a Tokyo-based fund manager at Mizuho Asset Management Co., which oversees about $33 billion. “We don’t know where the bottom is yet.”

The Indian rupee declined 0.3 percent to 56.51 per dollar, while the S&P BSE Sensex retreated 1.2 percent, the most among Asian indexes.

As many stocks rose as fell on the MSCI Asian gauge. South Korea’s Kospi (KOSPI) index added 0.2 percent and Australia’s S&P/ASX 200 Index climbed 0.2 percent. Shares in Hong Kong, Taiwan and China fluctuated. Singapore’s Straits Times Index slipped 0.7 percent and Thailand’s SET Index lost 0.6 percent.
Yen, Aussie

The yen weakened 0.3 percent to 101.03 per dollar, while Japan’s 10-year government bond yield slid three basis points to 0.86 percent as signs of deflation suggested the Bank of Japan will need to sustain stimulus. Consumer prices excluding fresh food fell 0.4 percent in April from a year earlier, the statistics bureau said in Tokyo today, matching the median estimate of 29 economists in a Bloomberg News survey.

Australia’s dollar fell today after having risen 0.5 percent in the previous two sessions. It’s headed for its biggest monthly decline in more than two years on speculation a slowdown in China will weigh on the economy, encouraging the Reserve Bank to cut interest rates this year.

Gold for immediate delivery gained as much as 0.6 percent to $1,422.10 an ounce, the highest since May 15, before trading at $1,420.08. Prices are up 2.4 percent this week.

Data yesterday showed that the U.S. economy grew at an annualized 2.4 percent pace in the first quarter, down from a preliminary reading of 2.5 percent, boosting speculation the Fed may maintain its purchases of $85 billion of Treasury and mortgage debt a month.
 

Santa Clarita Local Colleges - Common Painkillers 'Pose Heart Risk'

Source - http://www.bbc.co.uk/
By - James Gallagher
Category - Santa Clarita Local Colleges
Posted By - Hampton Inn Santa Clarita

 

Santa Clarita Local Colleges

People with severe arthritis often take the drugs, which also calm inflammation, to go about daily life.

The researchers said some patients would deem the risk acceptable, but they should be given the choice.

A study, published in the Lancet, showed the drugs posed even greater risks for smokers and the overweight.

The risks have been reported before, but a team of researchers at the University of Oxford analysed the issue in unprecedented detail in order to help patients make an informed choice.

The group investigated more than 353,000 patient records from 639 separate clinical trials to assess the impact of non-steroidal anti-inflammatory drugs.

They looked at high-dose prescriptions levels, rather than over-the-counter pain relief, of 150mg diclofenac or 2,400mg ibuprofen each day.

They showed that for every 1,000 people taking the drugs there would be three additional heart attacks, four more cases of heart failure and one death as well cases of stomach bleeding - every year as a result of taking the drugs.

So the number of heart attacks would increase from eight per 1,000 people per year normally, to 11 per 1,000 people per year with the drugs.

"Three per thousand per year sounds like it is quite a low risk, but the judgement has to be made by patients," said lead researcher Prof Colin Baigent.

He added: "So if you're a patient and you go and sit in front of your doctor and discuss it, you are the one who should be making the judgement about whether three per thousand per year is worth it to allow you, potentially, to go about your daily life."

He said this should not concern people taking a short course of these drugs, for example for headaches.

However, he did warn that those already at risk of heart problems would be at even greater risk as a result of the high-dose drugs.

High blood pressure, cholesterol and smoking all increase the risk of heart problems.

Prof Baigent said: "The higher your risk of heart disease, the higher your risk of a complication. Roughly speaking, if you've got double the risk of heart disease, then the risk of having a heart attack is roughly doubled."

He said patients should consider ways to reduce their risk, which could include statins for some patients.
Alternative

A similar drug called rofecoxib (known as Vioxx), was voluntarily taken off the market by its manufacturer in 2004 after similar concerns were raised.

There are more than 17 million prescriptions of non-steroidal anti-inflammatory drugs in the UK each year. Two thirds are either ibuprofen or diclofenac.

A third drug, naproxen, had lower risks of heart complications in the study and some doctors are prescribing this to higher-risk patients.

The drug does a similar job to aspirin by stopping the blood from clotting although this also increases the odds of a stomach bleed.

Prof Alan Silman, medical director of Arthritis Research UK, said the drugs were a "lifeline" for millions of people with arthritis and were "extremely effective in relieving pain".

He added: "However, because of their potential side-effects, in particular the increased risk of cardiovascular complications which has been known for a number of years, there is an urgent need to find alternatives that are as effective, but safer."

Prof Donald Singer, member of the British Pharmacological Society and from the University of Warwick, said: "The findings underscore a key point for patients and prescribers - powerful drugs may have serious harmful effects.

"It is therefore important for prescribers to take into account these risks and ensure patients are fully informed about the medicines they are taking."

Hotel In Santa Clarita - Home Price Gains Propel U.S. Stocks

Source - http://www.latimes.com/
By - Alejandro Lazo
Category - Hotel In Santa Clarita
Posted By - Hampton Inn Santa Clarita

Hotel In Santa Clarita

Home prices are soaring at a pace not seen since the housing boom, giving a much-needed boost to the larger economy.

The rebound is helping homeowners recover losses from the crash and giving them confidence to spend. And that's raising the fortunes of banks, builders and investors — all reflected in a Tuesday rally on Wall Street.

Home prices rose 10.9% in March compared with the same month last year, according to the Standard & Poor's/Case-Shiller index of 20 U.S. cities. Fueled by strong demand and tight supply, that was the strongest annual jump since April 2006.

The real estate market has emerged once again as the driver of economic optimism, sorely needed to pick up the slack left by weak government spending, economists said.

Home prices will keep accelerating this year and next year because of home shortages, said economist Patrick Newport of IHS Global Insight. But he advised caution in joining the fray of home buyers.

"Whenever you see double-digit increases, human psychology starts kicking in," Newport said, which could cause some markets to overheat and risk another price crash.

The Case-Shiller index, created by economists Karl E. Case and Robert J. Shiller, is widely considered the most reliable read on home values. The housing index compares the latest sales of detached houses with previous sales and accounts for factors such as remodeling that might affect a home's sale price over time.

On an annual basis, every metro area tracked by the index has posted year-over-year gains for three consecutive months. The Phoenix area had the largest annual gain — up 22.5% in March. San Francisco posted a 22.2% gain. Once-downtrodden metro areas showed huge jumps, with Las Vegas up 20.6%; Atlanta, 19.1%; Detroit, 18.5%; and Los Angeles, 16.6%.

So far, the increases have served to make up for some of the severe losses suffered during the bust. The 20-city home price index remains about 28% off its bubble-era peak and matches the level of late 2003.

Western cities are leading the rally. But home prices in some areas are outpacing fundamentals such as employment gains and increases in real wages. That's particularly true in many California cities, including Los Angeles, according to commentary issued Tuesday by credit rating firm Fitch Ratings.

"In cities that never fully unwound the mid-2000s bubble, rapidly increasing price levels are a potential cause for concern," the Fitch analysts wrote. "For example, in Los Angeles, prices are up more than 10% in the past year despite a stubborn unemployment rate that remains above 10% and real incomes that have declined over the past two years."

The housing recovery began last year as foreclosures waned and buyers chased perceived home bargains and low interest rates. Investors, meanwhile, have snapped up homes on the cheap to either flip or rent out. Growing confidence in the recovery has unleashed pent-up demand from buyers waiting out the crash.

"We believe this level of housing demand is likely to abate once the pent-up demand is satisfied," the Fitch analysts wrote.

Rising home prices have boosted spirits on Main Street and Wall Street.

Consumer confidence surged this month to its highest level in more than five years as optimism increased about the state of the economy and its prospects for the rest of the year, according to a closely watched private barometer released Tuesday.

The Conference Board's consumer confidence index jumped to 76.2 in May from the previous month's upwardly revised reading of 69. The last time the index was this high was in February 2008, at the start of the Great Recession.

The index now has risen two straight months after plunging in March amid concerns about the effect of tax increases that kicked in at the start of the year as well as the federal budget cuts known as sequestration.

"Back-to-back monthly gains suggest that consumer confidence is on the mend," said Lynn Franco, director of economic indicators at the Conference Board.

The percentage of consumers saying business conditions were good increased to 18.8% this month, from 17.5% in April. And the percentage of consumers who said jobs were plentiful rose to 10.8%, from 9.7%.

Wall Street rejoiced at the reports on housing and consumer confidence, driving stocks up more than 1% in early trading after a rally in global markets. Investors pulled back later in the day, and the Dow Jones industrial average ended the day up 106.29 points, or 0.69%, to 15,409.39. The broader Standard & Poor's 500 index climbed 10.46 points, or 0.63%, to 1,660.06, and the tech-heavy Nasdaq gained 29.75 points, or 0.86%, to 3,488.89.

The rally signals that investors are looking to economic growth, not just easy money from the Federal Reserve.

Investors are not "excited about a handout anymore," said Sam Stovall, chief equity strategist for S&P Capital IQ. "The excitement is coming from organic growth."

The Federal Reserve's monetary stimulus programs have fueled a run-up in stocks this year. The central bank has continued to pump cheap money into the system. The aim is to lower interest rates to make borrowing cheaper and stimulate growth. In doing so, the Fed has made safer investments such as bonds less attractive and lured investors into riskier assets such as stocks.

Many on Wall Street have been expecting a pull-back or correction of 10% or more in stocks during the second quarter. But with May almost in the rear-view mirror, any significant halt in the rally has to wait until next month.

California Vacation Packages - Insurance Rates Climbing In Florida

Source - http://www.weartv.com/
By - Press Release
Category - California Vacation Packages
Posted By - Hampton Inn Santa Clarita

California Vacation Packages

It's been nearly eight years since a hurricane caused widespread damage in Florida, but rates for homeowners insurance have still been climbing. With hurricane season starting Saturday, authorities say there's a chance rates may finally stabilize. Some homeowners say they feel like they're being eaten alive by insurance premiums, and they want some relief. Florida's Office of Insurance Regulation has been approving more than 100 rate hike requests a year since 2009, including requests to hike rates by double-digits. "It's really high," said Chuck Taylor. Chuck Taylor and his neighbors in Garcon Point say they've had no choice but to keep shelling out big bucks for insurance. "If you live down here, you have to have your house up elevated when you rebuild and then you pay flood insurance. Flood insurance doesn't cover any of that, so you're paying insurance twice," Taylor said. This year's hurricane season could determine how much homeowners pay. Florida's Insurance Commissioner Kevin McCarty says there's a chance rates may finally even out, if no major storms come our way this year. Taylor is skeptical of that prediction. "I really don't see it going down that much," Taylor said. His neighbor, Judy Wagner, however, has a different perspective. "There are storms other places, too. And I mean, the insurance companies are paying for those. You know, you have to pay for where you live," said Judy Wagner. The state-run Citizens Property Insurance Corporation, meanwhile, is expected to ask for rate hikes for 2014.