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Business News Archive - March 08, 2009

A rash of instant defaults in recently issued Federal Housing Administration mortgages is due to foul play among unscrupulous lenders, officials say. An analysis of available data by The Washington Post Sunday indicated in the past year, the number of borrowers who were unable to make more than a single payment before defaulting on their FHA-backed mortgages has nearly tripled, a rate that far outpaces the agency's overall growth in new loans. Industry experts are chalking the instant defaults up to the weak economy, poor scrutiny of prospective borrowers and mostly to the suspect actions of unscrupulous lenders looking to make a quick buck, the newspaper said.

High-profile Florida philanthropist Michael Bienes says he never suspected arrested investment guru Bernard Madoff of running an alleged scam. In an interview published Sunday in South Florida Sun-Sentinel, Bienes said he lost more than $10 million and is near bankruptcy because of money given to Madoff, who is accused by federal securities investigators of operating a $50 billion Ponzi scheme. Asked if he ever doubted Madoff, Bienes, 72, responded, "Doubt Bernie Madoff? Doubt Bernie? No.

LAS VEGAS, March 8 /PRNewswire/ -- MarketNotes.biz announces the availability of a commentary and profile addressing advents in high efficiency, high performance automobiles, identifying a vehicle that Men's Journal recently called, "God's Own Supercar." The report is of interest to investors of innovative automotive equities Honda Motor Company (NYSE: HMC), Toyota Motor Corp.

ANAHEIM, Calif., March 8 /PRNewswire/ -- The 2009 Natural Product Expo at the Anaheim Convention Center showcases how maintaining a healthy lifestyle for your pet has now become a treat with Soft Chews by Pet Naturals of Vermont.

The Canadian Auto Workers union said Sunday it has struck a tentative deal with General Motors Corp. on labor givebacks to help keep the automaker alive. Ten-thousand CAW members who work for GM must ratify the agreement before it can be implemented, the Detroit Free Press reported.

TULSA, Okla., March 8 /PRNewswire-FirstCall/ -- Limco-Piedmont Inc. (Nasdaq: LIMC) today announced that revenues for the three months ended December 31, 2008 were $17.9 million, an increase of $3.0 million from $14.9 million for that same period last year.

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President Barack Obama's financial teams spread out during the weekend, visiting Detroit and London with a campaign promise ringing in their ears.

IRVINE, Calif., March 9 /PRNewswire-USNewswire/ -- The newly minted Agriculture for a Democratic Workplace (ADW) is calling on Congress to join the more than 40-member agricultural coalition in opposing the Employee Free Choice Act. We are opposed to the Employee Free Choice Act because it would strip American workers, including most workers in the agricultural industry, of the right to participate in federally supervised private ballot elections and replace it with a system where their choice of whether or not to join a union is no longer private, the coalition said in an open letter to Congress last week. "This bill is bad policy.

Word of the Day
bretelles
  • In dressmaking, straps running from the belt in front over the shoulders to the belt in the back, with more or less elaboration of trimming and outline. They usually broaden at the shoulder and narrow toward the waist.
The word 'bretelles' comes from a French word meaning 'braces'.