A Million Million Dollar Homes
There are more than one million homes in the US valued at over a million dollars. That means if you have one, you are no longer one in a million. What are the social implications of this? Where do these people get their money?
CNBC: How much home can you get for $1M? - Real Estate - MSNBC.com
Thursday, March 16, 2006
ABC News: How Did Georgia Lure Korean Carmaker?
From ABC News: Georgia to pay $160K in Incentives for Each Kia Job
Georgia is paying $400 million in incentives to get the recently-announced Kia plant. We may never know what kind of offers were on the table to get Ford and GM to keep open their existing plants, but I have a hunch that the offers were lower. Both Ford & GM decided to close their Georgia facilities.
ABC News: How Did Georgia Lure Korean Carmaker?
Georgia is paying $400 million in incentives to get the recently-announced Kia plant. We may never know what kind of offers were on the table to get Ford and GM to keep open their existing plants, but I have a hunch that the offers were lower. Both Ford & GM decided to close their Georgia facilities.
ABC News: How Did Georgia Lure Korean Carmaker?
Wednesday, March 15, 2006
Welcome to the Foreclosure Recovery Center
Forclosure Recovery Consultants, FRConline.com - Is this a Scam
There's a new site on the web that talks up its ability to rescue your home from foreclosure. FRC insunates that it can give you access to hardship loan programs that are not otherwise available. In every case that I know of where the lender has a hardship program, you don't need a third party agent to get you into the program.
The site talks about a network of attorneys in "all 50 states". I think this means that they will look up the name of a bankruptcy attorney and give it to you.
Before you get involved with this company, I recommend that you check out bbb.com, ripoffreport.com, and other consumer-oriented resources. There ain't no such thing as a free lunch.
Welcome to the Foreclosure Recovery Center
There's a new site on the web that talks up its ability to rescue your home from foreclosure. FRC insunates that it can give you access to hardship loan programs that are not otherwise available. In every case that I know of where the lender has a hardship program, you don't need a third party agent to get you into the program.
The site talks about a network of attorneys in "all 50 states". I think this means that they will look up the name of a bankruptcy attorney and give it to you.
Before you get involved with this company, I recommend that you check out bbb.com, ripoffreport.com, and other consumer-oriented resources. There ain't no such thing as a free lunch.
Welcome to the Foreclosure Recovery Center
Press-Telegram - Business
Whither Fico -- Hither Vantagescore
Earlier this week, the three major credit reporting agencies, or credit bureaus, Experian, Trans Union and Equifax announced that they would be using a uniform credit scoring system. Each credit bureau will use uniform algorithms but will use their own proprietary databases to feed the data into the algorithm. The algorithm yields a credit score known as the Vantagescore. All of the credit bureaus are licensing the scoring algorithm from a company called Vantagescore Inc., with a website at www.vantagescore.com. Prior to this announcement the credit bureaus either used their own in house credit scoring system or licensed a credit scoring system from the industry leader, Fair Isaac. Inc. The Fair Isaac score, called the FICO score, is currently the industry standard. FICO has been criticized because actually Fair Isaac tailors the algorithm to the needs of different merchants, therefore, you may actually have several different FICO scores score based upon to whom and for what you apply for credit.
Vantagescore could be a big deal, or it could end up being much ado about nothing. I've seen nothing about the ownership of the Vantagescore algorithms, or even the trade-name, but it may actually be owned by the credit bureaus themselves. If so, it seems awfully fishy from an anti-trust standpoint. Secondly, lenders have a lot of money wrapped up in their current underwriting systems based upon FICO. The lenders may resist abandoning this investment to jump ship to Vantagescore.
In a best-case scenario, a common credit scoring standard with fixed underwriting grids could reduce the common phenomenon of subprime lenders intentionally lying about the applicant's credit rating to steer the applicant into a higher rate loan.
In a worst-case scenario, the Vantagescore could result in A-B-C-D-F grids that don't correspond to the mathematical loss probability models and actually increase the cost of credit for some individuals.
Side note about googling Vantagescore: On the day the newsstories came out about Vantagescore, I tried googling the term "vantagescore" and nothing came back on either a standard Google web search and Google news search. Dogpile returned lots of hits. I put off posting my comments for a couple days, and today Google returned expected results. I bring this up because it seems like Google was imposing some kind of embargo on returning results on a "Vantagescore" search. Hmmm.
Press-Telegram - Business
Earlier this week, the three major credit reporting agencies, or credit bureaus, Experian, Trans Union and Equifax announced that they would be using a uniform credit scoring system. Each credit bureau will use uniform algorithms but will use their own proprietary databases to feed the data into the algorithm. The algorithm yields a credit score known as the Vantagescore. All of the credit bureaus are licensing the scoring algorithm from a company called Vantagescore Inc., with a website at www.vantagescore.com. Prior to this announcement the credit bureaus either used their own in house credit scoring system or licensed a credit scoring system from the industry leader, Fair Isaac. Inc. The Fair Isaac score, called the FICO score, is currently the industry standard. FICO has been criticized because actually Fair Isaac tailors the algorithm to the needs of different merchants, therefore, you may actually have several different FICO scores score based upon to whom and for what you apply for credit.
Vantagescore could be a big deal, or it could end up being much ado about nothing. I've seen nothing about the ownership of the Vantagescore algorithms, or even the trade-name, but it may actually be owned by the credit bureaus themselves. If so, it seems awfully fishy from an anti-trust standpoint. Secondly, lenders have a lot of money wrapped up in their current underwriting systems based upon FICO. The lenders may resist abandoning this investment to jump ship to Vantagescore.
In a best-case scenario, a common credit scoring standard with fixed underwriting grids could reduce the common phenomenon of subprime lenders intentionally lying about the applicant's credit rating to steer the applicant into a higher rate loan.
In a worst-case scenario, the Vantagescore could result in A-B-C-D-F grids that don't correspond to the mathematical loss probability models and actually increase the cost of credit for some individuals.
Side note about googling Vantagescore: On the day the newsstories came out about Vantagescore, I tried googling the term "vantagescore" and nothing came back on either a standard Google web search and Google news search. Dogpile returned lots of hits. I put off posting my comments for a couple days, and today Google returned expected results. I bring this up because it seems like Google was imposing some kind of embargo on returning results on a "Vantagescore" search. Hmmm.
Press-Telegram - Business
GM and Ford: Roadmaps for Recovery
GM & Ford Restructuring Plans Compared
Businessweek.com has published a Standard and Poor's analysis of General Motors' and Ford's restructuring plans. General Motors' plan especially reminds me of the Far Side cartoon where the scientist puts on a blackboard a complex formula and in the middle writes "and then a miracle happens" and the complex math continues.
Thanks to Ken W. for the link.
GM and Ford: Roadmaps for Recovery
Businessweek.com has published a Standard and Poor's analysis of General Motors' and Ford's restructuring plans. General Motors' plan especially reminds me of the Far Side cartoon where the scientist puts on a blackboard a complex formula and in the middle writes "and then a miracle happens" and the complex math continues.
Thanks to Ken W. for the link.
GM and Ford: Roadmaps for Recovery
UAW shrugs off deadline - 03/15/06 - The Detroit News
Gettlefinger: March 30 is "Mr. Miller's Deadline"
2 Weeks to Delphi Crunch Time
When I last reported on the Delphi mess, Delphi CEO Steve (the Pompatus of Bankruptcy) Miller had imposed a deadline of March 30 for the GM/UAW/Delphi negotiations to bear fruit. Mr. Miller all but said that if a deal isn't struck by March 30, Delphi will ask the bankruptcy court to void the UAW collective bargaining agreement. The parties have been negotiating since then and unconfirmed reports suggested that they were close to a deal.
That's not necessarily true according to UAW President Ron Gettlefinger. He insists that there is no deal, and as to the March 30 deadline? "That's Mr. Miller's deadline," said Gettlefinger.
Much has been said about how GM is in a difficult position. If no deal is made, and Delphi voids the contract, the union members have both the right and the incentive to strike. A strike could deliver a killing blow to General Motors within just a few months. General Motors can't afford to make big payments to bail out Delphi, but it can't afford not to.
Less has been said about the difficult position of Ron Gettlefinger. Make no mistake about it, Ron Gettlefinger is walking a tightrope too. UAW-GM workers would natually want a Delphi deal, even if that means the Delphi workers make a lot less money and have a lot less security. On the other hand UAW Delphi workers have every reason to stand firm. If Delphi goes under, GM owes them significant compensation. If Delphi continues but with 50% wages, then they might be able to do as well working somewhere else. In short, Gettlefinger has two constituancies with different objectives and motivations, and he owes fiduciary duties to both of them.
UAW shrugs off deadline - 03/15/06 - The Detroit News
2 Weeks to Delphi Crunch Time
When I last reported on the Delphi mess, Delphi CEO Steve (the Pompatus of Bankruptcy) Miller had imposed a deadline of March 30 for the GM/UAW/Delphi negotiations to bear fruit. Mr. Miller all but said that if a deal isn't struck by March 30, Delphi will ask the bankruptcy court to void the UAW collective bargaining agreement. The parties have been negotiating since then and unconfirmed reports suggested that they were close to a deal.
That's not necessarily true according to UAW President Ron Gettlefinger. He insists that there is no deal, and as to the March 30 deadline? "That's Mr. Miller's deadline," said Gettlefinger.
Much has been said about how GM is in a difficult position. If no deal is made, and Delphi voids the contract, the union members have both the right and the incentive to strike. A strike could deliver a killing blow to General Motors within just a few months. General Motors can't afford to make big payments to bail out Delphi, but it can't afford not to.
Less has been said about the difficult position of Ron Gettlefinger. Make no mistake about it, Ron Gettlefinger is walking a tightrope too. UAW-GM workers would natually want a Delphi deal, even if that means the Delphi workers make a lot less money and have a lot less security. On the other hand UAW Delphi workers have every reason to stand firm. If Delphi goes under, GM owes them significant compensation. If Delphi continues but with 50% wages, then they might be able to do as well working somewhere else. In short, Gettlefinger has two constituancies with different objectives and motivations, and he owes fiduciary duties to both of them.
UAW shrugs off deadline - 03/15/06 - The Detroit News
H&R BLOCK SUED FOR FRAUDULENT MARKETING OF IRAS
H&R Block - The smart way to save
IF you never want to make any money
One of my heroes, Elliot Spitzer, is at it again. The N.Y. Attorney General sued H&R Block for deceptive marketing of its Express IRA savings product. According to the NY AG website, only about 15% of the people buying this sucker ever made any money.
H&R BLOCK SUED FOR FRAUDULENT MARKETING OF IRAS
IF you never want to make any money
One of my heroes, Elliot Spitzer, is at it again. The N.Y. Attorney General sued H&R Block for deceptive marketing of its Express IRA savings product. According to the NY AG website, only about 15% of the people buying this sucker ever made any money.
H&R BLOCK SUED FOR FRAUDULENT MARKETING OF IRAS
Ford limits spouse health care - 03/15/06 - The Detroit News
Ford to Limit Health Care for Spouses of Salaried Workers
Ford is imposing a surcharge to cover spouses (and domestic partners) when the spouse/partner is eligible for other coverage.
The past couple days haven't been filled with good news for Ford. It's credit rating went down, and it's being boycotted again by folks who aren't happy that Ford's marketing efforts include pitches aimed at gays and lesbians.
Ford limits spouse health care - 03/15/06 - The Detroit News
Ford is imposing a surcharge to cover spouses (and domestic partners) when the spouse/partner is eligible for other coverage.
The past couple days haven't been filled with good news for Ford. It's credit rating went down, and it's being boycotted again by folks who aren't happy that Ford's marketing efforts include pitches aimed at gays and lesbians.
Ford limits spouse health care - 03/15/06 - The Detroit News
Ukrainian 4x4 unveiled by boxer Vitaly Klicko - Autoblog
Is this the world's ugliest SUV?
Sorry Aztek, Sorry Tribecca, you've been voted off the island.
Ukrainian 4x4 unveiled by boxer Vitaly Klicko - Autoblog
Sorry Aztek, Sorry Tribecca, you've been voted off the island.
Ukrainian 4x4 unveiled by boxer Vitaly Klicko - Autoblog
Tuesday, March 14, 2006
Chrysler calls 1,000 employees back to work at Belvidere - Autoblog
DaimlerChrysler Recalls 1000 workers in Illinois
Chrysler called back workers to staff the Belvidere plant producing the Dodge Caliber and forthcoming Jeep Compass. Some were workers laid off from other plants.
I test-drove a Dodge Caliber last week. When I get time, I'll try to write something halfway intelligent. My overall impression is that it was good, but it could have been better if they would have gotten rid of all the faux-SUV styling that adds weight and hurts aerodynamics. The new engine and CVT transmission seem to be much better than that in the Neon.
Chrysler calls 1,000 employees back to work at Belvidere - Autoblog
Chrysler called back workers to staff the Belvidere plant producing the Dodge Caliber and forthcoming Jeep Compass. Some were workers laid off from other plants.
I test-drove a Dodge Caliber last week. When I get time, I'll try to write something halfway intelligent. My overall impression is that it was good, but it could have been better if they would have gotten rid of all the faux-SUV styling that adds weight and hurts aerodynamics. The new engine and CVT transmission seem to be much better than that in the Neon.
Chrysler calls 1,000 employees back to work at Belvidere - Autoblog
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