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LEASING ACCOUNT EXECUTIVE
Seeking an experienced Leasing Professional who has: Home State Leasing Corporation, a subsidiary of Home State Bank, N.A., has been serving the needs of our clients since 1915.
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Friday, May 1, 2009
Tim McGraw performing for the United States Air Force in 2003f.
Actor/Country singer/Musician Samuel Timothy "Tim" McGraw born May 1, 1967 Delhi, Louisiana. "Indian Outlaw", "Don't Take the Girl", "I Like It, I Love It", "Something Like That", "It's Your Love" (featuring his wife, Faith Hill), and "Live Like You Were Dying". Movies: Night Lights, The Kingdom, a lead role in 2006's Flicka. |
Headlines---
Bulletin Board Complaint--Up-Date
IFC Credit Corp. dba First Corp
Correction: Subject: Marlin
Archives--May 1, 2000
Kropschot Re-Establishes Kropschot
Classified Ads---Marketing
Greystone says goodbye to Leasing
by Christopher Menkin
Why Leasing News supports Lease Police
Classified Ads—Help Wanted
Dumac/Exchange Lease Parent 1st Q Loss
Marlin! Oh, Marlin! Rise up & Hear the Bells
Cartoon---Two Clowns Meet
Anvil! The Story of Anvil/All About Dad
Curious Case B.Button/Wendy&Lucy/Trainspotting
Fernando’s View by Fernando F. Croce
Amembal to Chair 27th World Leasing Convention
Omni Funding Is Expanding at the Right Time
ELFA to Announce Winners of Dear Kit Award
BusinessFactors.com to offer equipment leasing
Hope Now: 134,000 Mortgages in March
Deborah Monosson revels in financial risky business
BofA's Lewis: Down, but not out
Stanford 'surrenders' to feds who didn’t want him
CEO pay dives in a rough 2008
Economy shrinks at 6.1 percent pace in 1Q
Consumer spending, new jobless claims dip
Phoenix leads nation in home price declines
First 787 is ready for its close-up
News Briefs---
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California Nuts Brief---
Sports Briefs---
"Gimme that Wine"
Today's Top Event in History
This Day in American History
SuDoku
Daily Puzzle
GasBuddy
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Traffic Live----
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Bulletin Board Complaint--Up-Date
IFC Credit Corp. dba First Corp, Morton Grove, Illinois
“On 02/05/2009 IFC Credit Corp dba FirstCorp issued Ameritech Medical a Purchase Order in the amount of $20,546 for 1 piece of diagnostic ultrasound equipment HP/Philips Sonos 5500 to be shipped to a physician group in Hartford, CT... The physician that received the equipment is being billed in a timely fashion electronically by IFC, yet they refuse to pay me the vendor for almost 3 months. Even after stating that our attorney would be contacting IFC, they have still refused to pay or even indicate when they can honor this debt. “
Up-Date
"…received payment from these folks yesterday late afternoon. let's hope check is good. Thanks for all your assistance. I will tell all medical equipment vendors about your site. Very Valuable!!!"
Pat Jackson
Ameritech Medical
6030 Marshalee Drive, Suite 702
Elkridge, MD 21075 USA
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Correction: Subject: Marlin
In the “Extra” on Wednesday, the subject line should have read “BofA.” The form was last used on a story about Marlin, and the subject line had “BofA” in the formation, but must have switched back to the original in the sending of the form. It was a technical error.
Leasing News Extra
Shareholders Oust Bank of America Chief as Chairman
http://www.leasingnews.org/archives/April%202009/04-29-09a.htm
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Archives--May 1, 2000
Bruce Kropschot Re-Establishes Kropschot Financial Services
Bruce Kropschot announced today that he has re-established Kropschot Financial Services, which he founded in 1986 as a merger and acquisition advisory firm for the equipment leasing and financing industry. Mr. Kropschot left the firm in late 1997 to become Vice Chairman - Mergers and Acquisitions of UniCapital Corporation, which he helped acquire 17 equipment casing businesses. and go public in May 1998 in the largest roll-up initial public offering ever Effective April 1.2000, Mr. Kropschot retired from UniCapital Corporation, where he was also President of UniCapital Business Credit Group.
Under Mr. Kropschot's leadership. Kropschot Financial Services arranged over 125 acquisitions of equipment leasing and specialty finance businesses from 1986 through 1997 and was ranked as the leading provider of merger and acquisition advisory services in this sector, Mr. Kropschot stated, "I am pleased to be devoting again all of my attention to M&A activities. There is a need for an advisory firm that understands the opportunities and the challenges unique to the equipment leasing market. When representing owners in the sale of their businesses. Kropschot Financial Services will riot only be looking to maximize the sale price but also to find a buyer under whom the business and its employees can achieve their potential. When representing acquisition searches for buyers, we will utilize our vast knowledge of the leasing industry and its many participants to locate those companies that best fit the defined acquisition parameters. The firm will also arrange financing for equipment leasing and specialty finance companies and perform business valuations. Mr. Kropschot indicated that Kropschot Financial Services would soon be making an announcement regaining other key executives who will be joining the firm.
Bruce Kropschot has been in the equipment leasing industry for nearly 30 years. Prior to founding Kropschot Financial Services, he was Executive VP of HBE Leasing Corporation and President and an owner of Master Lease Corporation (now known as De Lage Landen Financial Services). He is a CPA and holds BBA and MBA degrees in accounting and finance from the University of Michigan. He has served on the Board of Directors of the Equipment Leasing Association of America, United Association of Equipment Leasing and Eastern Association of Equipment Lessors and is a founding member of International Merger & Acquisition Professionals, an organization of leading M&A intermediaries located throughout North America and Europe. His company is now a partner with The Alta Group. Mr. Kropschot can be reached in his office at (352) 750-3588 or through e-mail at bkropschot@kropschot.com
Mr. Kropschot is a member of the Leasing News Advisory Board:
http://www.leasingnews.org/Advisory%20Board/Bruce_Kropschot.htm
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Classified Ads---Marketing
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Philadelphia/Wilmington, DE |
For a full listing of all “job wanted” ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm
To place a free “job wanted” Leasing News ad:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm
ELFA Career Center: Job Seekers ( free ):
http://careers.elfaonline.org/search.cfm
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Greystone says goodbye to Leasing
by Christopher Menkin
Several highly reliable Leasing News sources reported that “New York pulled the plug” and effectively closed the Greystone Equipment Finance Corporation operation in Burlington, Massachusetts Thursday of last week, April 23rd, 2009. Apparently the management team had consistently failed to meet their promised performance benchmarks. Late last year, the remaining senior team once again revised their plan and agreed the platform would be self funding and not dependent upon the parent by the end of the first quarter.
Reportedly Greystone CEO and Founder Steve Rosenberg gave the Greystone subsidiary several chances to turn things around, and when they did not, he pulled the plug.
As the end of the first quarter approached an internal show-down took place as the parent stopped providing funding. With the business unable to fund, the performance issue came to a head. After a series of articles appeared in Leasing News, vendors who had already become jittery told Leasing News they were pulling their business. Several Greystone salesmen told Leasing News they were given permission to find homes for their deals and in a relatively short time the funding backlog decreased to under $1 million.
It appears the issue was management’s promise to convert to a non-recourse funding platform and some of the requirements of the non-recourse sources. When the decision to close down the operation was announced, the salesmen were able to fund much of the business on conventional non-recourse terms, in some cases with the same sources they could not fund with Greystone. Reportedly the blocking point was not the credit or leases themselves, but certain required terms of the funding arrangement by Greystone management. With those terms gone the sources appeared more than willing to book the transactions, so much of the alleged $2 to $3 million outstanding transactions reportedly are being funded.
Highly reliable sources told Leasing News last Thursday senior management of Greystone New York sent a team to Boston to lay off the staff. They were given one month severance, Leasing News was told by two salesmen. It also appears the West Coast and East Coast group are staying together and forming a lease brokerage firm. Look for press releases soon. Reportedly only a handful of people remain to clean up the operation. Leasing News has received several confirmations from former Greystone salesmen, brokers and vendors that leases have been funded and that vendors have received checks.
Unconfirmed reports are one of the Greystone companies will service the Greystone Equipment Finance Corporation alleged $60 million portfolio and wind it down. According to Bernie Boettigheimer, President of Lease Police, who was previously working with Greystone, there were a number of “working capital” disguised leases from one vendor. Lease Police President Bernie Boettigheimer told Leasing News in an exclusive interview, he had just started to work with the company when the first vendor fraud was discovered, but they did not want to look further. This may indicate further fraud or simply a management team unwilling to uncover and report additional problems to their parent. It would then appear to be a difficult portfolio to sell, although everything depends on "price" and how well the assets were segregated.
If history is a guide, the Greystone Equipment Finance portfolio losses will only increase. Winding down a leasing portfolio without the direct participation of an engaged and experienced staff can complicate existing problems and lead to more write-downs. Buyer due diligence is more demanding when faced with a skeleton staff. As the Leasing News archive shows, there are certainly more losses and problems ahead.
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Why Leasing News supports Lease Police
by Kit Menkin
When I first visited Bernie Boettigheimer, CLP, in Dallas, Texas, a few years ago, we had lunch (Sue's eldest daughter Sara lives in nearby McKinney with her husband and two children.)
Bernie told me that fraud was going to be his primary focus in the first two years of Lease Police. He put in his own money, his own time, and he viewed this as a "pay back" to the industry that was good to him
and his family. We both had the same viewpoint and immediately struck up a good friendship. I remember ten years ago when the United Association of Equipment Leasing and the National Association of Credit Managers tried a similar data base. As I remember, Jim Merrilees was very much in favor as he was very anti-fraud and wanted all funders to be more due diligent with vendors; but I think the computers were not as sophisticated as they are today. (The person who was in charge of the program at NACM is today editor and publisher of "Credit Today.")
At the lunch meeting with Bernie, I volunteered free banner ads in Leasing News and as much promotion as I could get away with. Later I also began telephoning presidents of leasing companies and others, twisting their arms as if I was the membership chairman for Lease Police.
Our agreement was that Leasing News would not see the information sent by members, nor would Leasing News have access to the files; however, if alerts were to be made public, Bernie would make
them available for Leasing News readers.
I am personally proud to find that Lease Police has to date produced almost 250 fraud “alerts” posts. Leasing Police has put a mechanism in place to put a serious crimp in the plans of these people. Government agencies have put some of them in jail, and others soon to follow. The program has also stopped losses, very valuable in today’s economy.
Today, Bernie believes the leasing industry is faced with two areas which require constant vigilance.
1-This is the Marketing-Type fraud such as NorVergence, Royal Links and T.V. Broadcasting. These require everyone in the industry to review the marketing plans of every vendor. Shall I point out: Lease Police is very experienced in this area?
2-This is the Working Capital/Sale-Leaseback schemes. This requires each vendor and his pricing to be investigated. Operation Lease Fleece. The $1 million at Greystone is from the same vendor pulling this scheme.
I think the last one burns Bernie up the most, as he tells me that many times his subscribers will send him the invoices and then he price-checks each item. He warns this will be a constant problem and he believes that most funders still are not doing price checks. “Too much work ! !” he says. Others say they need to approve the lease in four hours!!!!
I can't emphasis enough that Lease Police now has over 250 Vendors who have three or more repossessions on their recent sales.
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Classified ads---Help Wanted
Leasing Account Executive
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LEASING ACCOUNT EXECUTIVE
Seeking an experienced Leasing Professional who has: Home State Leasing Corporation, a subsidiary of Home State Bank, N.A., has been serving the needs of our clients since 1915.
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Sales
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Like selling vendor programs and large transactions? CLICK HERE to find out how to have fun again. |
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Dumac/Exchange Lease Parent 1st Quarter Loss
Exchange Bank, Santa Rosa, California, parent of Dumac Leasing and Exchange Bank Leasing, reported a $10.3 million loss. This is the banks fifth loss in the last six quarters. Last August, 2008, J. Barrie Graham suddenly walked out of a board meeting after submitting his resignation. The problems centered on commercial real estate loans, which still seem to plague the bank, as well as the down cycle of growth in Sonoma County; such wine towns as Windsor, once growing, are struggling to just survive.
Photo: MARK ARONOFF (www.pressdemocrat.com)
J. Barrie Graham shown here in 2002 in his third-floor office in downtown Santa Rosa,
was the sixth president of the 118-year-old bank.
C. William Reinking, who retired from day-to-day management of the Santa Rosa bank in 2002 but continued to serve as chairman of the board, was named CEO.
“Our first priority is to return Exchange Bank to sustained profitability,” Chairman and Chief Executive Officer C. William Reinking told the Santa Rosa Press Democrat. “The board has approved management’s recommendation to deal swiftly and aggressively with distressed loans, to put them behind us and thereby more quickly deliver a return to operating profitability.”
The bank set aside $20 million to cover loan losses during the first quarter, up from $18 million in the fourth quarter.
In the reporting of regional bank difficulties across the country, this not only affects both business and consumers, but charities and scholarships. In the Exchange Bank situation, they most have at least two consecutive quarters of profitability before any dividends are given. This directly affects the Doyle Scholarship for Santa Rosa Junior College for new students during the 2009-2010 year. The Doyle program, which has distributed more than $76 million to 115,000 SRJC students over the past six decades, relies on Exchange Bank dividends for its funding.
The good news: Total deposits rose to $1.38 billion, up from $1.35 billion a year ago.
It is also not the bank itself that has slowed the leasing business in Northern California, but the economy in many of the cities surrounding Santa Rosa, including most of Sonoma, Napa, and even Sacramento counties..
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Marlin! Oh, Marlin! Rise up and Hear the Bells
Marlin Business Services, Mount Laurel, New Jersey has announced its first quarter 2009 conference call and webcast for next Friday, May 8, at 9am, ET. Net income for the fourth quarter of 2008 was a loss of $7.3 million, year ending loss of $5.2 million compared to a year-end profit of 2007 of $18.2 million, plus letting go over 100 employees at this date. Then there was the problem with the FDIC about their industrial bank in Utah affecting funding in March, 2009. Yet, what might bring the most attention are the bonuses and salaries of the officers, and directors. Here a company lets employees go, affecting over a hundred families, post losses, continues to make “wrong way decisions,” yet the people in the front end receive more money:
Board of Director Salaries:
and how did they get the raise and bonuses:
(2) Includes options for Mr. Dyer (160,648), Mr. Pelose (135,895) and Ms Wilson (5,234) to purchase shares that are currently exercisable or will become exercisable within 60 days following March 1, 2009.
(3) Includes options for Mr. Calamari (10,153), Mr. DeAngelo (10,153), Mr. Grzedzinksi (4,992), Mr. McGinty (41,344), Mr. Sullivan (1,250), and Mr. Wert (19,953) to purchase shares that are currently exercisable or will become exercisable within 60 days following March 1, 2009.
(4) Includes 2,000 unrestricted shares owned directly by Mr. Sullivan and 3,525 restricted shares awarded to Mr. Sullivan in connection with Board appointment and membership in accordance with the Corporation’s Director compensation program described above in “Directors’ Compensation”. The remaining 2,309,934 shares are reported as beneficially owned by Peachtree Equity Investment Management, Inc. are based on a Schedule 13G filed jointly by such entity (see SEC filing
for more information.)
Upon termination of employment or change in control, Mr. Dyer would receive $1.7 million and 199,399 in stock; Mr. Pelose would receive $979,359 and 319,002 in stock.
Form 10-K SEC filing:
http://leasingnews.org/PDF/Marlin_12_31_08.pdf
Conference Call and Webcast:
http://leasingnews.org/PDF/Marlin_First_Quarter_09_Conference_Call.pdf
Leasing News Marlin Articles:
http://www.leasingnews.org/Conscious-Top%20Stories/Marlin_Leasing_2008.htm
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Fernando’s View
By Fernando F. Croce
“Anvil! The Story of Anvil” and “All About Dad” offer a pair of inspirational stories, while “The Curious Case of Benjamin Button” and “Wendy and Lucy” alternate between fantasy and reality.
In Theaters:
Anvil! The Story of Anvil (Abramorama Pictures): For anybody who thought the clueless, aging rockers in “This Is Spinal Tap” were an exaggeration, here comes this funny, sweet, unexpectedly moving documentary to show that there really are folks like that. The film looks back on the early days of Anvil!, a heavy metal band that made a splash in Canada during the early 1980s and was an influence on groups like Metallica. The humor and poignancy of the project, however, lie mostly in its present-day segments, as we catch up with band founders (and school friends) Steve “Lips” Kudlow and Robb Reiner, as they try to work past corporate greed, previous discord, and their own middle-age barriers to make good on their promise to “keep rocking forever.”
All About Dad (Independent): The winner of the Cinequest Film Festival’s Audience Award, Mark Tan’s heartfelt story of cultural roots and artistic dreams should be a source of hope to aspiring filmmakers everywhere. The story follows the hopes and struggles of Ty (David Huynh), the young son in a family of Vietnamese immigrants. While his sister Lihn (Yvonne Truong) and Mom (Yen Ly) do their best to live up to the demanding expectations set up by Dad (Chi Pham), Ty fights for the need to find his own voice. Just as inspiring is the story behind the film, impressively made on a low budget by Tan, a San Jose State University alum who achieves solid, naturalistic performances and emotional truths in his debut. -Americans.
New on DVD:
The Curious Case of Benjamin Button (Paramount): Film buffs who know David Fincher for his icily disturbing thrillers (“Seven,” “Fight Club”) will be surprised by how emotional his newest film is. An adaptation of a F. Scott Fitzgerald short story, it tells the unique story of Benjamin Button (played by Brad Pitt), who is born a wizened old man and proceeds to age backwards. Throughout the decades, he meets a colorful sea captain, experiences World War II up close, and becomes involved with the wife of an international spy. Most importantly, he fights to be by his sweetheart’s (Cate Blanchett) side despite their lifetimes going in different directions. Fans of “Forrest Gump” will marvel at the subtle special effects, and tear up at the story’s many turns.
Wendy and Lucy (Oscilloscope): Again proving that she’s one of her generation’s most intrepid actresses, Michelle Williams gives a piercing performance in this raw, moving tale of lost souls and fleeting connections in the midst of tough times. Williams plays Wendy, a drifter on her way to Alaska, with her faithful dog Lucy as her only companion. Owner and pet are separated while passing through a small Oregon town, sending Wendy on a desperate, surprising search. The story suggests a recession-themed “Old Yeller,” but director Kelly Reichardt, whose earlier “Old Joy” offered a similar portrait of modest, profoundly felt human alienation, once more breaks your heart without resorting to cheap tricks or facile sentimentality.
Trainspotting (Miramax): Before he won a handful of Oscars for “Slumdog Millionaire,” director Danny Boyle was a renegade bent on turning cinematic rules upside down. His most wicked film, this blast from 1996, has the same kind of eclectic, flashy style that made “Slumdog” a hit with audiences and critics, but it is a much darker, tougher movie. Set in a netherworld of colorful, brawling Scottish junkies, it focuses on Renton (Ewan McGregor, in his breakout role), a young man who tries to clean up his past with drugs. With people like the brutal Begbie (Robert Carlyle) surround him, however, it’s a task easier said than done. Though the subject is grim, Boyle’s breathless style and dark humor keep the harrowing story consistently exhilarating.
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*****Announcement***********************************
Amembal to Chair 27th World Leasing Convention
(Photo: WLN)
June 9 - 10, 2009
London, England
27th Annual World Leasing Convention
"During 'good' times, attendance at conventions/conferences is more of a luxury, less of a necessity; however, during "bad" times, it is just the opposite!" world leasing expert and lecturer as well as co-publisher of World Leasing News Sudhir P. Amembal declared.
The 27th Annual World Leasing Convention will be held in London, June 9 and 10. It will be chaired by Mr. Sudhir P. Amembal, who has had the privilege of chairing what he describes as “this prestigious annual event since 1993.”
Prior to the workshop, on June 8, Mr. Amembal will be teaching his increasingly popular workshop, "A Movement to Operating Leases." Certainly in this economic climate, operating leases are becoming more popular.
Last year, over 200 leasing professionals from over 40 countries gathered in Amsterdam to attend the 25th Annual Convention.
Mr. Amembal says, “The Convention, as always, will feature talented speakers from throughout the world. The focus of many presentations, undoubtedly, will be on the challenges and opportunities faced by the leasing industry during the current macroeconomic crisis.”
Those registering through Amembal & Associates will be sent a complimentary copy of our industry best selling publication, Winning With Leasing! This offer does not apply to those who have already registered with Euromoney.
For detailed information, including convention program and workshop outline, please contact Kelly Farnham at kelly@amembalandassociates.com
**** Announcement****************************************
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Omni Funding Is Expanding At The Right Time Once Again… Carpe Diem
Omni Funding has expanded office locations to the East and West coast! Their continued growth since 1994 has lead to a natural decision to open offices in NY and WA state to better service Capital Consultant (broker) demand. Their corporate head courters is in Salt Lake City, UT and from management comments the company is making plans to expand into MI, NC, FL and TX.
Omni changed their business model in 1998 from a vertical market company to a cross-market model and never looked back. Their experience ranges from managing their own portfolio’s to have built over 350 strategic alliances both domestic and around the globe. Yes it’s a FACT even after the dust hit the fan… It was over 500 just a few months ago! Remember they are a cross-market company, not a vertical market company!
Omni has developed some new financial programs and services to complement their proven existing products.
Contact: Scott Hunter
Omni Funding
888-268-OMNI (6664) ext 301
801-665-1807 Fax
scott@omni-funding.com
omni-funding.com
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ELFA Announces Winners of Dear Kit,2009 Operations & Technology Excellence Awards
Key Equipment Finance and PHH Arval To Receive Top Honors at
ELFA Operations & Technology Conference May 13-15
Washington, DC—— The Equipment Leasing and Finance Association’s (ELFA) 2009 Operations & Technology Excellence (O&TE) Award will go to projects submitted by Key Equipment Finance and PHH Arval. The winners were selected by the O&TE Award subcommittee and will be showcased in sessions during the conference.
The awards presentation will take place during ELFA’s Operations & Technology Conference May 13-15 at the Grand Hyatt San Antonio, San Antonio, Texas.
“Equipment finance companies have long recognized the value of developing best practices to improve processes and performance for their organizations and the industry,” said Joan Simpson, Sr. Manager, Cisco Systems Capital Corporation and O&TE Award Committee Chair. “The achievements of this year’s winners, Key Equipment Finance and PHH Arval, represent outstanding examples of value creation and the importance of continuing to invest in their operations, even in a time of economic downturn.”
The O&TE Award Program identifies and recognizes equipment leasing and finance companies that have demonstrated best practices in developing and implementing innovative uses of technology or creative business processes to improve operations, enhance customer interactions, enter new markets and build overall ROI. The program brings the backroom to the foreground spotlighting the best in the industry as an example for others.
The O&TE Conference will bring together executive management; directors of operations and administration; department managers for credit, collections, information technology, documentation, accounting, remarketing and management; and systems support company representatives.
For more information on the ELFA Operations & Technology Conference and Exhibition, including a downloadable conference schedule and registration form, visit http://www.elfaonline.org/pub/events/calendar/
For more information regarding conference registration please contact Morinia Scott at ELFA
at 202-238-3434.
About ELFA
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $650 billion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its over 700 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. For more information, please visit www.elfaonline.org
The ELFA is also the premier source for statistics and analyses covering the equipment finance sector. To access ELFA's comprehensive industry information,
please visit http://www.elfaonline.org/ind/research/
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BusinessFactors.com to offer equipment leasing
LOS ANGELES, CA-- - Factoring industry veterans David B. Clark and Robert Bernfeld announced today the launch of their new website BusinessFactors.com, and their expansion from invoice factoring to offer more financing solutions, including accounts receivable financing, equipment financing and leasing, business working capital, and loans.
"The economy is tough right now, making it hard for businesses to expand or even just maintain payroll and cash flow," said David B. Clark. "Business Factors' new business finance solutions were designed to make it easier for businesses large and small to obtain funding, even during difficult economic times."
After many years in the invoice factoring industry, Business Factors recently decided to expand and offer more options for their customers. "We can now help companies that may not have invoices to factor, but still need business finance solutions such as equipment leasing or loans," said Robert Bernfeld.
In addition to invoice factoring (also known as accounts receivable financing) Business Factors now offers asset based loans, purchase order financing, credit card factoring, working capital credit lines, commercial equipment financing and leasing, inventory financing, and term loans.
When asked what makes Business Factors different from other business finance companies, Bernfeld commented, "We can offer the lowest rates obtainable and best-in-class customer service. Our consultants are always available to answer any questions, days, nights and weekends."
"No other business finance company offers as high of a level of industry expertise, personal customer service and in depth consultation as Business Factors," Clark concluded.
The brand new site, BusinessFactors.com offers a more comprehensive look at all of the new financing solutions now offered from Business Factors. For additional information call 888-234-6663, or
visit www.BusinessFactors.com.
About Business Factors:
Business Factors is a business finance company that specializes in providing invoice factoring, accounts receivable financing, equipment loans and leasing, and more to businesses across the US and Canada. They are experts in the business and finance industry, and can help large and small businesses successfully find the best solutions for their growing business capital needs.
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Hope Now: 134,000 Mortgages in March
Washington, D.C.– HOPE NOW, the private sector alliance of mortgage servicers, non-profit counselors, and investors that has been working aggressively to prevent foreclosures and keep homeowners in their homes, today announced that its members and the larger mortgage lending industry modified 134,000 mortgages in March.
This was the second consecutive month the lending industry completed this many modifications. Since September 2008, the industry has been averaging 116,000 modifications per month.
The industry also completed 115,000 repayment plans in March, up slightly from February. The combination of 134,000 mortgage modifications and 115,000 repayment plans means that, in March 2009, HOPE NOW members and the larger mortgage lending industry provided 249,000 homeowner solutions through these two options.
The HOPE NOW March data does not specifically break out the impact of the Obama administration’s recently announced Homeowner Affordability and Stability Plan, which has just begun to be implemented.
According to Faith Schwartz, HOPE NOW’s executive director, “The lending industry is steadily working out solutions for homeowners and keeping as many as possible in their homes,” she said. “I expect that these numbers will continue to increase as servicers work with the Obama Administration to implement its Homeowner Affordability and Stability Plan,” she added.
The HOPE NOW March data shows:
- Modifications were more than half of all solutions provided to homeowners.
- The number of completed foreclosure sales declined by 39 percent, from 87,000 to 53,000 in March, the lowest number since December 2007.
- Foreclosure starts, increased from 243,000 in February to 290,000 in March. This is the highest number of initiated foreclosure actions since HOPE NOW began tracking data in 2007 and is a 20 percent increase from February.
Michael Bright, HOPE NOW’s chief statistician, said the sharp reduction in completed foreclosure sales in March may have been because servicers allowed troubled loans to be run through the HASP program. “It’s too early to say this is a trend,” he said. “But anecdotal reports from servicers do indicate that they are taking this extra step to help homeowners who qualify stay in their homes.”
HOPE NOW continues to reach borrowers through millions of letters; a new, enhanced website at www.hopenow.com; and homeowner outreach events across the country. HOPE NOW most recently held events in Atlanta, Miami and Charlotte, NC. The next outreach event is scheduled for Cleveland, Ohio, on May 7, 2009. For more information, please go to www.hopenow.com.
A summary table of the results is attached and can be found at:
http://hopenow.com/press_releases.html
ABOUT HOPE NOW
For more information about HOPE NOW, including a full list of members, go to www.hopenow.com.
HOPE NOW coordinates a nationwide campaign to reach homeowners who may be at risk of losing their homes. HOPE NOW members have agreed to make substantial additional efforts to contact homeowners whose mortgages will reset in the coming months and to further expedite the process used to determine how best to keep them in their homes.
The Homeownership Preservation Foundation, a HOPE NOW member, created and operates the Homeowner’s HOPE™ Hotline, which is available 24 hours a day, 7 days a week, and 365 days a year. The Homeowner’s HOPE™ Hotline received 1.1 million calls in 2008. There is no cost to homeowners for contacting a nonprofit counselor by calling 1-888-995-HOPE.
#### Press Release ##############################
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(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)
News Briefs----
Deborah Monosson revels in financial risky business
http://www.bostonherald.com/business/womens/general/view/2009_05_01_Deborah_Mono
sson_revels_in_financial_risky_business/srvc=business&position=also
BofA's Lewis: Down, but not out
http://money.cnn.com/2009/04/30/news/companies/bofa_lewis/
Stanford 'surrenders' to feds who didn’t want him
http://www.chron.com/disp/story.mpl/business/stanford/6401984.html
CEO pay dives in a rough 2008
http://www.usatoday.com/money/companies/management/2009-05-01-ceo-
pay-for-2008-falls_N.htm
Economy shrinks at 6.1 percent pace in 1Q
http://www.mercurynews.com/business/ci_12253362?nclick_check=1
Consumer spending, new jobless claims dip
http://www3.signonsandiego.com/stories/2009/apr/30/us-economy-043009/
?business&zIndex=91322
Phoenix leads nation in home price declines in February
http://www.bizjournals.com/phoenix/stories/2009/04/27/daily16.html?ana=from_rss
First 787 is ready for its close-up
http://seattletimes.nwsource.com/html/businesstechnology/2009153498_webboeing30.html
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You May have Missed---
Truckers ain't scared of no swine flu
http://blogs.pitch.com/plog/2009/04/truckers_aint_scared_of_no_swi.php
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Sports Briefs----
Bulls beat Celtics in 3 OTs, force Game 7
http://www.usatoday.com/sports/basketball/nba/2009-04-30-bulls-celtics-game-6_N.htm
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California Nuts Briefs---
State's top cop victim of tire theft
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/04/30/BATL17CH2L.DTL
California city population trends
http://www.sacbee.com/1098/story/1824374.html
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“Gimme that Wine”
Port Winemakers Declare 2007 Vintage
http://www.winespectator.com/Wine/Features/0,1197,5033,00.html
Wine Adds Five Years to Life, More Than Beer, Dutch Study Finds
http://www.bloomberg.com/apps/news?pid=20601124&sid=alUESRae.1tc&refer=home
New Releases: BR Cohn Launching Line of Car Wines
http://www.winebusiness.com/news/?go=getArticle&dataid=64114
San Francisco's Food Scraps Lead To Great Wines
http://cbs5.com/consumer/food.scraps.compost.2.997190.html
Francis Ford Coppola's innovations as a winemaker don't stop with the grapes
http://www.chicagotribune.com/features/food/chi-wine-coppola-apr29,0,4373940.column
Dick Grace is lovingly embraced by His Holiness, the Dalai Lama,
http://www.sthelenastar.com/articles/2009/04/30/columnists/george_starke/
doc49f93826715e8267792531.txt
Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/
US/International Wine Events
http://www.localwineevents.com/
Winery Atlas
http://www.carterhouse.com/atlas/\
Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm
The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.
http://www.liv-ex.com/
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Today's Top Event in History
1906-the Night and Day Bank opened in New York City . It was open 24 hours a day. Oakleigh Thorne was the first president. The idea was originated by Thomas Benedict Clarke. 03/01/1911 Converted Federal Harriman National Bank of the City of New York 1932 Acquire By Merger Liberty National Bank & Trust Company in New York 03/01/1933 Closed
[headlines]
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This Day in American History
| 1830---Birthday of Mary Harris Jones, better known as “Mother Jones,” Irish-born American labor leader. After the death of her husband and four children (during the Memphis yellow fever epidemic of 1867) and loss of her belongings in the Chicago Fire in 1871, Jones devoted her energies and her life to organizing and advancing the cause of labor. It seemed she was present wherever there were labor troubles. She gave her last speech on her 100th birthday. Born at Cork , Ireland , she died Nov 30, 1930, at Silver Spring , MD. In 1923, at the age of ninety-three, she was still working among striking coal miners in West Virginia . A passionate organizer, she counted among her more spectacular achievements the leading of a march of miners wives who routed strikebreakers with brooms and mops in the Pennsylvania coalfields in 1902, and the leading of a march of striking child textile workers from Kensington, Pennsylvania, to President Theodore Roosevelt s Long Island home in 1903 to dramatize the case for abolition of child labor. In 1905 she helped found the Industrial Workers of the World." Women of Achievement and Herstory |
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Baseball Poem
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SuDoku
The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?
http://leasingnews.org/Soduku/soduko-main.htm
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Daily Puzzle
How to play:
http://www.setgame.com/set/puzzle_frame.htm
Refresh for current date:
http://www.setgame.com/set/puzzle_frame.htm
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http://www.gasbuddy.com/
http://www.gasbuddy.com/GB_Map_Gas_Prices.aspx
http://www.gasbuddy.com/GB_Mobile_Instructions.aspx
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Weather
See USA map, click to specific area, no commercials
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Traffic Live---
Real Time Traffic Information
 |
You can save up to 20 different routes and check them out with one click,
or type in a new route to learn the traffic live
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