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A proposed cure for financial problems at some of the nation's Federal Home Loan Banks might be worse than the ailments it is designed to remedy, critics say. They worry that the proposed capital requirements might shrink the banks' mortgage loan programs, including funding for low- and moderate-income housing, while damaging financially sound institutions like the Home Loan Bank of Cincinnati, which serves Ohio, Kentucky and Tennessee. The network of 12 regional banks, created in 1932 during the Great Depression, and its 8,100 member banks are the nation's largest source of residential mortgage money and, in many areas, the only source of low-income housing money. "They are the only game in town," said William R. Embry Jr., chairman of the Faith Community Housing Foundation in Lexington.
The number of home foreclosures in Nevada has more than tripled in the past year and is outpacing the national rate as homeowners succumb to rising adjustable-interest rates and a weakened seller's market. Chief among those being foreclosed on are investors who purchased homes about a year ago with minimal down payments just as the market began to soften, were unable to resell them for quick profits and are now holding mortgages they can't afford. With home valuations stagnating if not dipping slightly, some homeowners who paid the barest _ or zero _ down payments now owe more than their homes are worth. New homebuyers are watching from the wings like so many vultures, waiting to pounce on dropping prices and foreclosure distress sales. Nevada recorded 2,016 foreclosures in August, according to the latest available statistics.
MIAMI, Oct. 13 (UPI) -- A 1950s-era house and two V-8 engines may help Florida scientists learn which construction materials and methods better withstand hurricane winds. Studying construction methods and materials and how they withstand hurricanes' wind and water can prevent future damage, the Miami Herald said Friday. Florida International University's International Hurricane Research Center and Laboratory for Coastal Research scientists used the V-8 engines to produce winds of 115 mph, which they trained on the condemned to learn on how older buildings fare, the Herald said. Authorities said improving building against storms stronger is the best way to corral insurance costs, the Herald said. Insurers tend to charge higher premiums on older homes, assuming the dwellings won't fare will in storms because they were built under less rigorous standards.
SUGAR LAND, Texas--(BUSINESS WIRE)--Researched by Industrial Info Resources (Sugar Land, Texas). Right now, there are 137 active industrial projects in West Virginia with scheduled construction starts in 2006 or beyond. These projects total $6.5 billion. For details, view the entire article for free by registering online for Industrial Info's Premium Industry News email alerts at http://www.industrialinfo.com/showNews.jsp?newsitemID=100064, or browse other breaking industrial news stories at www.industrialinfo.com. Industrial Info Resources (IIR) is a Marketing Information Service company that has been doing business for over 23 years. IIR is respected as the leader in providing comprehensive market intelligence pertaining to the industrial processing, heavy manufacturing, and energy-related industries throughout the world.
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