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New York Faces Pension Cost Bulge From Budget-Paring Incentives - (www.bloomberg.com) New York state and more than 100 local governments face at least $600 million in extra pension costs after thousands of workers grabbed one-time incentives meant to shave former Governor David Paterson’s last budget. About 12,000 public employees seeking to retire early fueled a pension-application record in 2010, according to a report from state Comptroller Thomas DiNapoli. The state processed 30,772 requests for retirement benefits that year, about 50 percent more than average, according to the report. Lawmakers passed the plan in May 2010, as Paterson, a Democrat, estimated fiscal 2010 and 2011 budget savings of $320 million. Combined, the extra cost to state and local governments that offered the inducements will be almost $650 million, and more if municipalities spread out their payments to the New York State Common Retirement Fund, according to officials in Albany. About $50 million of the added expense will be in interest.
U.S. Plan Expands to Underwater Borrowers - (www.bloomberg.com) U.S. regulators will let qualified homeowners refinance mortgages regardless of how much their houses have dropped in value, expanding a government effort to chip away at one of the economy’s most unyielding problems. The Federal Housing Finance Agency will also enhance the Home Affordable Refinance Program by eliminating some fees, reducing others and waiving some risk for lenders, Edward J. DeMarco, the agency’s acting director, said today. HARP, which was introduced in 2009 to help homeowners get lower interest rates, was initially limited to borrowers whose mortgages were no greater than 125 percent of the value of their homes. To qualify, borrowers must be making on-time payments on loans owned or guaranteed by Fannie Mae or Freddie Mac, the mortgage-finance firms taken into U.S. conservatorship in 2008.
Swiss Banks Said Ready to Pay Billions to U.S. - (www.bloomberg.com) Swiss banks will probably settle a sweeping U.S. probe of offshore tax evasion by paying billions of dollars and handing over names of thousands of Americans who have secret accounts, according to two people familiar with the matter. U.S. and Swiss officials are concluding negotiations on a civil settlement amid U.S. criminal probes of 11 financial institutions, including Credit Suisse Group AG (CSGN), suspected of helping American clients hide money from the Internal Revenue Service, according to five people with knowledge of the talks who declined to speak publicly because they are confidential. Switzerland, the biggest haven for offshore wealth, wants an end to new U.S. probes while preserving its decades-old tradition of bank secrecy, the people said. The U.S. seeks data on Americans who have dodged U.S. taxes and a pledge by Swiss banks to stop helping such clients, according to the people. The Swiss reached accords this year with Germany and the U.K. on untaxed assets.
Irish officials' 2005 warnings on property market were edited to be weaker - (www.irishtimes.com) A NUMBER of officials in the Department of Finance consistently warned about an over-heating property market during 2005 but their warnings were rejected by more senior officials. Documents seen by The Irish Times disclose that draft speeches and parliamentary answers reflected the concern of some commentators about the introduction of 100 per cent mortgages and about house price inflation. But these were edited by more senior officials to reflect a more benign view that the market would experience a “soft landing”. The Nyberg commission, which examined the causes of the banking crisis, also noted that some officials in the Department of Finance had raised concerns but their views were ignored. Documents show that early drafts of replies to dozens of parliamentary questions, as well as ministerial speeches, on over-heating in the housing sector as well as 100 per cent mortgages included material that forecast an outcome other than a soft landing.
Millions Cut Off Without Unemployment Extension - (online.wsj.com) 2,153,700: The number of jobless people currently receiving unemployment benefits who will lose them by Feb. 11, 2012 if an extension isn’t enacted by Congress by the end of the year. While Republicans and Democrats continue to spar over the best way to inspire job creation, millions of recipients of unemployment benefits may get caught in the cross-fire. In 2010, Congress approved an addition of up to 73 weeks of unemployment benefits backed by the federal government to the traditional 26 offered by the states. The duration of benefits varies from state-to-state, as regions with lower local unemployment rates get less than the full 73 weeks. The extension expires at the end of the year and President Barack Obama‘s jobs plan — shot down in the Senate this week — seeks to keep it going through 2012. The proposal doesn’t extend the maximum beyond 99 weeks, but it would allow those unemployed beyond 26 weeks to continue accessing the current program next year.
Merkel Seeks German Backing to Leverage EFSF as Banks Squabble Over Losses - (www.bloomberg.com)
EU Revamping Plans to Contain Debt Crisis- (www.bloomberg.com)
Greek Bond Swap Accord Hinges on Collateral to Avoid Default: Euro Credit- (www.bloomberg.com)
Hedge Funds Face Investor Pruning - (online.wsj.com)
EU Manufacturing, Services Output Shrinks - (www.bloomberg.com)
China flash PMI rebounds to ease hard-landing fears - (www.reuters.com)
Fed’s Dudley Calls for Breaking ‘Vicious Cycle’ in Housing - (www.bloomberg.com)
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