California
program assists homeowners with downpayments - (www.housingwire.com) The California Housing Finance
Agency launched a new fixed-rate mortgage program for low and moderate
income, first-time homebuyers. The program will provide thousands of dollars in
downpayment assistance, the agency said in a statement. CalPLUS is an
FHA-insured, 30-year fixed mortgage that includes a special zero interest
junior loan for as much as 3.5% of the first mortgage loan amount to assist
borrowers needing funds for a downpayment. Additionally, the Zero Interest
Program downpayment loan does not have to be repaid until the home is sold,
refinanced or paid in full. "Since its inception, CalHFA has focused on
helping Californians become homeowners, strengthening communities and
neighborhoods," said Claudia Cappio, executive director of CalHFA.
“Downpayments continue to be one of today’s biggest obstacles for first-time
homebuyers. This new program is aimed at bridging that gap for California
families."
Rupee's collapse confounds India Inc. - (www.cnbc.com) Companies
such as Whirlpool of India say they can't plan more than a couple of months
ahead as a fast-falling rupee drives
up the cost of imports, forcing them to raise prices even while consumer
spending crumbles. The timing is particularly tough for consumer companies that
were counting on India's September-to-December holiday season to spur sales.
Shoppers, who helped see the country through the global financial crisis in
2008, are closing their wallets, squeezing companies that make everything from
automakers to shampoo. Those that import finished goods or raw materials are
the worst hit as they scramble to hold onto margins and balance the need to
raise prices without deterring buyers. "We are now planning for a month or
three months at best, unlike six months or a year," said Shantanu
Dasgupta, vice president for corporate affairs and strategy at Whirlpool of
India, a division of Whirlpool, the world's largest maker of home appliances.
Officials: Controversial auto loan program
revived - (www.cnbc.com) Senior
officials from the Department of Energy have signaled the Obama administration
is ready to restart a controversial automotive loan program designed to
kick-start the development of alternative vehicles. The program was effectively
put on hold two years ago after several problems, and the halt in funding was
blamed for the failure of several potentially promising recipients—while
critics faulted poor oversight for the loss of money loaned to several other
start-ups. A total of $15 billion, or 60 percent of the original $25 billion
set aside for the Advanced Technology Vehicle Manufacturing program is still
set aside and there is no official end date the administration has to meet. But
proponents point to the need to rush new technologies to market to meet
upcoming increases in fuel economy standards—and they point to California
start-up Tesla Motors as a successful example of what the ATVM
program was meant to achieve.
Russia
orders oil supply cut to Belarus - (www.reuters.com) Russia's
state pipeline monopoly Transneft has ordered a cut in oil supplies to Belarus
by 400,000 tonnes, or nearly one-quarter of previously planned deliveries for
September, the firm and trading sources said on Wednesday. Transneft cited
environmental concerns as it said it needed to replace 700 km (440 miles) of
old pipelines. "We have to speed up work as it is ecologically
dangerous," vice-president Mikhail Barkov said. Oil traders said the order
was completely unexpected. It followed Belarus's arrest this week of the head
of Russia's Uralkali , the world's top potash producer, in a row over the
collapse of a sales alliance that has triggered a diplomatic spat with Moscow. "It
looks like we are heading for a new trade war again," one trader said.
McMansions
are back and bigger than ever – (www.money.msn.com) Reports
of the death of the McMansion have apparently been greatly exaggerated. Oversize
suburban homes were subject to a backlashduring
the recession, when some consumers snubbed them in search of smaller homes that
were more energy-efficient and within walkable distances to towns. Homebuilders
responded by shrinking the footprints of newly constructed houses for at least
three years following the real estate crash, according to U.S. Census Data. But
the supersize home is making a comeback as the average reached a record 2,642 square
feet in the second quarter, The Wall Street Journal reports, citing data from
the Commerce Department. That means new homes have actually surpassed the
record 2,561 square feet reached in early 2009.
India's
Rupee Keeps Falling and the Trade Deficit Keeps Widening - (www.bloomberg.com)
China companies feel the investment hangover - (www.ft.com)
China companies feel the investment hangover - (www.ft.com)
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