Word: programer
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...Capital cushion: Thanks to the Troubled Asset Relief Program (TARP), Citigroup now has $151 billion in equity, up from $113 billion a year ago. Alas, it will have a $76 billion hit from bad loans. Along with a projected bottom-line loss of $3.5 billion, that drops the bank's capital to $70.5 billion...
Even though the program is voluntary, there are early signs that it might be the kick in the pants needed to get servicers to more aggressively rewrite loans. At a mortgage bankers' conference in Tampa, Fla., on Wednesday, servicers praised the incentive structure, and Jamie Dimon, CEO of JPMorgan Chase, went on CNBC to say he thought the plan would "lead to a lot more modifications." An earlier effort to spark loan rewrites proved to be a flop, but the Administration thinks this new program could reach 3 million to 4 million homeowners. The plan also includes an endorsement...
...going to be in them long term and that trying to keep them there is throwing good money after bad. The plan allocates money that implicitly acknowledges that: $1.5 billion to help displaced homeowners transition back to being renters and $2 billion to boost HUD's Neighborhood Stabilization Program, which lets cities and states deal with foreclosure fallout. (See pictures of the recession...
...home construction stocks falling 9%. Both sectors, finance and housing, are at the heart of the goverment's efforts to address the financial crisis. On February 10 Treasury Secretary Timothy Geithner unveiled a multi-pronged plan for troubled banks, and on Wednesday President Barack Obama announced a $275 billion program to stem foreclosures and support the housing market. Today's stock market action suggests investors are still in doubt about the potential efficacy of both plans. Defensive stocks showed modest relative strength on Thursday: shares of consumer staple companies were...
...mandated testing means, however, that states must pick up the tab - just under $100 per newborn for the full panel of 29 tests - through Medicaid or other programs if parents' insurance programs don't cover it. To meet demand, many states have invested in building labs within their public health departments or contracted with independent labs to perform the analyses. The March of Dimes is also pushing for national guidelines and appropriations to support newborn screening now that all 50 states are on board. "We're very mindful of the tough economic situation the states are experiencing," says Howse...