Friday, April 9, 2010

“Minnesota business by the numbers - Minneapolis Star Tribune” plus 3 more

“Minnesota business by the numbers - Minneapolis Star Tribune” plus 3 more

Minnesota business by the numbers - Minneapolis Star Tribune

Posted: 09 Apr 2010 06:31 AM PDT

WASHINGTON - Two former Fannie Mae executives said Friday that competitive pressures, combined with the political goal of increasing homeownership, were to blame for the company's decision to back riskier mortgages that fueled the housing bubble.

Daniel Mudd, Fannie Mae's former chief executive, and Robert Levin, the company's former chief business officer, testified before a panel examining the roots of the financial crisis. Both executives left Fannie Mae after it was seized by regulators in fall 2008.

Just before the housing bust, executives at the Washington-based mortgage company worried about losing relevance as Wall Street companies issued mortgage securities and stole market share, according to a July 2005 internal presentation disclosed by the panel.

While executives were aware of "growing concern about housing bubbles," the presentation said, they also feared the company could come a "niche player" amid competition from Wall Street.

"Could we really sit out?" Levin told the panel. "Would we be permitted to sit out? That's what we were grappling with."

Short-term concerns ultimately prevailed, and Fannie dived increasingly into riskier loans, like those that didn't require proof of income.

Then, as the market turned down, Mudd noted "virtually every other housing sector investor fled the market." Fannie and sibling company Freddie Mac "were specifically required to take up the slack."

Members of the panel blasted the executives for failing to plan for a drop in home prices, and Mudd conceded that the company was consistently surprised as prices fell.

Fannie and Freddie buy mortgages from lenders and package them into bonds that are resold to global investors. As the housing bubble burst, they were unable to raise enough money to stay afloat, and the government effectively nationalized them in September 2008. That has cost taxpayers about $126 billion so far.

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Ford plans $250M investment in Argentina business - BusinessWeek

Posted: 08 Apr 2010 02:46 PM PDT

NEW YORK

Ford Motor Co. has announced a $250 million investment to develop and produce a new vehicle in Argentina over the next two years.

The automaker, based in Dearborn, Mich., said Wednesday that the investment will also fund upgrades and improvements at its plant in Argentina, which will manufacture the new vehicle for Ford's Latin America markets.

Ford shares fell 19 cents to $12.39 in early trading Thursday.

(This version CORRECTS Ford headquarters to Dearborn, Mich.)


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Business & Financial News, Breaking US & International ... - Reuters

Posted: 06 Apr 2010 08:58 AM PDT

Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.

NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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Cell phone company sues Doniphan over tower - Lincoln Journal Star

Posted: 08 Apr 2010 01:20 PM PDT

OMAHA - A cell phone company has filed a lawsuit against the village of Doniphan over the denial of a permit to build a new tower.

NE Colorado Cellular Inc., which does business as Viaero Wireless, says in filings in U.S. District Court that it wants to improve service in southeastern Nebraska but can't do so without the 80-foot telecommunications tower.

Doniphan's planning board denied a conditional-use permit for the tower March 8.

Village attorney Jim Truell said Thursday the denial was based on testimony at a public hearing in February. Residents who spoke at the hearing didn't want the tower for aesthetic reasons. The proposed site is in a commercial zone that abuts a residential one.

Truell couldn't recall how many people were at the hearing, but said the crowd was four times the size of a typical meeting.

Colorado Cellular said in the lawsuit filed Wednesday that computer models show the tower needs to be in that location in order to provide service for Doniphan and the surrounding areas.

The company said in court documents that the village violates federal telecommunications law by inhibiting its ability to provide cell phone service. It also said the village did not base the permit denial on evidence in the written record and failed to issue a formal denial.

The lawsuit seeks permit approval and unspecified monetary compensation.

Doniphan is about 145 miles west-southwest of Omaha.

In 2008, Colorado Cellular successfully sued Saunders County, in eastern Nebraska, over a similar permit denial. The company wanted to build a 330-foot tower in the middle of a row crop.

The Fort Morgan, Colo.-based company operates in Colorado, Kansas, Nebraska and Wyoming.

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