Archive for August, 2010
In an all-out effort to get the economy moving again, Federal Reserve Chairman Ben Bernanke may be getting ready to take his money-creating helicopter to a new altitude.
Bernanke earned the moniker "Helicopter Ben" after the then-Fed governor referenced Milton Friedman's famed "helicopter drop" favorably in a 2002 speech outlining how the Fed could defeat deflation.
We are in danger of making a dangerous U-turn on economic policy because our judgment is clouded by common misconceptions about the government's stimulus programs.
In some cases, Republican leaders have deliberately distorted some of these programs to spread doubts about the Democrats' policies. In other cases, urban myths have sprouted up without anyone deliberately fertilizing them.
Shares of luxury builder Toll Brothers Inc. climbed following a surprise fiscal third-quarter profit, its first in nearly three years, as revenue fell far less than analysts expected.
However, the home-builder saw a drop in contract signings amid fewer available communities.
If a housing recovery is finally upon us, it will be no thanks to Washington's serial interventions, nor to the home builders who have cheered so vigorously for them. Together with the Realtors and mortgage bankers, the home builders form a lobbying army of the Potomac. The mission is to secure ever higher federal subsidies for housing. The strategy is to convince politicians of both parties that a robust economic recovery can only occur if residential real estate is booming again. This is false.
Virginia Beach-based ServiceLink LoanCare Servicing, a division of a wholly-owned subsidiary to Fidelity National Financial (FNF: 18.15 -0.55%), touted recent company growth on Wednesday. In a press statement, the firm said it has added 150 jobs and 10,000 square feet in the past 18 months. The company did not disclose if it had added new clients during that time.
Company officials cited growth across all aspects of their business, but in particular noted that a call center now handles 150,000 calls per month. The company expects to see continued job growth throughout 2011 "in anticipation of signing new clients in need of loan servicing administration," it said.
ServiceLink LoanCare Servicing is also seeing significant growth in its seller finance division, the company said. Currently, the company services seller finance accounts in Arizona, Oregon, Washington, and California with offices in Arizona, Oregon, Washington, and Virginia Beach. Since the start of this year, the company has more than doubled the seller finance accounts it services to over 16,000.
The servicer manages approximately 135,000 loans for over 80 companies, totaling approximately $20 billion in loan balances.
This story was prepared by HW wire staff. To contact the editor: editor@housingwire.com
During a time of stagnant job prospects, credit unions are increasing efficiencies in the workplace and contributing ot local economies. According to Callahan & Associates’ Peer to Peer software, credit unions employ more than 238,000 full or part-time employees nationally.













We like Gluskin-Sheff economist David Rosenberg — because what he says not only makes sense, but is rooted in an understanding of real market dynamics. This morning, Rosenberg came out firing on housing, echoing much of the commentary we've been publishing here at HW since March of this year. Here's what we had to say:
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