first_imgQantas launched a new Sydney Domestic Transfer Facility at Sydney International Airport yesterday, allowing customers to save time when transferring from international to domestic flights.“The new transfer facility is fifty per cent larger than the current facility and includes a new spacious check-in area, six additional check-in counters and an additional bag drop area,” Qantas Group Executive Customer and Marketing, Lesley Grant said.  Additional staff and counters will be added enabling customers to quickly transfer to connecting domestic flights, according to Ms Grant.“An express bag drop facility will provide an even quicker transfer for customers who have their onward boarding passes and bags tagged to their final destination.”  The new facility will be open for both premium and economy passengers; each with their own check-in counters, but the purpose built facility remains at the arrivals level with Qantas advising the process for customers transferring will remain the same.Shuttle bus services will continue to operate between the two terminals at their regular intervals. <a href=”” target=”_blank”><img src=”;cb=INSERT_RANDOM_NUMBER_HERE&amp;n=a5c63036″ border=”0″ alt=””></a> Source = e-Travel Blackboard: D.Mlast_img read more

first_imgRegional Express (Rex) will launch a new Regular Passenger Transport (RPT) air service between Cairns and Townsville.This announcement follows the recent award of five regulated routes by the Queensland state government, with services commencing 3 January 2015,  and is subject to regulatory approval.Rex general manager of network strategy and sales Warrick Lodge, said,“The award of the five regulated routes has provided sufficient economies of scale for Rex to contemplate new services in Far North Queensland in the first stage.“Ever since Virgin Australia exited the Cairns to Townsville route, we have been solicited to commence a competitive air service on the route to end the monopoly.“We were not able to respond earlier as we did not have sufficient economies of scale, however the award of the Gulf route has given us the natural impetus to be able to service the Cairns to Townsville route since the Gulf routes originate from Cairns and the Northern routes, also awarded to Rex, originate from Townsville,” Mr Lodge said.Mr Lodge said the Rex Board decided to increase focus on Queensland and would gradually build resources and investments in Queensland.“We will commence with a modest service on 3 January 2015 but once we have bedded in the new regulated routes we will look to ramp up services as well as look at other opportunities to service Far North Queensland.”Source = ETB Travel News: Megan Tranlast_img read more

first_imgAfter recent growth in international visitor numbers, South Australia is set to see further increases through more investment in destination marketing with a focus on attracting a larger share of the tourism dollar.South Australia welcomes 390,000 international visitors each year and over the past seven years, international tourism’s contribution to the State’s economy has risen from 14 per cent to 17 percent.Australian Tourism Export Council (ATEC) managing director Peter Shelley said these figures are ones South Australia can build on.“South Australia has a strong story to tell additional; investment in marketing South Australia both interstate and internationally will help build on the solid growth in international expenditure we have seen in the past 12 months,” Mr Shelley said.The State’s tourism industry leaders gathered in Adelaide this week to discuss ways to improve the reputation of South Australia as an international travel destination.Mr Shelley said a wide range of industry leaders were involved in the forum, including accommodation and tour providers, government agencies, ATEC National Board members and representatives of the South Australian Tourism Commission (SATC).“What was clear from our discussions is the industry and government must collaborate to remove barriers such as visa processes, to target and improve international marketing and to maximise the benefits to the SA economy including more jobs and expenditure,” he said.The decision to focus more heavily on destination marketing has been applauded by the industry.ATEC chairman Denis Pierce praised the South Australia government, in particular, for their support.“South Australia has a lot going for it and the government has invested in quality infrastructure improvements including extensions to the conference and exhibition centre, the impressive Adelaide Oval and the Riverbank precinct,” Mr Pierce said.“These large scale offerings combined with several new hotels either approved or under construction, and solid growth in airline capacity into Adelaide from a range of international carriers, all contribute to a solid foundation for future growth.”Source = ETB Travel News: Brittney Levinsonlast_img read more

first_imgSource = Emirates Jennifer Aniston wakes up to comfort and luxury on EmiratesEmirates has unveiled its highly anticipated television commercial (TVC) featuring Hollywood actress, director and producer Jennifer Aniston. This marks the first time Emirates has collaborated with the international star in a global digital and TV campaign.The Golden Globe and Emmy award-winning actress showcases her impeccable comedic timing in the global airline’s light-hearted TVC. The ad opens with Aniston looking frantically for the onboard shower and lounge but being mocked and ridiculed by the cabin crew. It turns out to be a nightmare as she wakes up to reality in her own Private Suite in the Emirates First Class cabin before getting acquainted with the airline’s iconic A380 Shower Spa and Onboard Lounge.Boutros Boutros, Emirates’ Divisional Senior Vice President, Corporate Communications, Marketing & Brand explained: “Jennifer Aniston’s appeal and effortless connection with a global audience makes her the perfect choice for our campaign. As one of the busiest women in Hollywood, Aniston, like many of our customers, enjoys downtime only when she is travelling. At Emirates, we ensure the experience is an exceptional one.“In a departure from the usual airline industry ads, we chose to take a humorous approach to showcase the amazing products we offer on board. We couldn’t think of anyone better suited for the role than Jennifer Aniston and we wrote the script with her in mind. Her professionalism and comedic talent shone on the set and we are very pleased with the outcome,” he added.The TVC was directed by industry veteran and Oscar-nominee Bryan Buckley, who is acclaimed for his numerous Super Bowl ads. RKCR/Y&R London developed the concept while the script was a collaboration between the agency, Buckley and Emirates’ in-house advertising team.The global digital and television campaign will begin in the United States and the UAE before being rolled out in November to other countries where Emirates has a big operational presence – including the UK, Germany, France, Italy, India and Australia.Emirates has, to date, invested US$20 million in securing TV spots worldwide for this campaign, which will have a 30-second and longer 60-second version.The TVC can be viewed on the Emirates website or on the Emirates YouTube channel. Emirates cabin featureslast_img read more

first_imgTourism Fiji appoints new Chief Executive OfficerTourism Fiji appoints new Chief Executive OfficerTourism Fiji has announced Mr Matthew Stoeckel as its Chief Executive Officer.Mr Stoeckel’s appointment was confirmed by the Minister for Industry, Trade and Tourism (MITT), Honourable Faiyaz Koya and the Permanent Secretary for Tourism, Mr Shaheen Ali at a press conference at Tourism Fiji’s Head Office in Nadi on Tuesday, 21 June.Mr Stoeckel brings a wealth of experience to the long-anticipated role, having held senior positions in a number of Australian tourism consultancy firms and destination marketing entities. He is also no stranger to Fiji, having consulted with MITT on the Fiji Tourism Development Plan 2014-2020.Mr Stoeckel will officially begin his role at the National Tourist Office in the coming weeks and more details will follow once he joins the team in Nadi.Meanwhile, the Managing Director and CEO of Fiji Airways, Mr Andre Viljoen was also formally welcomed as the new Chairman of Tourism Fiji. Mr Viljoen’s appointment was announced to Tourism Fiji’s Board of Directors at their Board Meeting on Thursday, 9 June.He replaces Tourism Fiji’s outgoing Executive Chairman, Mr Truman Bradley who assumed the role in May 2015. Mr Bradley will now focus on his role as the Chairman of Investments Fiji. Tourism FijiSource = Tourism Fijilast_img read more

first_imgVirgin Atlantic London early bird airfares with Virgin AtlanticLondon early bird airfares with Virgin AtlanticSpecial airfare offers to London departing from Sydney, Melbourne or Brisbane from only AUD$356* return plus taxesSales and ticketing until 11 October 2016Departures 27 September to 30 November 2016 and 16 January to 24 March 2017 and 24 April to 06 June 2017Download the latest World Aviation Systems fare sheet here:  hot-airfares-issue-38-2016For further information, please refer to your GDS or contact VS on 1300 661 353. Virgin Atlanticbook flights here Source = World Aviation Systems – Virgin Atlanticlast_img read more

first_imgBest Western breaks ground on cutting-edge hotel in BangkokBest Western breaks ground on cutting-edge hotel in BangkokBest Western® Hotels & Resorts has celebrated the start of construction of the first trendy Vīb® Hotel in Bangkok.The company held a ground-breaking ceremony for the new property on November 10 2016, in the up-and-coming area of Sanampao, North Bangkok, close to the BTS Skytrain network.Best Western first unveiled its cutting-edge Vīb concept in 2015, promising social engagement, integrated technology and consistent service for today’s connected traveler. Vīb Bangkok Sanampao represents a new era of Best Western hotels in Thailand, and in Asia.Vīb Bangkok Sanampao is being developed by the same company that owns the recently-opened Best Western Plus Wanda Grand Hotel, which is also located in North Bangkok. The new-build Vīb hotel is scheduled to open in late 2017.“We are delighted to be partnering with the owner of Best Western Plus Wanda Grand Hotel once again for another exciting hotel in Bangkok,” said Olivier Berrivin, Best Western’s Managing Director of International Operations for Asia. “Best Western Plus Wanda Grand Hotel has been a great success since it opened earlier this year, and I am confident that Vīb Bangkok Sanampao will be similarly popular with guests.With its ultra-modern design, state-of-the-art amenities and bright, vibrant social spaces, Vīb Bangkok Sanampao will resonate with Asia’s new generation of travelers. We look forward to introducing this exciting new concept to Thailand in late 2017,” Mr. Berrivin added.Just a few steps away from BTS station, Vīb Bangkok Sanampao will feature a total of 89 modern, functional rooms, all equipped with international power outlets, flat-screen TVs and complimentary Wi-Fi.As per the Vīb brand concept, the hotel will feature a social lobby area with free Wi-Fi, “grab-n-go” snack stations, a fitness center and more.Vīb Bangkok Sanampao will join Best Western’s growing portfolio in Thailand, which currently includes hotels in Bangkok, Phuket and Buriram. The company will also enter a series of new markets in the coming years, including Pattaya, Hua Hin and Krabi, as well as adding more hotels in Bangkok. Best Western Hotels & Resortsbook your accommodation hereAbout Best Western Hotels & Resorts Best Western® Hotels & Resorts headquartered in Phoenix, Ariz., is a privately held hotel brand with a global network of 4,100* hotels in more than 100* countries and territories worldwide. Best Western offers seven hotel brands to suit the needs of developers and guests in every market: Best Western®, Best Western Plus®, Best Western Premier®, Executive Residency by Best Western®, Vīb®, BW Premier Collection® and GLōSM. Now celebrating 70 years of hospitality, Best Western provides its hoteliers with global operational, sales and marketing support, and online and mobile booking capabilities. More than 26 million travelers are members of the brand’s award-winning loyalty program Best Western Rewards®, one of the few programs in which members earn points that never expire and can be redeemed at any Best Western hotel worldwide. The brand’s partnerships with AAA/CAA, Minor League Baseball, and Harley-Davidson® provide travelers with exciting ways to interact with the brand. Best Western continues to set industry records regarding awards and accolades, including Business Travel News naming Best Western as the best midscale hotel brand in 2014 and Best Western Plus as the best upper mid-price hotel brand in 2014 and 2015, four consecutive Compuware Best of the Web gold awards for best hotel website, and seven consecutive AAA/CAA Hotel Partner of the Year awards. Nearly 60 percent of Best Western branded hotels earned a TripAdvisor Certificate of Excellence award in 2015.* Numbers are approximate, may fluctuate, and include hotels currently in the development pipeline. Source = Best Western Hotels and Resorts – Asialast_img read more

first_imgWestern Australian experiences Scoop National Tourism AwardsWestern Australian experiences Scoop National Tourism AwardsSeaplane adventures, Aboriginal culture, food and wine and unique places to stay are just some of Western Australia’s award winning tourism experiences recognized at the Qantas Australian Tourism Awards, held last night at the new-state-of-the-art Optus Stadium in Perth.Taking home a record 14 awards, West Australian tourism businesses won eight gold, four silver and two bronze medals from the 25 categories.WA gold medal winners include:Horizontal Falls Seaplane Adventures – Adventure TourismHorizontal Falls Seaplane Adventures, Horizontal Hotel – Unique AccommodationSwan River Seaplanes – New Tourism BusinessSandalford Wines – Tourism Wineries, Distilleries and BreweriesFremantle Prison – Cultural TourismBeach House at Bayside – Hosted AccommodationSwan Valley Visitor Centre – Visitor Information ServicesAustralia’s North West – Destination MarketingSilverKooljaman at Cape Leveque – Aboriginal and Torres Strait Islander TourismTwo Feet and a Heartbeat – Excellence in Food TourismAviair – Major Tour and Transport OperatorRAC Cervantes Holidays – Caravan and Holiday ParksBronzeSightseeing Pass Australia – Specialised Tourism OperatorRendezvous Hotel Scarborough – Business Event VenueThe wins follow recent accolades for Western Australia, with Perth named ‘Capital of Cool’ by CNN Travel and the Australian Financial Review, while CNN Travel and Fairfax Media’s Traveller also named Perth among its recommended places to visit in 2018. All articles highlighted Perth’s new dining, small bar, accommodation, cultural and entertainment offerings as a drawcard for Australians and international visitors.Experiencing a holiday in Perth has never been easier with new and more affordable accommodation and direct flight services, such as the much anticipated Qantas 787 Dreamliner services, which start in late March and will connect London and Perth non-stop.About the Qantas Australian Tourism AwardsThe awards, which have been operating for more than 30 years, recognise and celebrate Australia’s best tourism businesses that have demonstrated a commitment to excellence. More than 800 people from across the country including Federal and State tourism ministers, CEOs of tourism bodies and tourism industry leaders attended the awards gala dinner.For a full list of winners visit more information on Western Australia visit westernaustralia.comSource = Tourism Western Australialast_img read more

first_imgA legend celebrates its birthday: the Jumbo Jet turns 50It’s been 50 years since the first Boeing 747-100 took off over Seattle on its official maiden flight on February 9th, 1969 – to the cheers of thousands of spectators. The Boeing 747-100 was the largest jet airliner the world had ever seen.The success story of the Boeing 747 aircraft family started in the mid-60s, when Boeing developed a wide-body jet as an answer to the growing aviation needs. After less than four years of planning and development, in which Lufthansa engineers also took part, the jet, built from around six million individual parts, was ready to take to the skies.The first Boeing 747-130 with the Lufthansa registration “D-ABYA” carried the production number 12. The “Yankee Alpha”, as it was called within the company, was handed over to Lufthansa on March 9th, 1970 and was deployed on the Frankfurt-New York route for the first time on April 26th, 1970. Lufthansa was the first European airline to provide its passenger the opportunity to fly by Jumbo Jet, being the second international airline following Pan American World Airways (PanAm).The excitement of the passengers and crew on board was immense. Right from the entrance point to the jet, one gets into a “celebrative champagne mood”, a journalist wrote at that time. Hardly surprising, when considering that there was a bar in the First Class Lounge on the upper deck of the aircraft. To this day, the “hump” of the Boeing 747, which houses the cockpit and upper deck, remains the distinguishing feature of the Jumbo Jet in comparison to all other types of aircraft. The silhouette of the Boeing 747 has shaped the jet age and is still a style icon for many aviation enthusiasts.The Boeing 747, with almost 70 meters in length and a span of nearly 60 meters, was christened by the American press as “Jumbo Jet”, offering space for 365 passengers at Lufthansa. The height of the tail unit, approximately 19 meters, was higher than a five-story building. The aircraft had a four-engine wide-body. These engines achieved more than twice the performance of a Boeing 707, which had previously been used on long-haul flights in intercontinental air traffic, but could only accommodate about 150 passengers.Before accepting its first Jumbo Jet, Lufthansa had to adapt its aircraft and passenger handling so that they could cope with the different dimensions of the aircraft. New passenger boarding bridges, special tractors, kitchen lift trucks and tanker trucks were all developed at Frankfurt Airport, including a 27,000 square meter aircraft hangar with space for up to six Jumbo Jets. In addition, further counters had to be made available in the check-in hall.After Lufthansa had also operated its successor models (the 747-200 and 747-400), Lufthansa was the world’s first passenger airline to receive the first Jumbo Jet’s “grandson”, the Boeing 747-8, on May 2nd, 2012. The modern aircraft can accommodate up to 364 passengers in First, Business, Premium Economy and Economy Class. It consumes just over three liters of fuel per passenger over 100 kilometers and has 30 percent lower noise emissions than its predecessor. When Lufthansa unveiled its new brand look about a year ago, a Boeing 747-8 was the first aircraft to be presented in the new livery. Like the first 747 aircraft 50 years ago, this machine is called “Yankee Alpha”, too.The Jumbo Jet did not only have a career as a passenger aircraft. In March 1972, Lufthansa took on the world’s “first smiling Boeing” – the freight version, the Boeing 747-230F. Its prow opened up horizontally, making it easy to load even bulky goods. The Jumbo Jet was nicknamed the “Beetle swallower”, as it had space for 72 VW Beetles in its fuselage.Happy Birthday, Jumbo!Source = Lufthansalast_img read more

first_imgIndia is a big country and Mumbai is one of the key source markets for us. It has been a long time that we have started to participate in OTM and it is very important for us as we have been the strategic partner for OTM for quite a long time. We are happy and that is why we repeat. Every year we expect positive response and OTM gives us overwhelming results. The feedback from all the 11 co-exhibitors is positive and we are looking forward to participating in the upcoming OTMs also.last_img

first_imgMeliá Hotels International conducted a three-city road show in Mumbai, Bengaluru and New Delhi from July 11-15, 2016 to showcase their brand and to build up relationships with the travel trade.Led by, Ruben Casas, Senior Director Sales and Marketing, Asia Pacific, and hotel representatives, from different Meliá  properties, Patricia Andrino, Account Manager Meetings & Events Central Spain, Daniella Baldelli, Director Commercial Italia Meliá  Hotels International, Eduardo Perera, General Manager at Meliá  Bali and Tonia Sehan, Director of Sales, India, Meliá Hotels International, hosted the road shows in India.“Meliá Hotels International holds the Indian outbound travel market as one of its foremost strategic business sources. We are keen on tapping all segments of travellers—family, luxury, honeymooners, wedding, business and leisure, as Meliá Hotels International counts with more than 370 hotels in 40 countries and 7 brands targeting each of those segments,” said Casas.The guests at the show also participated in a lucky draw to win several stay vouchers at various Melia Hotels worldwide.last_img read more

first_imgOrigination Volume Climbs 30 Percent in 2012 February 25, 2013 550 Views Agents & Brokers Attorneys & Title Companies Bank of America Citigroup Fannie Mae FHA Freddie Mac Investors JPMorgan Chase Lenders & Servicers Mortgage Insurance Mortgage Servicing Rights Nationstar Ocwen Quicken Loans Service Providers U.S. Bancorp Veterans Affairs Wells Fargo 2013-02-25 Tory Barringer in Origination, Secondary Market, Servicingcenter_img Share Mortgage origination volume continued to climb in 2012, according to data from “”_Mortgage Daily’s_””: _2012 Mortgage Lender Ranking_.[IMAGE]According to data collected from surveys, earnings filings, and other public disclosures, loan volume across all lending firms grew 30 percent annually in 2012.In the fourth quarter alone, _Mortgage Daily_ reports residential originations coming in around 3 percent above third-quarter volume. Year-over-year, Q4 saw mortgage production grow 17 percent.While production was up last quarter, data from _Mortgage Daily’s_ and “”Optimal Blue’s””: _U.S. Mortgage Market Index_ suggests originations during the first quarter of 2013 are on track to fall 16 percent quarter-over-quarter.In terms of production volume, “”Wells Fargo””: continued to dominate the market in Q4, reporting $125.0 billion in loans during the quarter (representing 23 percent of [COLUMN_BREAK]market share). It was followed by “”Chase””: ($51.6 billion for 10 percent of the market) and “”Quicken Loans””: ($25.1 billion, or 5 percent market share), which climbed from the No. 5 position in the third quarter.””Bank of America””: and “”U.S. Bank””: rounded out the top five positions, each taking 4 percent of the market.The top five list for all of 2012 looked similar, though some of the positions are changed: Wells Fargo remained No. 1 with $524.0 in volume last year (28 percent market share), followed by Chase ($182.2 billion, 10 percent share); U.S. Bank ($84.5 billion, 4 percent share); BofA ($78.7 billion, 4 percent share); and Quicken ($70 billion, 4 percent share).According to _Mortgage Daily_, the “”Federal Housing Administration””: (FHA) insured about $242 billion in loans last year, while the “”Department of Veterans Affairs””: (VA) insured an estimated $128 billion, bringing government share of the mortgage market to around 20 percent.Meanwhile, “”Fannie Mae””: and “”Freddie Mac””: together financed about 73 percent of 2012 originations.Wells Fargo also dominated on the servicing side with an estimated portfolio size of $1.9 trillion. BofA held second place with a $1.4 trillion portfolio, followed by Chase ($1.1 trillion), Citi ($411.9 billion), and U.S. Bank ($276.4 billion).””Ocwen””: and “”Nationstar””:, two companies that have shown a large appetite for servicing rights as of late, nearly doubled their volume last year. They ranked in the top ten list at Nos. 6 and 7 with estimated portfolios of $204 billion and $203 billion, respectively.last_img read more

first_img “”Specialized Business Software””:, a provider of custom software solutions for insurance, mortgage and financial services companies, announced the release of its web-based X12 EDI Translator. [IMAGE][COLUMN_BREAK]The solution allows mortgage servicers and insurance tracking companies to translate insurance policies from the X12 format into a more readable form, the Cleveland, Ohio-based company stated in a release. It also decreases costs and saves time by removing the need to develop and maintain an internal electronic data interchange (EDI) system. The X12 EDI solution translates X12 data and sends it to the company’s insurance tracking system while automatically handling the acknowledgement file. “”Our X12 solution enables servicers and trackers to process X12 insurance data faster and more efficiently while ensuring greater accuracy, which reduces time and risk for the institution,”” said Steve Wiser, president of Specialized Business Software. “”There is no programming needed or any software to install; clients can start receiving insurance policy data electronically immediately.”” April 10, 2013 436 Views Agents & Brokers Attorneys & Title Companies Company News Investors Lenders & Servicers Mortgage Insurance Processing Service Providers 2013-04-10 Esther Cho in Data, Government, Origination, Secondary Market, Servicing, Technologycenter_img Share Specialized Business Software Launches Insurance Translation Toollast_img read more

first_img Agents & Brokers Attorneys & Title Companies Company News Investors Lenders & Servicers Processing Service Providers 2014-01-24 Tory Barringer January 24, 2014 469 Views Michigan Brokerage Joins Berkshire Hathaway Network Prudential Snyder & Co., Realtors is now operating in the Berkshire Hathaway HomeServices network, the company announced. [IMAGE]Going forward, the Ann Arbor-based brokerage will be known as “”Berkshire Hathaway HomeServices Snyder & Co., Realtors””: company’s addition follows affiliate launches in more than a dozen states. Since launching in September, the [COLUMN_BREAK]Berkshire Hathaway HomeServices network has grown to more than 22,000 agents and nearly 600 offices.For Sharon Snyder, broker and owner of Snyder & Co., the change represents a chance for tremendous growth.””We could not be more honored and excited to join a real estate network whose namesake is Berkshire Hathaway Inc., one of the world’s most trusted and respected organizations,”” Snyder said. “”We are proud to represent the brand in our greater Ann Arbor market.””We believe Berkshire Hathaway HomeServices will be embraced by all consumers, as the name stands for integrity, strength and success. Top agents will want to represent our brand, as they understand its value and potential in the marketplace,”” she added.Earl Lee, CEO of HSF Affiliates LLC, welcomed Snyder to the fold.””Sharon is a terrific leader and her company serves the greater Ann Arbor market with distinction,”” he said. “”We are glad that they’re moving forward as members of Berkshire Hathaway HomeServices.””center_img in Data, Government, Origination, Secondary Market, Servicing Sharelast_img read more

first_img March 20, 2015 553 Views The Dodd Frank financial reform law has received much criticism is the past several months. Earlier this month legislation was introduced to reform the Consumer Financial Protection Bureau (CFPB) and since Republicans, Democrats, senators, and congressman alike have all released public criticism on the matter.Now, Sen. Elizabeth Warren, who was an assistant who helped set up the CFPB, is speaking up, criticizing the attempts made to weaken the Dodd-Frank financial reform law in House Republican’s proposed budget, according to National Journal. The Journal reports the White House joined Warren in its criticism, saying that putting the bureau under the appropriation of Congress would limit the agency. The administration also criticized the Republicans budget proposal’s “creative-accounting savings” that shift funding for the agency to appropriations.”The consumer agency has put in place strong rules to protect consumers from tricks and traps in financial products,” Warren said in a statement to National Journal Tuesday night. “The big banks don’t like that—and that’s the number one reason the CFPB should remain free of political influence.””In addition, it risks returning us to the days of ‘too big to fail,’ protecting Wall Street firms from important regulatory safeguards and putting ordinary citizens and the economy at risk,” the White House said in a fact sheet Tuesday evening.The House budget also would scrap what’s known as the Orderly Liquidation Authority, a provision that gives the Federal Deposit Insurance Corporation, the independent agency created during the Great Depression meant to maintain stability of the U.S. financial system, the power to assume operational and financial control of a troubled financial institution considered systemically important. In that role, it has the responsibility to merge, sell, and manage the institution’s assets, as well provide money necessary to bring an orderly end to the troubled institution.Republicans say cutting this provision prevents taxpayers from being on the hook for bailouts of financial institutions behaving badly. But the White House struck back on Tuesday, saying, while Republicans claim the budget does not rely on gimmicks or “creative-accounting tricks,” the savings made by getting rid of the provision would be both.”[The Orderly Liquidation Authority] was enacted to ensure taxpayer funds are never again used to bail out ‘too big to fail’ financial institutions,” the White House fact sheet said.Michael Barr, a law professor at the University of Michigan who served as the Treasury Department’s assistant secretary for financial institutions, said removing the Orderly Liquidation Authority would reinforce the concept of too-big-to-fail financial institutions.”One of the key features is giving the government the ability to wind down a firm like Lehman Brothers if it gets in trouble,” he said, referring to one of the institutions whose collapse was part of the 2008 financial crisis.Republicans have previously used spending bills and other must-sign legislation to weaken parts of Dodd-Frank, knowing it would be difficult for Democrats to vote against them. But in this case, the White House and Democrats like Warren are drawing lines in the sand, vowing to stop major parts of Dodd-Frank from being weakened or repealed.(Reporting by Eric Garcia) CFPB Dodd-Frank Elizabeth Warren 2015-03-20 Samantha Guzman in Daily Dose, Featured, Governmentcenter_img Sen. Elizabeth Warren Responds to Dodd-Frank Criticism Sharelast_img read more

first_imgFed Rate Increase Questionable Among Recent Stock Market Losses The performance of the stock market Monday morning brought about some anxiety among big U.S. businesses and other stakeholders while the Dow Jones dropped by 1,000 points and spent the rest of the day fighting its way back toward the break-even point.The morning started with an 8.5 percent drop in China’s Shanghai Composite Index, which erased all the gains made by the world’s second-largest economy so far in 2015. At 9:30 a.m., the Dow Jones began its 1,000-point drop from 16,459 points down to 15,454, which was completed in just 10 minutes. It closed Monday down 588 points, a decline of about 3.57 percent.”The interesting near-term impact is on the Fed’s September decision to raise rates or not.  Market sentiment was split roughly even before this event. Today it’s tilting toward no action in September.”For many, the Dow Jones’ steep decline on Monday removed any doubt as to whether the Federal Reserve will raise interest rates, which have been at or near zero for seven years. Prior to Monday, many pundits predicted that the country’s economy had experienced the growth needed for the Fed to raise the rates; now, they’re not so sure.”The real effect—if any—from the stock market volatility of the last few days won’t occur for a while,” said Sean Becketti, Chief Economist at Freddie Mac. “It will take time for investors to analyze the depth of the economic weakness in China, the effectiveness of the Chinese government’s responses, and the ultimate impact on various sectors of the U.S. economy.  The interesting near-term impact is on the Fed’s September decision to raise rates or not.  Market sentiment was split roughly even before this event. Today it’s tilting toward no action in September.”Former Director of the National Economic Council and former Secretary of the U.S. Department of Treasury Lawrence H. Summers expressed similar sentiments through Twitter. Summers tweeted on Monday based on what happened with the stock market that he believes this is “no time for an interest rate hike” and that “raising rates threaten Fed’s major objectives—price stability, full employment, financial stability.”Summers also hinted that Monday’s activity may be a sign of tumult ahead, since both the Dow Jones and Nasdaq are considered to be in “correction” mode for the first time since in four years after experiencing steep declines on Friday, August 21 (Dow Jones fell 531 points and Nasdaq dropped by 6.8 percent).”As in August 1997, 1998, 2007 and 2008 we could be in the early stage of a very serious situation,” Summers tweeted.One economist was not surprised by Monday’s turbulent stock market activity, however.”I think we’ve been expecting a correction in the markets for some time now so it’s not totally surprising,” Trulia Chief Economist Selma Hepp said. “We may expect some of the liquidity seeking refuge in the U.S. commercial real estate and mortgage securities, much less in the residential real estate. On the other hand, however, we will continue to see low mortgage rates as a result of more money going into treasuries.”Click here for updates on the S&P Dow Jones Indices.Click here for updates on the Nasdaq Index. Dow Jones Interest rates Nasdaq Index S&P Dow Jones Indices Stock Market 2015-08-24 Seth Welborn in Daily Dose, Data, Government, Headlines, Market Studies, Newscenter_img Share August 24, 2015 653 Views last_img read more

first_img American Enterprise Institute First-Time Buyers Inventory TRID 2016-03-21 Staff Writer Share First-time Home Buyer Activity Rebounds After TRID Troubles March 21, 2016 539 Views center_img Now that the effects from the TILA-RESPA Integrated Disclosure (TRID) rule have subsided significantly in the housing market, first-time buyer activity has resumed from the delays caused in the previous months.The American Enterprise Institute (AEI) International Center on Housing Risk found that the share and volume of first-time homebuyers rose significantly in February 2016 compared to a year earlier.According to AEI’s First-Time Buyer Mortgage Share Index (FBMSI) released Monday, first-time buyers accounted for 56.7 percent of primary owner-occupied home purchase mortgages with a government guarantee in February 2016. This number is up from 55.9 percent last February and up from January’s share of 56.1 percent.”The first-time buyer share has been trending higher on a year-over-year basis, pushed up by improvements in the labor market, riskier mortgage lending, and continuing low mortgage rates,” the report stated.“On a year-over-year basis, the first-time buyer share increased in February, reflecting a continuation of strong first-time buyer participation,” said Edward Pinto, Codirector of the American Enterprise Institute’s International Center on Housing Risk.  “The current housing market, particularly at the entry-level, is exhibiting strong, leverage-fueled demand, which in combination with shortness of supply, will continue to drive home prices up faster than incomes and inflation.”According to the report, the combined FBMSI, which measures the share of first-time buyers for both government-guaranteed and private-sector mortgages, totaled about 51.2 percent in February, up from 50.5 percent a year ago and up from 50.7 percent in January.According to AEI, the number of primary owner-occupied purchase mortgages going to first-time buyers in February totaled an estimated 116,000, up 12 percent from last February. “As expected, loan volume recovered strongly in February after the TRID-related drop in January,” the report said.“We had expected first-time buyer activity to rebound from the TRID-related slowdown last month, and that is what happened” said Stephen Oliner, Codirector of AEI’s International Center on Housing Risk. “We are again seeing robust increases in loans to first-time buyers.”The uptick among the first-time buyer share and volume provides explanation for tight inventory in the long-time seller’s market.“The typical first-time buyer these days has a relatively low credit score and puts little money down,” Oliner said.  “These facts make clear that mortgage credit isn’t tight.This risk profile for first-time buyers implies that the supply of mortgage credit to this group is not tight. In February 2016, the median first-time buyer with an agency mortgage made a down payment of only 3.5 percent, or $8,600 in dollar terms. Moreover, the median FICO score in February for first-time buyers with agency mortgages was 707, slightly below the median of 713 for all individuals in the United States with a score. For first-time buyers with FHA-insured loans, the median FICO score in February was only 675, well below the middle of the distribution for the U.S. as a whole. These data are a strong counterpoint to the frequent claims that first-time buyers face difficulties in obtaining mortgages.”Click here to view the full report. in Daily Dose, Data, Featured, News, Originationlast_img read more

first_img What an MLB source said about the D-backs’ trade haul for Greinke With teams like Carolina, Cincinnati, Jacksonville, Minnesota, San Francisco, and Tennessee drafting quarterbacks to fill their need and the Cardinals deciding not, the market for Kolb has shrunk significantly.It seems like it’s down to a six team race between the Bills, Browns, Cardinals, Dolphins, Redskins and Seahawks. The only question is, who will offer the most?If you’re in Arizona, you have to ask what’s more valuable: a 2012 first-round pick or a season with a legitimate starting quarterback. Top Stories Just how close were the Arizona Cardinals to getting their quarterback of the future over the weekend? Closer than any of us may have realized but it wouldn’t have come via the draft.According to Pro Football Weekly, the Cards and Philadelphia Eagles had agreed in principle to a deal that would have landed them 26-year old starting QB Kevin Kolb. Too bad the league’s labor dispute wouldn’t allow it. D-backs president Derrick Hall: Franchise ‘still focused on Arizona’ The Eagles, sources told PFW, had a potential deal in place to trade QB Kevin Kolb to the Cardinals before the draft, but those plans changed when veterans were not allowed to be dealt. It’s very possible, however, that the Cardinals and Eagles could reignite those trade talks.Just because Kolb wasn’t dealt prior to the draft due to the NFL Lockout doesn’t mean a deal between the Cardinals and Eagles won’t happen once a new collective bargaining agreement is reached. Kolb wants out and you’d have to imagine Andy Reid will appease him.According to Sports Illustrated’s Peter King Philadelphia already has an offer on the table that includes a first-round pick in 2012.Point is, Kolb doesn’t want to be in Philadelphia; he wants to have a chance to get a starting job somewhere else, and Reid has promised to try to make a deal if it benefits the Eagles. He already has an offer of a first-round pick in the 2012 draft from an unknown team. The window for the 2011 league year opened and closed quickly last week; players like Kolb, who want to be traded, and free agents who want to hit the market have to wait for the league year to open before moving. That could happen this week if the Eighth Circuit forces the NFL to open doors and end the lockout.Could that ‘unknown’ team be the Cards? If you believe the initial report that the two teams had agreed upon a deal before this year’s draft you’d have to imagine they’d be willing to get one done after the draft as well. Comments   Share   Nevada officials reach out to D-backs on potential relocation Cardinals expect improving Murphy to contribute right awaylast_img read more

first_img Former Cardinals kicker Phil Dawson retires Top Stories Grace expects Greinke trade to have emotional impact Comments   Share   Ouch. In 2005, the Arizona Cardinals introduced the uniform set that they wear today. They added a black alternate look in 2010, but otherwise, little has changed over the last decade.According to ESPN’s Paul Lukas, that’s a bad thing.Lukas, who runs the site’s “Uni Watch” blog, ranked all 32 of the league’s teams in terms of uniforms, and he has the Cardinals at a miserable 30th.Ugh — where do we start? There’s the absurd pants piping, the silly underarm striping, the unnecessary black uni, the blood-clot look, and so on. Even the helmet, which is really nice when viewed in isolation, doesn’t work because it’s an old-school design that looks out of place with the rest of the uniform’s new-school details. A mess from top to bottom. The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Derrick Hall satisfied with D-backs’ buying and selling Uniform rankings are purely a matter of opinion, though we have a tough time believing that the Tampa Bay Buccaneers and Tennessee Titans are rocking a better look than the Cards.And also, Lukas’ top-ranked team is the Pittsburgh Steelers, who should be nowhere near that spot as long as this is part of their wardrobe. last_img read more

first_img Former Cardinals kicker Phil Dawson retires 1 Comments   Share   Top Stories Before leaving the field, the entire team will sign autographs along the wall on both sidelines for a limited time.A full schedule of Cardinals training camp is below:Thursday, 7/27 2:00-4:30 PMFriday, 7/28 2:00-4:30 PMSaturday, 7/29 2:00-4:30 PM (Red & White Practice)Monday, 7/31 2:00-4:30 PMThursday, 8/3 Hall of Fame Game vs. Dallas (Canton, OH)Tuesday, 8/8 2:00-4:30 PMWednesday, 8/9 2:00-4:30 PMThursday, 8/10 2:00-4:30 PMSaturday, 8/12 Preseason game vs. OaklandMonday, 8/14 2:00-4:30 PMTuesday, 8/15 2:00-4:30 PMWednesday, 8/16 2:00-4:30 PMThursday, 8/17 2:00-4:30 PMSaturday, 8/19 Preseason game vs. ChicagoMonday, 8/21 2:00-4:30 PMTuesday, 8/22 2:00-4:30 PMWednesday, 8/23 2:00-4:30 PM The Arizona Cardinals will hold their annual Red & White Practice at University of Phoenix Stadium this Saturday.Parking and admission are both free, though a large crowd is expected.The practice runs from 2 p.m. to 4:30 p.m., following an address from team president Michael Bidwill and head coach Bruce Arians.Parking will open at 12:30 p.m. on the east and west sides of the stadium. Fans can enter through Gates 1 and 3, starting at 1:30 p.m. Derrick Hall satisfied with D-backs’ buying and selling The 5: Takeaways from the Coyotes’ introduction of Alex Meruelo Arizona Cardinals players David Johnson (31), Troy Niklas (87), Ifeanyi Momah (80), Scooby Wright III (58) and Gabe Martin (50) lead the team onto the field during an NFL football training camp Monday, July 24, 2017, in Glendale, Ariz. (AP Photo/Ross D. Franklin) Grace expects Greinke trade to have emotional impactlast_img read more