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UK contract a record breaker for Jade
Christchurch-based business software developer, Jade Software Corporation, has signed its single biggest development contract with UK mortgage giant HML. The agreement, which provides for 90 work years (19,800 days) of support and development, extends and expands on an existing two-year agreement and is worth more than $17 million dollars over five years. Homeloan Management Ltd (HML) is the UK's largest third-party mortgage administrator, which processes over NZ$120 billion (₤40 billion) of residential mortgages on behalf of UK financial institutions. HML offers over 8000 mortgage products and has experienced considerable growth in recent years. "The extension of the initial contract marks an important step for us as we seek to increase the value we offer our customers through our products," said HML managing director Mark Smith.
Kenya: Court Rules Property Goes to Highest Bidder at Auctions
Banks and other financial institutions have reason to worry following a court ruling that recognises only the highest bidder at an auction as the only purchaser at the auction. The effect of this decision is that all purported auction sales to the second or third highest bidders are not sale by public auction since the auction process ends when the bid by the highest bidder is accepted. .
Could you be saving too much?
It's a ubiquitous and alarming admonition: Americans are in miserable shape when it comes to saving for retirement. As told by a barrage of grim studies and surveys, a majority of workers are destined to fall far short of what they'll need to maintain a comfortable lifestyle in retirement. Worse yet, many simply won't be able to afford to quit working, stuck behind the register at Wal-Mart well into old age as a way to make ends meet. .
Oritani Financial Corp. Announces Quarterly Results
TOWNSHIP OF WASHINGTON, N.J., April 30, 2007 (PRIME NEWSWIRE) -- Oritani Financial Corp. (Nasdaq:ORIT) (the "Company"), the holding company for Oritani Savings Bank (the "Bank"), reported a net loss of $1.1 million, or $0.09 per share, for the three months ended March 31, 2007, as compared to net income of $2.2 million for the corresponding 2006 period. The Company also reported net income of $3.3 million for the nine months ended March 31, 2007, as compared to net income of $6.1 million for the corresponding 2006 period. .
Candidates discuss ideas for justice center
Providing adequate and accessible municipal court facilities has been an issue for Mariettas last two administrations.
Former Mayor Joe Matthews wanted to construct a new building on the city hall parking lot, while current Mayor Michael Mullen favors the renovation of existing structures.
The current Marietta Municipal Court is located on the second floor of Mariettas City Hall.
In October 2006, a writ of mandamus lawsuit was filed to force the mayor and city council to make the municipal court facilities accessible to disabled persons. In Novembers general election, Marietta voters supported a referendum that prevents the use of city funds to build or furnish a new justice center without voter approval.
Theres nothing anybody can do until the court case is settled, Matthews said.
Fitch Upgrades 3 Classes from Citigroup Commercial Mortgage Trust ...
Fitch does not rate classes DHC-1, DHC-2, DHC-3, DSG-2, PHH-1, PHH-2, SRL, and WPP. Classes HGI-1, HGI-2, HMP-1, HMP-2, HMP-3, WBD-1, and WBD-2 have paid in full. The upgrades are due to the payoff of four loans: Palmer House Hilton, Hilton Garden Inn Times Square, Hampton Inn Times Square, and 9900 Wilshire Boulevard. In addition, one loan, the TECOTA Building (5.9%), is amortizing on a 25 year schedule, and Mervyn's Portfolio (11.0%), CarrAmerica National Pool Portfolio (10.7%), and CarrAmerica CARP Pool Portfolio (1.8%) loans' balances have been reduced due to partial releases. As of the April 2007 distribution date, the pool's aggregate certificate balance has decreased 39.2% to $801.9 million from $1.3 billion at issuance. There are no delinquent or specially serviced loans.
Lending dispute takes Springfield, Texas companies to federal court
A dispute over the terms of a lending agreement linked to retail property on Joplins Range Line Road is pending in U.S. District Court in Springfield. Pathway Properties Joplin LLC and Michael C. Fusek, both of Springfield, allege that Destiny Capital Mortgage Inc., of Richardson, Texas, engaged in fraudulent misrepresentation, negligence and breach of contract regarding a rate-lock agreement reached prior to the plaintiffs purchase of property at 732 S. Range Line Road. The property itself a retail center with a Quiznos, Aarons and Sprint store is not part of the lawsuit. The lender denies the plaintiffs claims and says that the agreement expired before the closing date. Rate-lock agreement According to court documents, Pathway Properties applied for a $1.6 million loan from DCM on April 24, 2006.
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