| Five Things You Need to Know: On Tap This Week; Black Friday Preview...
Although it's a holiday-shortened week, there is no shortage of market moving data and news on the horizon. Today: The big item on the agenda today is the National Association of Homebuilders sentiment survey at 1 p.m. Most expect it to have hit a new low in November, and certainly the most recent comments and data from builders seems to support that likelihood. Tuesday: First up Tuesday are Housing Starts and Building Permits. A positive surprise, however unlikely, will be Hoofy's last best chance to turn the sentiment tide into the holiday. Also on Tuesday, at 2 p.m., the minutes of the Federal Reserve Open Market Committee meeting from October 30-31. This will be carefully watched given the change in rates and the credit market issues that were discussed. Wednesday: Initial jobless claims will be released and will attract some attention after the most recent Non-farm Payroll numbers from last week .
P&W bank takes aim at retail niche
David Taylor, the exuberant chief executive officer of Pacific & Western Credit Corp., has been wanting to break into the consumer lending business for a couple of years now. He thinks he's finally close, thanks in part to the credit crunch. Mr. Taylor, a licensed pilot and long-time banker, set out to build a "non-traditional" bank when he took the helm at Pacific & Western Bank of Canada in 1993, and that's just what he's done. The branchless institution, which now has about $1.4-billion in assets, uses a broker network to take in deposits, and then lends them out to relatively safe organizations such as hospitals and school boards. Up until now, its relatively low-margin loans in niche areas have posed no threat to Canada's big banks. But if Mr. Taylor, who is in his mid-50s, can realize his ambitions, his financial institution just might become the mouse that scared the elephants.
Doha Bank in Yemen deals
The Doha Bank and Yemen's Cooperative and Agricultural Credit Bank are discussing the possible establishment of a joint insurance company, reported The Peninsula. The talks follow an agreement to set up an Islamic bank, with a capital of $100m, in Sana'a. R. Seetharaman, the Doha Bank's CEO, said international advisors are currently preparing the bank's structure. .
Citi Names Paul H. Simpson as Head of Global Public Sector and Healthcare Markets for its Global Transaction Services ...
Citi Markets & Banking announces that Paul H. Simpson is joining its Global Transaction Services division in December to head global efforts around the Public Sector and Healthcare market segments. Reporting directly to Paul Galant, CEO of Global Transaction Services, Paul Simpson will assume this new global role to sharpen the focus on solutions and services for clients in the Public Sector and Healthcare markets -- segments that Citi considers key to the overall growth of transaction services. The Public Sector includes governments, not-for profit institutions and other governmental entities, including postal institutions. The Health care sector includes pharmaceuticals, hospitals, and equipment and lab manufacturers as well as healthcare plans and HSA accounts. .
Is an equity accelerator program for you?
A Lake Stevens couple is following a plan that can save them thousands, but experts say the program isn't for everyone. By Debra Smith
Herald Writer Last year Jennifer and Mike Wheat refinanced to a new kind of mortgage that could help the Lake Stevens couple pay off their loan in about 11 years for thousands less than if they had opted for a traditional, fixed-rate 30-year loan.
Variations of this program are known by different names including "mortgage accelerator loan," "equity acceleration" and "money merge account." These mortgages are used, not without controversy, by borrowers in Australia and the United Kingdom, and they're becoming more common in the United States.
All are based on the premise that borrowers deposit their paychecks into an account that applies every cent that isn't spent each day to the mortgage loan balance.
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