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The U.S. Department of Energy is using funds from last year’s economic stimulus package to guarantee $1.37 billion in loans for a solar energy project in California’s Mojave Desert. The project mounted by BrightSource Energy would be the world’s largest solar thermal power plant when built. “We’re not going to sit on the sidelines while other countries capture the jobs of the future,” Energy Secretary Stephen Chu said in announcing the conditional loan commitment. “We’re committed to becoming the global leader in the clean energy economy.” The Ivanpah Solar Complex will be located on federally owned land in southeastern California,...
Published on Tuesday 9th of March 2010 09:37:23 PM
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LOS ANGELES — The Obama administration has given preliminary approval for $1.4 billion in loan guarantees for a massive solar-energy project in California's Mojave Desert. U.S. Energy Secretary Steven Chu said Monday that BrightSource Energy was in line for the financing help to build solar-energy plants to power 140,000 homes. ... Environmentalists want the complex relocated because they say it will harm protected desert tortoises. BrightSource has made design changes in an attempt to alleviate environmental concerns.
Published on Tuesday 9th of March 2010 09:37:23 PM
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UPDATE: Fannie, Freddie Delinquent-Loan Plan Rattles MarketThursday, February 11, 2010 Dow Jones Newswires NEW YORK -(Dow Jones)- Higher-coupon agency mortgage-backed securities got slammed Thursday as investors reacted to the unexpected news that Fannie Mae (FNM: 1, -0.03, -2.91%) and Freddie Mac (FRE: 1.2, -0.04, -3.23%) plan to buy back as much as $200 billion worth of delinquent home loans. Risk premiums on bonds with 6.5% interest coupons were as much as 25 basis points wider than comparable Treasurys in the secondary market, while the 6% coupons were 20 basis points wider in the morning. As risk premiums rise, bond prices...
Published on Tuesday 9th of March 2010 09:37:23 PM
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Obama State of the Union and the State of Small Business A very good friend of mine is helping to finance a small business Bakery start-up. Although bakeries are in Forbe’s list of top ten least profitable businesses, his confidence in his team is unshaken. I asked if I could tag along through the project start-up to learn about the process. Money is not cheap, he said, it is expensive. At a national bank, he offered a $500,000 tax free municipal bond earning 5.1% interest as collateral for a cash-secured loan. The national bank told him to deposit the money...
Published on Tuesday 9th of March 2010 09:37:23 PM
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Chinese banks find their credit in high demand By Ariana Eunjung Cha Washington Post Foreign Service Saturday, January 2, 2010; A01 BEIJING -- China's state-owned banks have become a main engine of the global recovery, financing the construction of copper mines, purchase of airplanes, expansion of retail stores and other projects even as their U.S. and European counterparts scale back lending. The surge in Chinese lending, triple the 2008 rate, has provided a lifeline to international corporations during the worst recession in decades, and it reflects a diversification in China's global economic role beyond its holdings of vast amounts of...
Published on Tuesday 9th of March 2010 09:37:23 PM
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The Obama administration today announced a new campaign to get mortgage companies to lower mortgage payments for struggling homeowners – and part of the strategy is some old-fashioned "name and shame." Share To date over 650,000 homeowners have entered into trial modifications under the Treasury Department's housing relief plan – a ratio of about one in five eligible borrowers. But the administration – frustrated with the performance of mortgage companies thus far – will now try to ratchet up the pressure on servicers, especially with 375,000 of these trial modifications set to convert to permanent ones by year's end.
Published on Tuesday 9th of March 2010 09:37:23 PM
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KANSAS CITY, Mo. College students are facing a sea change in borrowing to pay for their degrees unfortunately, many would still be drowning in debt. The change, perhaps as soon as July, would end the Federal Family Education Loan program that has dominated the federal student loan pool for more than 40 years. Banks and other private sources would be cut out of the process by the Student Aid and Fiscal Responsibility Act, passed in September by the U.S. House. The measure still must be considered by the Senate. Colleges that once kept a long list of lenders are converting...
Published on Tuesday 9th of March 2010 09:37:23 PM
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