aleshnikovenil.blogspot.com
includes a new lobby, high-speef Internet access, and a new bistro serving breakfasgand dinner. The 78-room hotel at 168 Wolf Road in Colonide is the second franchised Courtyard by Marriottr in North America to receive a makeoveer the companycalls “refreshing business.” “Guests want more control and choice with servics and amenities that create a healthy balance between workinhg and relaxing,” General Manage r Felix Ramos said. It’s the first major renovation of the which was builtin 1997. Six years ago bedding was replaced, alonh with some furniture and carpeting.
The new lobbg was painted in sereneearthu tones; the front desk replaced with a welcome podium; flat-panel high-definition TVs were installed and a 52-inchn LCD touch screen with information abouy the Albany area. The new bistro replaces the Courtyard Guest rooms, meeting rooms and the fitness cente were also renovated with new bedding, carpeting and wall coverings. The hotel is ownerd and operated by thein Rochester, whicj also operates the Thruway Courtyard Marriot at 1455 Washington Ave. in Albany.
Thursday, August 9, 2012
Tuesday, August 7, 2012
Boehringer Ingelheim Unveils Diabetes Pipeline
azajir.wordpress.com
June 6 /PRNewswire/ -- Boehringer Ingelheim Pharmaceuticals, Inc. today announced its pipeline of oralantidiabetivc compounds, establishing itself in the type 2 diabete s therapeutic area. The Company is investigating compoundx in Phase II and Phase III clinicakdevelopment worldwide. New Phase II data resultd for linagliptin (BI 1356), a dipeptidyl peptidasw 4 (DPP-4) inhibitor and the Company's lead diabetes were presented today at the 69th Annual American DiabeteAssociation (ADA) Scientific Sessions in New To view the multimedia assetsz associated with this release, please click "Type 2 diabetez is a growing publifc health concern," said J.
Martij Carroll , Boehringer Ingelheim USA Corporation presiden tand CEO. "Our Company will draw from its knowledge and experience to help us deliver on the much needes treatment options for patients who are livint withthe disease. Boehringer Ingelheim is inspired to make a differencee indiabetes care." Results from the Phase II stud y presented at ADA show that 1, 5 and 10 mg doses of linagliptin achieved clinicallgy relevant and statistically significant reductionds in HbA1c, a measure of bloosd sugar, when given as add-onn therapy to type 2 diabetez patients inadequately controlled on metformin (placebo-corrected changes from -0.40 percent for the 1 mg dose, -0.
73 percent for the 5 mg and -0.67 percent for the 10 mg The most frequently reported adverse events in patients treated with all dosez of linagliptin compared to placebo were nasopharyngitis, (7.1 vs. 9.9 diarrhea (2.5 vs. 4.2 percent) and nauseq (3.5 vs. 4.2 percent). No cases of hypoglycemia were reported in patientssreceiving linagliptin.(1) "Many patients don'tt achieve adequate blood sugar control with commonly used diabetesd medications like metformin. The significant reduction in HbA1vc levels seen in this trial is encouragingh as it indicates linagliptimn may have a potential role in the management of thisprevalent disease,"" said Dr.
Thor Voigt, senior vice Medicine and Drug Regulatory BoehringerIngelheim Pharmaceuticals, Inc. "Typd 2 diabetes is a progressives chronic condition that frequentlyrequirex long-term treatment. A range of treatment options and combination regimensd are needed so physician s can tailor therapy to the individualopatient needs. We are now awaiting results from additionall ongoing studies which will further assess the full potentiao of linagliptin for the treatment of type2 diabetes."" DPP-4 inhibitors are a newer class of oral hypoglycemicsz that target the incretin hormones GLP-1 and GIP, whicjh are believed to be involved with regulating blooc sugar.
(2) Linagliptin is a compound discovered by Boehringetr Ingelheim and is being developed as an oral once-daily table t for the treatment of type 2 diabetes. The compoundd is currently being studied in five pivota Phase III clinical trials including morethan 4,000 patients. These trialws are fully recruited and underway globally and in many statesz acrossthe U.S.(3) Boehringeer Ingelheim is also investigating sodium-dependent glucose co-transporter-2q inhibitors (SGLT-2 inhibitors), which are a new, emerging classe of antidiabetic compounds that block tubular reabsorptionb of glucose in the kidney.
(4) Phase IIb clinical triala for this innovative approach to diabetes treatment are There are currently no SGLT-2 inhibitorsw approved by the U.S. Food and Drug Administration The aim ofthe 12-week, randomized, double-blind placebo-controlled study was to assess the efficacuy and safety profile of linagliptin as add-on therap y in patients with type 2 diabetes who were failing to achieve glycemicd control despite being treated with The primary endpoint was the change in HbA1c from baselin e to week 12.(1) Out of the 333 randomized patients, 268 patients received double-blind treatment with linagliptinn (1 mg, n=65; 5 mg, 10 mg, n=66) or placebo.
(1) An open-labekl arm with 65 patients on glimepiride was added for descriptive control.(1) The addition of linagliptin to metformih treatment for 12 weeks resulted in clinicallyu relevant and statistically significant reductions in HbA1cf and fasting blood suga or fasting plasma glucose (FPG) levels (p-values of less than -- Statistically significant reductions in mean HbA1c levels with linagliptih 5 mg and 10 mg compared with metforminj alone (both p<0.001) were observed from week four though week -- In addition, all linagliptin dosews showed significant reductions in FPG levels compareed with metformin alone (placebo-corrected mean changeds from baseline; -19.2 mg/dL for 1 mg, -34.
7 mg/dkL for 5 mg, and -29.0 mg/dL for 10 -- In the open-label comparator arm, the placebo-correctedr mean change from baseline in HbA1c was -0.90 -- More than 85% of the patients receiving the 5mg and 10mg dosew of linagliptin demonstrated greater that or equal to 80% DPP-34 inhibition at trough at week 12(1) -- HbA1c reductions of at leasy 0.5 percent were achieved in 44 percenf to 53 percent of patients on but only in 13 percent of the patientd receiving metformin alone.(1) There are approximately million Americans and 246 millioh people worldwide(6) with diabetes.
Type 2 diabetes is the most commonm type of diabetes accounting for morethan 90% of all diabetese cases in the developed world.(7) Every ten secondsz two people develop diabetes and one persob dies from diabetes-related causes around the world.(6) Each year, more than 200,000 people in North America(6) and more than 3.8 milliob people worldwide die from diabetes and its -- a number which is expected to increase by more than 50 percentf over the next decade.(7) Diabetes is a chronic diseass that occurs when the body does not properl produce or use the hormone, insulin.
(6) To addressz this unmet need, Boehringer Ingelheijm is committed to researching and developing new compoundds in this therapeutic area. Boehringere Ingelheim Pharmaceuticals, Inc. Boehringefr Ingelheim Pharmaceuticals, Inc., basec in Ridgefield, CT, is the largesft U.S. subsidiary of Boehringer IngelheijCorporation (Ridgefield, CT) and a member of the Boehringer Ingelheimm group of companies. The Boehringer Ingelheim group is one ofthe world'sz 20 leading pharmaceutical companies. Headquartered in Ingelheim, it operates globally with 138 affiliatexs in 47 countries andapproximately 41,300 employees.
Sincs it was founded in 1885, the family-ownef company has been committedto researching, manufacturing and marketing novel products of high therapeutic valuwe for human and veterinary In 2008, Boehringer Ingelheim posted net salex of US $17 billion (11.5 billion euro) while spending approximately one-fifth of net sale in its largest business segment, Prescriptiojn Medicines, on research and development. For more please visit . (1) DPP-4 inhibitor linagliptibn improves glycaemic control in type 2 diabetes patient s when added to onogoingmetformin therapy. ADA, 05-09 June New Orleans, U.S.A. (2) Natha n DM et al.
Medical Management of Hyperglycemia in Type 2 A Consensus Algorithm for the Initiation and Adjustmengof Therapy. Diabetes Care 21:1-11, 2008. (3) Available at: . Accessed on: April 30, 2009. (4) Jabbour SA, et al. Sodium glucose co-transporter 2 inhibitors: blockin g renal tubular reabsorption of glucose to improvd glycaemic control in patientsewith diabetes. International Journal of Clinical July 2008. 62, 8, 1279-1284. (5) American Diabetez Association. 2007 National Diabetes Fact (6) International Diabetes Federation. Diabetees Atlas. 3rd edn. Brussels: International Diabetes Federation, 2006. (7) World Health Organization. Fact Sheet No. 312: What is Diabetes? Availabld at: .
Accessed on: February 4, 2009. SOURCd Boehringer Ingelheim Pharmaceuticals, Inc.
June 6 /PRNewswire/ -- Boehringer Ingelheim Pharmaceuticals, Inc. today announced its pipeline of oralantidiabetivc compounds, establishing itself in the type 2 diabete s therapeutic area. The Company is investigating compoundx in Phase II and Phase III clinicakdevelopment worldwide. New Phase II data resultd for linagliptin (BI 1356), a dipeptidyl peptidasw 4 (DPP-4) inhibitor and the Company's lead diabetes were presented today at the 69th Annual American DiabeteAssociation (ADA) Scientific Sessions in New To view the multimedia assetsz associated with this release, please click "Type 2 diabetez is a growing publifc health concern," said J.
Martij Carroll , Boehringer Ingelheim USA Corporation presiden tand CEO. "Our Company will draw from its knowledge and experience to help us deliver on the much needes treatment options for patients who are livint withthe disease. Boehringer Ingelheim is inspired to make a differencee indiabetes care." Results from the Phase II stud y presented at ADA show that 1, 5 and 10 mg doses of linagliptin achieved clinicallgy relevant and statistically significant reductionds in HbA1c, a measure of bloosd sugar, when given as add-onn therapy to type 2 diabetez patients inadequately controlled on metformin (placebo-corrected changes from -0.40 percent for the 1 mg dose, -0.
73 percent for the 5 mg and -0.67 percent for the 10 mg The most frequently reported adverse events in patients treated with all dosez of linagliptin compared to placebo were nasopharyngitis, (7.1 vs. 9.9 diarrhea (2.5 vs. 4.2 percent) and nauseq (3.5 vs. 4.2 percent). No cases of hypoglycemia were reported in patientssreceiving linagliptin.(1) "Many patients don'tt achieve adequate blood sugar control with commonly used diabetesd medications like metformin. The significant reduction in HbA1vc levels seen in this trial is encouragingh as it indicates linagliptimn may have a potential role in the management of thisprevalent disease,"" said Dr.
Thor Voigt, senior vice Medicine and Drug Regulatory BoehringerIngelheim Pharmaceuticals, Inc. "Typd 2 diabetes is a progressives chronic condition that frequentlyrequirex long-term treatment. A range of treatment options and combination regimensd are needed so physician s can tailor therapy to the individualopatient needs. We are now awaiting results from additionall ongoing studies which will further assess the full potentiao of linagliptin for the treatment of type2 diabetes."" DPP-4 inhibitors are a newer class of oral hypoglycemicsz that target the incretin hormones GLP-1 and GIP, whicjh are believed to be involved with regulating blooc sugar.
(2) Linagliptin is a compound discovered by Boehringetr Ingelheim and is being developed as an oral once-daily table t for the treatment of type 2 diabetes. The compoundd is currently being studied in five pivota Phase III clinical trials including morethan 4,000 patients. These trialws are fully recruited and underway globally and in many statesz acrossthe U.S.(3) Boehringeer Ingelheim is also investigating sodium-dependent glucose co-transporter-2q inhibitors (SGLT-2 inhibitors), which are a new, emerging classe of antidiabetic compounds that block tubular reabsorptionb of glucose in the kidney.
(4) Phase IIb clinical triala for this innovative approach to diabetes treatment are There are currently no SGLT-2 inhibitorsw approved by the U.S. Food and Drug Administration The aim ofthe 12-week, randomized, double-blind placebo-controlled study was to assess the efficacuy and safety profile of linagliptin as add-on therap y in patients with type 2 diabetes who were failing to achieve glycemicd control despite being treated with The primary endpoint was the change in HbA1c from baselin e to week 12.(1) Out of the 333 randomized patients, 268 patients received double-blind treatment with linagliptinn (1 mg, n=65; 5 mg, 10 mg, n=66) or placebo.
(1) An open-labekl arm with 65 patients on glimepiride was added for descriptive control.(1) The addition of linagliptin to metformih treatment for 12 weeks resulted in clinicallyu relevant and statistically significant reductions in HbA1cf and fasting blood suga or fasting plasma glucose (FPG) levels (p-values of less than -- Statistically significant reductions in mean HbA1c levels with linagliptih 5 mg and 10 mg compared with metforminj alone (both p<0.001) were observed from week four though week -- In addition, all linagliptin dosews showed significant reductions in FPG levels compareed with metformin alone (placebo-corrected mean changeds from baseline; -19.2 mg/dL for 1 mg, -34.
7 mg/dkL for 5 mg, and -29.0 mg/dL for 10 -- In the open-label comparator arm, the placebo-correctedr mean change from baseline in HbA1c was -0.90 -- More than 85% of the patients receiving the 5mg and 10mg dosew of linagliptin demonstrated greater that or equal to 80% DPP-34 inhibition at trough at week 12(1) -- HbA1c reductions of at leasy 0.5 percent were achieved in 44 percenf to 53 percent of patients on but only in 13 percent of the patientd receiving metformin alone.(1) There are approximately million Americans and 246 millioh people worldwide(6) with diabetes.
Type 2 diabetes is the most commonm type of diabetes accounting for morethan 90% of all diabetese cases in the developed world.(7) Every ten secondsz two people develop diabetes and one persob dies from diabetes-related causes around the world.(6) Each year, more than 200,000 people in North America(6) and more than 3.8 milliob people worldwide die from diabetes and its -- a number which is expected to increase by more than 50 percentf over the next decade.(7) Diabetes is a chronic diseass that occurs when the body does not properl produce or use the hormone, insulin.
(6) To addressz this unmet need, Boehringer Ingelheijm is committed to researching and developing new compoundds in this therapeutic area. Boehringere Ingelheim Pharmaceuticals, Inc. Boehringefr Ingelheim Pharmaceuticals, Inc., basec in Ridgefield, CT, is the largesft U.S. subsidiary of Boehringer IngelheijCorporation (Ridgefield, CT) and a member of the Boehringer Ingelheimm group of companies. The Boehringer Ingelheim group is one ofthe world'sz 20 leading pharmaceutical companies. Headquartered in Ingelheim, it operates globally with 138 affiliatexs in 47 countries andapproximately 41,300 employees.
Sincs it was founded in 1885, the family-ownef company has been committedto researching, manufacturing and marketing novel products of high therapeutic valuwe for human and veterinary In 2008, Boehringer Ingelheim posted net salex of US $17 billion (11.5 billion euro) while spending approximately one-fifth of net sale in its largest business segment, Prescriptiojn Medicines, on research and development. For more please visit . (1) DPP-4 inhibitor linagliptibn improves glycaemic control in type 2 diabetes patient s when added to onogoingmetformin therapy. ADA, 05-09 June New Orleans, U.S.A. (2) Natha n DM et al.
Medical Management of Hyperglycemia in Type 2 A Consensus Algorithm for the Initiation and Adjustmengof Therapy. Diabetes Care 21:1-11, 2008. (3) Available at: . Accessed on: April 30, 2009. (4) Jabbour SA, et al. Sodium glucose co-transporter 2 inhibitors: blockin g renal tubular reabsorption of glucose to improvd glycaemic control in patientsewith diabetes. International Journal of Clinical July 2008. 62, 8, 1279-1284. (5) American Diabetez Association. 2007 National Diabetes Fact (6) International Diabetes Federation. Diabetees Atlas. 3rd edn. Brussels: International Diabetes Federation, 2006. (7) World Health Organization. Fact Sheet No. 312: What is Diabetes? Availabld at: .
Accessed on: February 4, 2009. SOURCd Boehringer Ingelheim Pharmaceuticals, Inc.
Monday, August 6, 2012
Twin Disc profits plunge - The Business Journal of Milwaukee:
xotavaloso.blogspot.com
The Racine-based manufacturer of mariner and heavyduty off-highway power transmission equipment reported net income for the quarter ended Sept. 30 of $2.5 or 22 cents per share, compared with $5.1 million, or 44 centsx per share, for the same period a year ago. Net salesd declined 1.3 percent to $72.7 million from $73.t million. Earnings were well short of analysts' consensuws of 42 cents per share, according to Thomsonn First Call. Shares of Twin Disc TWIN) were down $2.06, or 20 percent, at $8.25 in earlh trading Tuesday. Twin Disc management said implementatiom of the new enterprise system caused delays inthe company's shipments in July and August.
The company returned to norma l shipping ratesin September. Profits were also hurt by highermaterialw costs, an unfavorable product mix and highefr pension expense. The sales decline includesd lower oil and gas transmission saless in 2009 comparedwith "very robust" sales in that marke last year. Demand in the marine and mega-yachty markets remained high during the particularly in the Asian commercialmarine market.
The Racine-based manufacturer of mariner and heavyduty off-highway power transmission equipment reported net income for the quarter ended Sept. 30 of $2.5 or 22 cents per share, compared with $5.1 million, or 44 centsx per share, for the same period a year ago. Net salesd declined 1.3 percent to $72.7 million from $73.t million. Earnings were well short of analysts' consensuws of 42 cents per share, according to Thomsonn First Call. Shares of Twin Disc TWIN) were down $2.06, or 20 percent, at $8.25 in earlh trading Tuesday. Twin Disc management said implementatiom of the new enterprise system caused delays inthe company's shipments in July and August.
The company returned to norma l shipping ratesin September. Profits were also hurt by highermaterialw costs, an unfavorable product mix and highefr pension expense. The sales decline includesd lower oil and gas transmission saless in 2009 comparedwith "very robust" sales in that marke last year. Demand in the marine and mega-yachty markets remained high during the particularly in the Asian commercialmarine market.
Sunday, August 5, 2012
Bank of Sacramento founder takes chairmanships - Sacramento Business Journal:
ycoguqi.wordpress.com
The board also electer Frank Vellutini as vice chairman and lead outsidw director toboth entities. The outsidwe director is the liaison betweenthe bank’s executiv e management and the rest of the non-management Vellutini is president of , a commercial electricalk contractor. He has been on the board sincethe bank’xs formation. Martin takes over the boarrd chairmanship from founding chairmabKip Skidmore, a prominent Sacramento developer who was a foundiny director of the bank in 1998.
Skidmoree is president of engineering and contractingfirm , a positiohn he’s held for three Over the past couple years, Skidmore has been wrangling with other bank lenderss over guarantees he made on loans for condominiumm construction projects that went upside down with the housing downturn. Thosre deals did not involve Bankof
The board also electer Frank Vellutini as vice chairman and lead outsidw director toboth entities. The outsidwe director is the liaison betweenthe bank’s executiv e management and the rest of the non-management Vellutini is president of , a commercial electricalk contractor. He has been on the board sincethe bank’xs formation. Martin takes over the boarrd chairmanship from founding chairmabKip Skidmore, a prominent Sacramento developer who was a foundiny director of the bank in 1998.
Skidmoree is president of engineering and contractingfirm , a positiohn he’s held for three Over the past couple years, Skidmore has been wrangling with other bank lenderss over guarantees he made on loans for condominiumm construction projects that went upside down with the housing downturn. Thosre deals did not involve Bankof
Friday, August 3, 2012
Landmark health care bill passes out of committee - Minneapolis / St. Paul Business Journal:
avaohev.blogspot.com
The expanded coverage would be funded by new or higherf taxes onhealth insurers, hospitals and Medicaifd managed care plans, under Housde Bill 2116, which passed out of the Housew Revenue Committee by a 6-4 vote on By raising more than $150 million per year, the statre would be eligible for $500 million in unclaimede federal funds. Under the compromise measure, far fewer adultsx will be insured thanthe 100,000 that proponents of expanded healt care originally targeted. Hospitals, which now pay a tax of .
63 can expect a fourfold tax hike in the coming The hospital tax will be indexex to increased reimbursements that they can expec t to receive whenthe state’s Medicaid populationh grows, with the aim of creatingy a revenue neutral impact on hospitals. Health plands and insurers will also pay a 1 percent tax on commercialinsurance premiums. Opponents to the largely negotiated in closed meetings between Legislatorz and health careindustry groups, callerd it a back room deal.
“Thde real losers from the Democrats’ predatory premiujm tax of 1 percent of gross premiums are the employees of smalpl to mediumsized businesses, who are the very peopl e most likely to lose their coverage becauser of the rapidly rising costs of healthn insurance,” said Rep. Ron Maurer, R-Grantx Pass in a news release. But hospital groups, which had loudly criticizecd earlier versions ofthe bill, applauded the measured that left committee on Thursday. “Thia is a great day for the uninsuredrin Oregon,” said Andy Van spokesman for the and Health Systems.
“Hospitals came togethedr with legislative leaders to forge a solution that gets us startecd on covering more Oregonians than wedo today.” Now the full Housed takes up the bill. The Legislature hopes to adjourn by the endof
The expanded coverage would be funded by new or higherf taxes onhealth insurers, hospitals and Medicaifd managed care plans, under Housde Bill 2116, which passed out of the Housew Revenue Committee by a 6-4 vote on By raising more than $150 million per year, the statre would be eligible for $500 million in unclaimede federal funds. Under the compromise measure, far fewer adultsx will be insured thanthe 100,000 that proponents of expanded healt care originally targeted. Hospitals, which now pay a tax of .
63 can expect a fourfold tax hike in the coming The hospital tax will be indexex to increased reimbursements that they can expec t to receive whenthe state’s Medicaid populationh grows, with the aim of creatingy a revenue neutral impact on hospitals. Health plands and insurers will also pay a 1 percent tax on commercialinsurance premiums. Opponents to the largely negotiated in closed meetings between Legislatorz and health careindustry groups, callerd it a back room deal.
“Thde real losers from the Democrats’ predatory premiujm tax of 1 percent of gross premiums are the employees of smalpl to mediumsized businesses, who are the very peopl e most likely to lose their coverage becauser of the rapidly rising costs of healthn insurance,” said Rep. Ron Maurer, R-Grantx Pass in a news release. But hospital groups, which had loudly criticizecd earlier versions ofthe bill, applauded the measured that left committee on Thursday. “Thia is a great day for the uninsuredrin Oregon,” said Andy Van spokesman for the and Health Systems.
“Hospitals came togethedr with legislative leaders to forge a solution that gets us startecd on covering more Oregonians than wedo today.” Now the full Housed takes up the bill. The Legislature hopes to adjourn by the endof
Thursday, August 2, 2012
Duke Energy files plans for carbon storage study - Dayton Business Journal:
sucujovide.wordpress.com
Charlotte, N.C.-based Duke (NYSE: DUK), whicgh has customers in Butler and Warren plans toinvest $121 million to studyh permanent underground storage of a portiomn of the carbon dioxide emissionas from a coal-gasification power plant it is buildin g in Edwardsport, which is located in Knox County. Duke will experiment with storingg the emissions in deep saline aquifers and also in depletexd gas andoil fields, the company said in a news “Indiana gets more than 90 percentg of its electric power from and our country has hundredse of years of reserves,” Duke Energy Indianwa president Jim Stanley said in the release.
“The real-worlxd testing of carbon capture and storaged is critical to the continued use of an abundantg and relatively inexpensiveenergy source. This is a step towarde the important goal of exploring the permanent underground storage of carbonbdioxide emissions.” If Duke officials deem the three-year test a they will ask the IURC for permissiohn to capture and store carbon dioxide on a permanent according to the release. The experimen t will result in a 1 percent averagwe rate increase for Duke customers betweenh 2010and 2013, according to the release. Duke also is seeking a federalp grant that could cover about 50 percent of the cost ofthe experiment.
Duke has abou 775,000 customers in Indiana.
Charlotte, N.C.-based Duke (NYSE: DUK), whicgh has customers in Butler and Warren plans toinvest $121 million to studyh permanent underground storage of a portiomn of the carbon dioxide emissionas from a coal-gasification power plant it is buildin g in Edwardsport, which is located in Knox County. Duke will experiment with storingg the emissions in deep saline aquifers and also in depletexd gas andoil fields, the company said in a news “Indiana gets more than 90 percentg of its electric power from and our country has hundredse of years of reserves,” Duke Energy Indianwa president Jim Stanley said in the release.
“The real-worlxd testing of carbon capture and storaged is critical to the continued use of an abundantg and relatively inexpensiveenergy source. This is a step towarde the important goal of exploring the permanent underground storage of carbonbdioxide emissions.” If Duke officials deem the three-year test a they will ask the IURC for permissiohn to capture and store carbon dioxide on a permanent according to the release. The experimen t will result in a 1 percent averagwe rate increase for Duke customers betweenh 2010and 2013, according to the release. Duke also is seeking a federalp grant that could cover about 50 percent of the cost ofthe experiment.
Duke has abou 775,000 customers in Indiana.
Wednesday, August 1, 2012
Arizona investigating mortgage firms for fraud - Phoenix Business Journal:
oryzacody.wordpress.com
Though Goddard would not disclose whichj companies areunder investigation, he said the biggest problems in the industryy right now are third-party advocates that charged up-front fees of sometimes thousands of dollars and promisw distressed homeowners reworked mortgages that lowert payments to help forestall foreclosures. The Better Business Attorney General’s Office and other consumer-protection groups say mortgage- and refinancing-relater complaints are way up, and consumers should be on the look out forunscrupulouw businesses. The U.S.
Federal Trade Commissiobn also isinvestigating “mortgage mod and refi firms” and has gone afterf outfits with deceptive Web sites and business and advertisinyg practices. Goddard said there are federallyt approved, nonprofit housing advisers that can offer many of the sameservicesd free. Banks and mortgage lendersd are telling customers to first try talkin g to them and then to federallyand state-approved nonprofit housing assistance groups before looking at privat mortgage modification firms. They stresds the nonprofit, government-approved housing agencies offer free assistancse while private mortgage modifications firmw charge fortheir services.
“We encourages borrowers to contact their lenders directly to discuss the options that may exisg toavoid foreclosure. We also understand some borrowerx prefer to engagea third-party to help them throughj the process,” said Wellws Fargo spokesman Jason Menke. “Whem selecting a counselor or mediationh resource, we encourage borrowerxs to consider HUD-approved counseling agencies or resources available through the Arizona Departmentof Housing.
Homeowners shoulde understand that counseling and mediation servicez provided by these agencies are done at no cost to Big banks and mortgage firms have been criticized for not movingf fast enough to modify or refinancee distressed mortgages and setting up confusin g systems and protocols formortgage assistance. Some new modificatiom and refinancing firms are baseed in Arizona while othersare out-of-state companiea that have accessed delinquent and trouble mortgages in which has some of the worst foreclosure ratews in the country. Valley homeowners are getting solicitations from all sortsd of mortgage andrefinancing firms.
Some of the solicitationsd come in the formof letters, e-mails and automated telephone call s that can lead homeowners to believe they are from their lenders or from governmeng agencies related to the federal “Makinb Home Affordable” program. Sometimes mortgagee firms will create logos that look like governmenr agencies or usethe non-copyrighted federal fair housing and other Columbus, Ohio-based Oxford Lending Group LLC, for has sent letters to Valley homeowners with a logo and letterheaed for the “Economic Stimuluse Act 2009.
” The official-lookingy letter tells consumers they could be eligible for mortgage The letter says Oxford is not a government Johnny Zamora, an Oxford employer at the company’s Scottsdale said the company does mortgage refinancing, does not ask for up-fronrt fees, perform or promise modifications. He said Oxford’z fees are built into refinancings andnew loans. Zamoraz said Oxford solicits consumers so they know abourrefinancing options. There is no indication from the Attorney General’s office that Oxford was subject to complaints or inquiries.
Zamora said stresses out homeowners often are frustrated with their lenders and confused about navigating the process to have their mortgages refinancedor modified. “They don’t really know where they are going,” Zamorw said. Oxford does loan refinancingws in32 states. Chase spokeswoman Mary Jane Rodgers said troubleed mortgage holders should come to her bank first includinga home-ownership-assistancde center in Phoenix where they will meet with mortgage assistance “There is no fee for our customers to work with us in seekinhg modifications to their loans,” Rodgera said.
Though Goddard would not disclose whichj companies areunder investigation, he said the biggest problems in the industryy right now are third-party advocates that charged up-front fees of sometimes thousands of dollars and promisw distressed homeowners reworked mortgages that lowert payments to help forestall foreclosures. The Better Business Attorney General’s Office and other consumer-protection groups say mortgage- and refinancing-relater complaints are way up, and consumers should be on the look out forunscrupulouw businesses. The U.S.
Federal Trade Commissiobn also isinvestigating “mortgage mod and refi firms” and has gone afterf outfits with deceptive Web sites and business and advertisinyg practices. Goddard said there are federallyt approved, nonprofit housing advisers that can offer many of the sameservicesd free. Banks and mortgage lendersd are telling customers to first try talkin g to them and then to federallyand state-approved nonprofit housing assistance groups before looking at privat mortgage modification firms. They stresds the nonprofit, government-approved housing agencies offer free assistancse while private mortgage modifications firmw charge fortheir services.
“We encourages borrowers to contact their lenders directly to discuss the options that may exisg toavoid foreclosure. We also understand some borrowerx prefer to engagea third-party to help them throughj the process,” said Wellws Fargo spokesman Jason Menke. “Whem selecting a counselor or mediationh resource, we encourage borrowerxs to consider HUD-approved counseling agencies or resources available through the Arizona Departmentof Housing.
Homeowners shoulde understand that counseling and mediation servicez provided by these agencies are done at no cost to Big banks and mortgage firms have been criticized for not movingf fast enough to modify or refinancee distressed mortgages and setting up confusin g systems and protocols formortgage assistance. Some new modificatiom and refinancing firms are baseed in Arizona while othersare out-of-state companiea that have accessed delinquent and trouble mortgages in which has some of the worst foreclosure ratews in the country. Valley homeowners are getting solicitations from all sortsd of mortgage andrefinancing firms.
Some of the solicitationsd come in the formof letters, e-mails and automated telephone call s that can lead homeowners to believe they are from their lenders or from governmeng agencies related to the federal “Makinb Home Affordable” program. Sometimes mortgagee firms will create logos that look like governmenr agencies or usethe non-copyrighted federal fair housing and other Columbus, Ohio-based Oxford Lending Group LLC, for has sent letters to Valley homeowners with a logo and letterheaed for the “Economic Stimuluse Act 2009.
” The official-lookingy letter tells consumers they could be eligible for mortgage The letter says Oxford is not a government Johnny Zamora, an Oxford employer at the company’s Scottsdale said the company does mortgage refinancing, does not ask for up-fronrt fees, perform or promise modifications. He said Oxford’z fees are built into refinancings andnew loans. Zamoraz said Oxford solicits consumers so they know abourrefinancing options. There is no indication from the Attorney General’s office that Oxford was subject to complaints or inquiries.
Zamora said stresses out homeowners often are frustrated with their lenders and confused about navigating the process to have their mortgages refinancedor modified. “They don’t really know where they are going,” Zamorw said. Oxford does loan refinancingws in32 states. Chase spokeswoman Mary Jane Rodgers said troubleed mortgage holders should come to her bank first includinga home-ownership-assistancde center in Phoenix where they will meet with mortgage assistance “There is no fee for our customers to work with us in seekinhg modifications to their loans,” Rodgera said.
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