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Singapore-based maritime technology company Ascenz has received $482,000 in funding from technology incubator Red Dot Ventures as it sets its compass towards China.Source: http://feedproxy.google.com/~r/Techcrunch/~3/kFH-7MBWNa0/
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is an aerial view of Downtown Albuquerque. The local market did not see overbuilding during the boom that has led to a high proportion of distressed properties in many larger metros. (journal file)
Delinquency rates for commercial real estate loans continued an overall modest decline in the third quarter, although the sector continues to feel the drag of sluggish economic growth, high unemployment and anticipated tax increases.
The 90-plus-day delinquency rate for loans held nationwide by FDIC-insured banks and other financial institutions was 2.9 percent in July-September, down from 3.8 percent a year earlier, according to the latest commercial mortgage delinquency report from the Mortgage Bankers Association.
Commercial mortgages tend to have the lowest charge-off rates of any major loan type held by banks, the report notes. The delinquency data for banks does not include loans backed by owner-occupied commercial properties, which typically have different underwriting criteria.
?Banks hold the majority of real estate loans in the U.S.? said Peter Gineris, head of debt and equity finance at the Albuquerque office of CBRE, a commercial real estate services firm. ?They are very conservative in their lending today, but have traditionally been the most accessible lenders.?
Commercial mortgage-backed securities, or CMBS, have only been around for about 15 years and became a popular financing tool during the robust deal-making years of 2004-08.
These loans originate with banks, most commonly big ones like Citibank and Goldman Sachs, then are bundled together and sold as investment securities on Wall Street. Once the securities are sold, the original banks get paid and are out of the deal, Gineris explained.
The 30-plus-day delinquency rate for loans held nationwide in CMBS was 8.9 percent in July-September, essentially the same as it was a year earlier. For comparison, the 30-plus-day delinquency rate for home loans was 7.6 percent during the same period, the Mortgage Bankers Association reported.
The CMBS delinquency rate for loans in the Albuquerque metro area has been a little lower than the national average, primarily because it?s a smaller market, Gineris said.
?The CMBS lenders have been a bit less aggressive when lending in Albuquerque than they have been in the major metro markets and ?24-hour? cities,? he said.
CMBS loans here have tended to be a little more conservative, with more of a cushion against declines in value and net income, he said. In addition, the local market did not see ?significant overbuilding? during the boom that has led to a high proportion of distressed properties in many larger metros.
The 60-plus-day delinquency rate was 0.1 percent in the third quarter, down from 0.2 percent a year earlier, for commercial mortgages in investment portfolios held by life insurance companies, major lenders in the commercial real estate market.
The money that life insurance companies put into real estate loans will one day be needed to pay insurance claims, thus the companies are conservative in how they lend, Gineris said. They typically lend to the cream of the crop, such as buyers with top credit purchasing higher-quality properties.
?All this leads to a lower delinquency rate for life (insurance) company lenders,? he said.
What constitutes a delinquent loan varies among the lending groups, such as 90-plus days for banks, 30-plus days for CMBS and 60-plus days for life insurance companies. As a result, the association?s report notes that ?delinquency rates are not comparable from one group to another.?
In addition to the private capital sources, Fannie Mae and Freddie Mac are the biggest players in loans for multifamily or apartment properties.
The 60-plus-day delinquency rate for loans held or guaranteed by Fannie Mae was 0.3 percent in the third quarter, down from 0.6 percent a year earlier. The 60-plus-day delinquency rate for loans held or guaranteed by Freddie Mac was 0.3 percent in the third quarter, essentially unchanged from a year earlier.
The low GSE delinquency rates stem largely from apartments being the strongest overall commercial property type in the country right now, Gineris said.
Altogether, the five lending groups ? banks, CMBS, life insurance companies and the two GSEs ? hold more than 80 percent of the outstanding commercial real estate mortgage debt, according to the association.
In general over the past 15 years, the five investor groups saw their lowest delinquency rates during 2004-08 and their highest rates in 2010. The recent highs in delinquency rates for each group were still well below the record highs set during the commercial real estate crash of 1991-92.
Source: http://www.redliontrader.com/streamingnews/commercial-real-estate-delinquency-dips/
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A house in Tioga, La., is severely damaged after an apparent tornado tore through the area Tuesday, Dec. 25, 2012. (AP Photo/The Daily Town Talk, Melinda Martinez) NO SALES
A house in Tioga, La., is severely damaged after an apparent tornado tore through the area Tuesday, Dec. 25, 2012. (AP Photo/The Daily Town Talk, Melinda Martinez) NO SALES
Members of the Alpine Volunteer Fire Department and the VA Fire Department clear debris from U.S. 71 in the Tioga, La. area, after an apparent tornado tore through the area Tuesday, Dec. 25, 2012. (AP Photo/The Daily Town Talk, Melinda Martinez) NO SALES
Storm clouds roll past Barksdale Pavilion at Jones Park in Gulfport, Miss., Tuesday, Dec. 25, 2012. After most of spending Christmas Day with a blustery day and occasional blue skies, storm clouds arrived on the Coast at 4 p. m. The strong south breeze blew most of the bad weather north of the immediate coast line. (AP Photo/The Sun Herald, Tim Isbell)
Debris sits on the frontage road near I-49 in downtown Alexandria, La., after an apparent tornado tore through the area Tuesday, Dec. 25, 2012. (AP Photo/The Daily Town Talk, Melinda Martinez) NO SALES
A Lawton, Okla., police cruiser tries to navigate the snow as blizzard conditions hit southwest Oklahoma at midday Tuesday, Dec. 25, 2012. (AP Photo/The Lawton Constitution, Brandon Neris)
NEW ORLEANS (AP) ? A Christmas Day twister outbreak left damage across the Deep South while holiday travelers in the nation's much colder midsection battled sometimes treacherous driving conditions from freezing rain and blizzard conditions.
Conditions were volatile throughout the afternoon and into the night with tornado warnings in Alabama and the Florida Panhandle. The storms were blamed for two deaths, several injuries, and left homes from Louisiana to Alabama damaged.
In Mobile, Ala., a tornado or high winds damaged homes and knocked down power lines and large tree limbs in an area just west of downtown around nightfall, said Nancy Johnson, a spokeswoman for the Mobile County Commission. WALA-TV's tower camera captured a large funnel cloud headed toward downtown.
"We haven't verified what it was, but we have an area that we heard has damage to homes," she said.
Meanwhile, blizzard conditions were hitting the nation's midsection.
Earlier in the day, winds toppled a tree onto a pickup truck in the Houston area, killing the driver. Icy roads already were blamed for a 21-vehicle pileup in Oklahoma, and the Highway Patrol says a 28-year-old woman was killed in a crash on a snowy U.S. Highway near Fairview.
The snowstorm that caused numerous accidents pushed out of Oklahoma late Tuesday, carrying with it blizzard warnings for parts of northeast Arkansas, where 10 inches of snow was forecast. Freezing rain clung to trees and utility lines in Arkansas and winds gusts up to 30 mph whipped them around, causing about 71,000 customers to lose electricity.
Blizzard conditions were possible for parts of Illinois, Indiana and western Kentucky with predictions of 4 to 7 inches of snow.
No injuries were confirmed immediately, but fire crews were still making door-to-door checks in the hardest hit areas of Mobile. The Mobile Fire-Rescue Department, which was providing storm updates through Twitter, said Murphy High School was damaged and that there was a gas leak at a nearby apartment building.
An apparent tornado caused damage in the west Alabama town of Grove Hill, located about 80 miles north of Mobile.
Mary Cartright said she was working at the Fast Track convenience store in the town on Christmas evening when the wind started howling and the lights flickered, knocking out the store's computerized cash registers.
"We've had some pretty heavy weather," said Cartright in a phone interview. "Our cash registers are down so our doors are closed."
Trees fell on a few houses in central Louisiana's Rapides Parish but there were no injuries reported and crews were cutting trees out of roadways to get to people in their homes, said sheriff's Lt. Tommy Carnline. Near McNeill, Miss., a likely tornado damaged a dozen homes and sent eight people to the hospital, none with life-threatening injuries, said Pearl River County emergency management agency director Danny Manley.
Fog blanketed highways, including arteries in the Atlanta area, which was expected to be dealing with the same storm system on Wednesday. In New Mexico, drivers across the eastern plains had to fight through snow, ice and low visibility.
At least three tornadoes were reported in Texas, though only one building was damaged, according to the National Weather Service. Tornado watches were in effect across southern Louisiana and Mississippi.
More than 400 flights nationwide were canceled by the evening, according to the flight tracker FlightAware.com. More than half were canceled into and out of Dallas/Fort Worth International Airport that got a few inches of snow.
Christmas lights also were knocked out with more than 100,000 customers without power in Texas, Arkansas, Oklahoma, Mississippi, Louisiana and Alabama.
In Louisiana, quarter-sized hail was reported early Tuesday in the western part of the state and a WDSU viewer sent a photo to the TV station of what appeared to be a waterspout around the Lake Pontchartrain Causeway in New Orleans. There were no reports of crashes or damage.
Some mountainous areas of Arkansas' Ozark Mountains could get up to 10 inches of snow, which would make travel "very hazardous or impossible" in the northern tier of the state from near whiteout conditions, the National Weather Service said.
The holiday may conjure visions of snow and ice, but twisters this time of year are not unheard of. Ten storm systems in the last 50 years have spawned at least one Christmastime tornado with winds of 113 mph or more in the South, said Chris Vaccaro, a National Weather Service spokesman in Washington, via email.
The most lethal were the storms of Dec. 24-26, 1982, when 29 tornadoes in Oklahoma, Missouri, Arkansas, Tennessee and Mississippi killed three people and injured 32; and those of Dec. 24-25, 1964, when two people were killed and about 30 people injured by 14 tornadoes in seven states.
The storm was moving quickly as it headed into through Louisiana and Mississippi and onto Alabama and eventually Georgia.
In Mississippi, Gov. Phil Bryant urged residents to have a plan for any severe weather.
"It only takes a few minutes, and it will help everyone have a safe Christmas," Bryant said.
___
Associated Press writers Jay Reeves in Birmingham, Ala., Ramit Plushnick-Masti in Houston, Chuck Bartels in Little Rock, Ark., and AP Business Writer Daniel Wagner in Washington, contributed to this report.
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Under New York law, a guardian must be someone who is 18 years of age or older and a legal resident or a U.S. citizen. Most often a guardian is a family member of the incapacitated person. The court may also appoint an unrelated neutral third party to act as guardian when there is no family member available. Since each incapacitated person?s needs are different, a guardian?s responsibilities are tailored to the incapacitated person?s particular needs. A guardian may be appointed as a guardian of the person, property or both. Click here to learn more about New York Guardianship.
The Two Types of New York Guardianships
There are two main types of guardianships recognized in New York- Guardianship under MHL Article 81 and a guardianship under Article 17-A of the Surrogate Court Procedure Act. An Article 81 guardianship is used mostly for elderly persons or persons who have suffered a brain trauma or brain disease, who are mentally or physically incapacitated. An article 17-A guardianship is used for the care of a minor child or a disabled child. The guardian?s responsibilities vary depending on the person?s individual needs and requirements. The court will issue a Guardianship Order setting forth the guardian?s responsibilities.
Responsibilities of a New York Guardian of the Person
As a guardian of the person, you may be responsible for an incapacitated person?s:
? Safety
? Health, dental, medical needs and decisions regarding nursing and other care
? Education
? Day-to-day living needs, including grooming, bathing, feeding and household care, transportation
Responsibilities of a New York Guardian of the Property
As a guardian of the property, you may be responsible for an incapacitated person?s financial needs including:
? Banking
? Paying of bills
? Collecting of real estate rents
? Buying and selling real estate
? Buying and selling stocks and bonds
? Making repairs
? Running a business
? Filing income tax returns
? Making decisions regarding legal matters while acting as guardian ad litem and working with attorneys handling legal matters involving the incapacitated person
? Obtaining government benefits such as VA, Social Security, Medicare, Medicaid or SSI
? Submitting an Accounting to the Court
When establishing a New York guardianship, it is recommended that you seek the advice of a New York probate and estate attorney to represent you in the matter. The attorney is familiar with the New York guardianship laws and can help you with the establishment of a guardianship by preparing and filing the necessary paperwork, representing you at any court hearings and helping with other financial and tax matters.
If you wish to speak to a New York guardianship attorney, call the Law Offices of Albert Gurevich at (212) 233-1233.
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In this Friday, Aug. 10, 2012 photo, rancher Dan Bell checks out part of his property at the border fence between the United States and Mexico, in Nogales, Ariz. When Bell drives through his property, he speaks of the hurdles that the Border Patrol faces in his rolling green hills of oak and mesquite trees: The hours it takes to drive to some places, the wilderness areas that are generally off-limits to motorized vehicles, and the environmental reviews required to extend a dirt road. (AP Photo/Ross D. Franklin)
In this Friday, Aug. 10, 2012 photo, rancher Dan Bell checks out part of his property at the border fence between the United States and Mexico, in Nogales, Ariz. When Bell drives through his property, he speaks of the hurdles that the Border Patrol faces in his rolling green hills of oak and mesquite trees: The hours it takes to drive to some places, the wilderness areas that are generally off-limits to motorized vehicles, and the environmental reviews required to extend a dirt road. (AP Photo/Ross D. Franklin)
In this Friday, Aug. 10, 2012 photo, rancher Dan Bell, who owns a 35,000-acre cattle ranch along the border between the United States and Mexico, drives around as he checks out part of his property, in Nogales, Ariz. When Bell drives through his ranch, he speaks of the hurdles that the Border Patrol faces in his rolling green hills of oak and mesquite trees: The hours it takes to drive to some places, the wilderness areas that are generally off-limits to motorized vehicles, and the environmental reviews required to extend a dirt road. (AP Photo/Ross D. Franklin)
In this Friday, Aug. 10, 2012 photo, rancher Dan Bell, who owns a 35,000-acre cattle ranch along the border between the United States and Mexico, checks out part of his property in Nogales, Ariz., including a watering station for his cattle, which is also user-friendly for illegal immigrants that walk his land. (AP Photo/Ross D. Franklin)
In this Friday, Aug. 10, 2012 photo, rancher Dan Bell checks out part of his property at the border fence between the United States and Mexico, in Nogales, Ariz. When Bell drives through his property, he speaks of the hurdles that the Border Patrol faces in his rolling green hills of oak and mesquite trees: The hours it takes to drive to some places, the wilderness areas that are generally off-limits to motorized vehicles, and the environmental reviews required to extend a dirt road. (AP Photo/Ross D. Franklin)
In this Friday, Aug. 10, 2012 photo, rancher Dan Bell, who owns a 35,000-acre cattle ranch along the border between the United States and Mexico, checks out part of his property where the barbed-wire fence is often damaged by illegal border crossers, in Nogales, Ariz. When Bell drives through his property, he speaks of the hurdles that the Border Patrol faces in his rolling green hills of oak and mesquite trees: The hours it takes to drive to some places, the wilderness areas that are generally off-limits to motorized vehicles, and the environmental reviews required to extend a dirt road. (AP Photo/Ross D. Franklin)
NOGALES, Ariz. (AP) ? When Dan Bell drives through his 35,000-acre cattle ranch, he speaks of the hurdles that the Border Patrol faces in his rolling green hills of oak and mesquite trees ? the hours it takes to drive to some places, the wilderness areas that are generally off-limits to motorized vehicles, the environmental reviews required to extend a dirt road.
John Ladd offers a different take from his 14,000-acre spread: the Border Patrol already has more than enough roads and its beefed-up presence has flooded his land and eroded the soil.
Their differences explain why ranchers are on opposite sides of the fence over a sweeping proposal to waive environmental reviews on federal lands within 100 miles of Mexico and Canada for the sake of border security. The Border Patrol would have a free hand to build roads, camera towers, helicopter pads and living quarters without any of the outside scrutiny that can modify or even derail plans to extend its footprint.
The U.S. House approved the bill authored by Utah Republican Rob Bishop in June. But prospects in the Democratic-controlled U.S. Senate are extremely slim and chances of President Barack Obama's signature even slimmer. Homeland Security Secretary Janet Napolitano testified in Congress this year that the bill was unnecessary and "bad policy."
Still, an idea that House Republicans kicked around for years has advanced farther in the legislative process than ever before and rekindled discussion over how to balance border security with wildlife protection.
The debate raises some of the same questions that will play out on a larger scale when Congress and the president tackle immigration reform: Is the U.S. border with Mexico secure, considered by some lawmakers to be a litmus test for granting legal residency and citizenship to millions? Has the U.S. reached a point of border security overkill?
Heightened enforcement ? along with a fewer available jobs in the U.S. and an aging population in Mexico ? has brought Border Patrol arrests to 40-year lows.
The U.S. has erected 650 miles of fences and other barriers on the Mexican border, almost all of it after a 2005 law gave the Homeland Security secretary power to waive environmental reviews. The administration of President George W. Bush exercised its waiver authority on hundreds of miles after years of court challenges and environmental reviews delayed construction on a 14-mile stretch in San Diego.
The Border Patrol, which has doubled to more than 21,000 agents since 2004, has also built 12 "forward operating bases" to increase its presence in remote areas. Instead of driving long distances from their stations every shift, agents stay at the camps for several days.
Lots more needs to be done, according to backers of Bishop's bill to rewrite rules on millions of acres of federal land managed by the Interior and Agriculture departments, including more than 800 miles bordering Mexico and 1,000 miles bordering Canada. The bill would waive reviews required under the National Environmental Policy Act, the Endangered Species Act and 14 other laws in dozens of wilderness areas, national forests and national parks.
"It's a paralyzing process now," Bell, 44, said as his GMC truck barreled down a dirt road on a 10-mile stretch of his ranch that borders Mexico. "They wanted to put this road in for a decade, probably even longer. They broke ground on it last year."
Bell, a burly, third-generation rancher who leases his land from the Agriculture Department, acknowledges there are noticeably fewer border crossers since the government built a fence on the eastern part of his ranch, near Nogales. In the ranch's west end, the Border Patrol opened one of its camps in 2005 ? a collection of shipping containers that agents use as a base while alternating 12-hour shifts.
Yet migrants continue crossing in some rugged reaches that are well outside of cellphone range. Bell says waiving environmental reviews within 100 miles of the border may be unnecessary but that a 25-mile zone would help immensely.
"There are areas where the agents can't get to," he said. "By the time they get out of the station and get to these remote areas, then hike another two or three hours just to get close to the border, they have to come back because their day is pretty much eaten up. It's really difficult when there's no access out there."
Ladd, a fourth-generation rancher whose spread near Douglas is in a flatter, more easily traveled area of mesquite-draped hills, thinks the Border Patrol has gone far enough. The agency installed four 80-foot camera towers on his land about six years ago. In 2007, it completed a fence along the 10.5 miles of his ranch that borders Mexico.
Rainfall that runs downhill from Mexico is stopped by debris caught in the mesh fence and an adjoining raised road, Ladd says. The water is diverted to other areas, causing floods and soil erosion on his property.
Ladd, 57, thinks the bill would allow the Border Patrol to "run roughshod" over ranches and farms.
"Be careful what you wish for, they're going to tear it up," Ladd tells other ranchers. "Once they get in, it pretty well turns into a parking lot. It's really hard to get them out."
Ladd says the 37 miles of roads on his ranch are enough for the Border Patrol's needs. "Why do you need new ones?" he asks.
The Interior Department raised concerns in a survey of Arizona's Cabeza Prieta National Wildlife Refuge last year that found nearly 8,000 miles of off-road vehicle trails, blaming much of it on smuggling and Border Patrol activity. It urged the Border Patrol to rely on tools like radars and cameras, which are less threatening to wildlife.
Critics of the Border Patrol's growth have long called new fences, roads and other infrastructure a threat to Sonoran pronghorn, Mexican grey wolves, jaguars and other border wildlife.
A Government Accountability Office report in 2010 offered fodder for both sides of the debate. It found Border Patrol supervisors generally felt land laws didn't hinder them on the job but that the agency sometimes encountered roadblocks. An unnamed agency took four months to review a Border Patrol request to move a camera tower in Arizona, by which time traffic had moved to another area.
Rep. Raul Grijalva, an Arizona Democrat who has led opposition to the bill that has largely split along party lines, calls the effort a disguised step toward repealing environmental laws.
"The border has become a very convenient excuse to go after laws that have been on the books for four or five decades," he said. "You plant your flag on the 100 miles (of border) and then build from there."
Bishop dismisses that criticism as a scare tactic and a "lousy argument."
"Sovereign countries control their borders. Anything that stops us from that is a violation of why we are a nation," he said.
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