TOP

The "KIVI" real estate agency system developed by Etuovi.com the first to …

May 15
Posted by News Feed in General Real Estate

Alma Media Corporation Press release May 15, 2012 at 11:45 am (EEST)

THE “KIVI” REAL ESTATE AGENCY SYSTEM DEVELOPED BY ETUOVI.COM THE FIRST TO ENABLE DIGITAL SIGNATURES

The KIVI real estate agency system developed by the Etuovi.com online service, part of Alma Media Group, is the first such system in Finland that enables the electronic signing of real estate brokerage contracts. This new functionality is the first step towards making electronic deals in the real estate industry.

The possibility to sign contracts electronically introduces a quick and flexible option to consumers for starting to sell their homes. For estate agents, it means increased efficiency, time saving and competitive advantage. The electronic signature is implemented paying particular attention to EU’s directive on e-commerce. According to the Good Real Estate Brokerage Practice, contract details cannot be altered by either party alone after the contract has been signed.

-The signing takes place through online banking user identification. All of the parties receive the brokerage contract and its explanations appendix by email, which enables them to print out the documents or save them on their own computer. The documents, together with the verification details, are also saved in the KIVI system, says Paula Jokisalo, Business Manager responsible for Etuovi.com’s customer solutions.

The electronic signing possibility has been in use for the estate brokerage professionals using the Iso-KIVI version of the KIVI system since April. KIVI is the market leader in web-based systems for the residential housing and real estate business. The system is being used by hundreds of real estate agencies with a daily user base of approximately 1,500 agents.

A step towards electronic home sales

Electronic signing will renew the practices in the industry and bring genuine added value to brokers. This belief is shared by Pekka Ronkainen, Managing Director of Sp-Koti Oy, one of the agencies using the KIVI system:

-The electronic signature makes the start and management of the sales process easier and clearer, particularly in situations where there are several clients or people are working geographically far away from each other. The new system also modernises the real estate agent’s work; consumers are already used to providing their identification details electronically. I believe electronic services will have an increasingly significant role in the real estate business in the future.

Markku Tahvanainen, Development Director in charge of the eServices for Housing and Building project at the Finnish Ministry of the Environment, emphasises that electronic transactions are part of people’s day-to-day lives, and more opportunities are opening up in more and more areas of everyday life.

-The electronic signature that is now being made possible is one example of this development. I believe that in future, property and housing company shares will be sold and bought electronically. Electronic property sales is already under development, and according to the National Land Survey of Finland, the first electronic property transaction might be made as early as 2015.

For more information, please contact:

Paula Jokisalo
Business Manager, Etuovi.com Customer Solutions
Alma Mediapartners Oy
tel. +358 40 773 4644
paula.jokisalo@almamedia.fi

Heikki Huttunen
Business Director, Housing
Alma Mediapartners Oy
tel. +358 40 700 4739
heikki.huttunen@almamedia.fi


Etuovi.com in brief

Etuovi.com is a leading residential housing marketplace in Finland. The business of the Etuovi.com service comprises a nationwide online service for home and real estate sales, a special home sales publication and other real estate brokerage media and tools. The Etuovi.com online service has approximately 350,000 unique weekly visitors. Together with the Vuokraovi.com online service focusing on home rental, Etuovi.com reaches approximately 400,000 unique weekly visitors. Real estate brokerage systems developed by Etuovi.com have approximately 2,000 users. Etuovi.com is part of Alma Mediapartners Oy, a company in which Alma Media Corporation has a 65% share and Arena Partners Oy, a development company of several newspapers operating in Central Finland, a 35% share. www.etuovi.com

Alma Media in brief

Alma Media is a dynamic media company whose best-known products are the Aamulehti, Iltalehti, Kauppalehti and Etuovi.com. Alma Media employs approximately 3,000 professionals. The company’s revenue in 2011 totalled MEUR 316.2 with an operating margin of 13.3 per cent. Alma Media’s share (ALN1V) is listed in the Mid Cap segment of the NASDAQ OMX Helsinki. Read more: www.almamedia.com.


This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Alma Media Oyj via Thomson Reuters ONE

Article source: http://www.reuters.com/article/2012/05/15/idUS95789+15-May-2012+HUG20120515

Read More
Tags:
Comments Off
TOP

TEXT-Fitch affirms Real Estate Capital Foundation notes

May 15
Posted by News Feed in General Real Estate


Tue May 15, 2012 12:38pm EDT

(The following statement was released by the rating agency)

May 15 – Fitch Ratings has affirmed Real Estate Capital
(Foundation) Limited’s GBP163.5m class A CMBS notes (XS0210882428) at ‘AAAsf’
with a Stable Outlook.

The affirmation reflects the improvement in the transaction’s underlying
performance. Since the last rating action in May 2011, there has been a GBP10m
partial prepayment of the loan and concomitant repayment of the notes. This was
paid from cash held in account, the balance of which has reduced to GBP12.5m
from GBP23.1m in the last year.

Over the last year, net income has increased by GBP1.1m to GBP24.7m, which in
conjunction with the loan paydown has seen debt service coverage rise to 2.4x
from 2.1x, whilst the sale of the All Saints, West Bromwich property is
responsible for the market value falling to GBP328.7m.

The transaction is structured with two swaps. One covers a current notional
balance of GBP52.5m and expires at loan maturity in 2014. The other covers the
remaining GBP111m (equal to the reserve note issuance in June 2007), which
expires two years after loan maturity in July 2016. As prevailing swap rates
have fallen since 2007, the mark-to-market will be in favour of the
counterparty, and unless reversed would represent a borrower liability ranking
ahead of the loan. If prevailing swap rates remain broadly static, this
additional liability is estimated to add GBP10m to borrower indebtedness.

With this estimated swap liability, Fitch calculates an exit-debt-yield of
14.3%, assuming cash held on account is used to pay down debt. Despite a high
level of property flexibility, Fitch notes that the borrower is unable to
release collateral while the LTV exceeds 35%, which is not considered attainable
without a credit-enhancing injection of equity. As such, the high debt yield
will support refinancing at loan maturity in July 2014, even under conditions of
significant additional financial stress. Alongside the three-year tail period,
the fundamental strength of the loan supports a ‘AAAsf’ rating.

Real Estate Capital (Foundation) Limited is a securitisation of a single
commercial mortgage loan that closed in March 2005. The loan is currently
secured over a portfolio of 58 properties located throughout the UK. By market
value, the use types are office (48%), retail (26%), industrial (24%) and other
(2%). The transaction allows for 100% substitution throughout the life of the
loan, albeit governed by criteria.

At closing, the total debt was GBP152.5m. Subsequently, in June 2007, GBP111.0m
of reserve notes were issued, taking the balance to GBP263.5m. In October 2008,
GBP50.0m was prepaid along with a further GBP40.0m in January 2010, which along
with the most recent paydown brings the balance to its current GBP163.5m.

Fitch will continue to monitor the performance of the transaction. A performance
report will be published shortly on www.fitchratings.com.

(Reporting By Hilary Russ)

Article source: http://www.reuters.com/article/2012/05/15/idUSWNA728920120515

Read More
Tags:
Comments Off
TOP

Brown Turns to One-Time Fixes to Help Close Budget Gap

May 15
Posted by News Feed in Economy

California Governor Jerry Brown’s
plan to erase the largest state deficit in the U.S. may not be
what he had in mind when he returned to office 16 months ago.

Brown, a Democrat who served two terms as governor from
1975 to 1983, pledged an austerity budget free from gimmicks. In
June, he vetoed a spending plan in part because it used one-time
accounting maneuvers.

Now confronting a $15.7 billion deficit, Brown said an
interim fix such as a 5 percent cut in state worker pay is a
legitimate way to avoid slicing deeper into social safety nets.
The governor also wants voters to temporarily approve higher
income taxes on top earners, to the highest in the U.S., and
raising the biggest state sales levy.

“California has been living beyond its means,” Brown told
reporters in Sacramento yesterday. “The United States of
America and its federal government is living beyond its means. A
lot of corporations have. A lot of people spend more money than
they take in. Well, there has to be a balance and a day of
reckoning.”

Brown set out a revised spending plan yesterday for the
fiscal year that begins July 1, calling for more than $3 billion
in reductions to medical care for the poor, welfare, in-home
services for the disabled and childcare subsidies.

He warned that another $6 billion in cuts, mostly to
schools, would be imposed midway through the year if voters
refuse to increase income and sales taxes.

Spending Grows

Even with those reductions, the governor’s budget would
increase state spending by 5.6 percent to $91.4 billion next
year from $86.5 billion this year.

Brown said the deficit swelled from $9.2 billion in January
because he overestimated tax collections, while spending rose
above projections. At the same time, the federal government and
courts blocked him from implementing some cost-saving measures
to health and welfare programs, he said.

To reduce the deficit without cutting spending further, his
budget includes accounting moves such as taking $292 million
from California’s share of a $25 billion national mortgage-
relief settlement over abusive foreclosure practices stemming
from the housing collapse.

He would use about $200 million of that money to make debt-
service payments on housing bonds, currently financed through
the general fund. He also wants to siphon $300 million from
local court reserve funds and $240 million from court
construction funds to pay the state’s subsidy for trial courts.

“It’s perfectly legitimate to solve a one-time deficit
with one-time revenues,” Brown said in a briefing for reporters
in Los Angeles. “The real issue to watch here is ongoing cuts.
We’re going to get those.”

38-Hour Week

Brown wants most of the state’s 214,000 public employees to
switch to a four day, 38-hour work week next year, to save about
$400 million. The reduction from a 40-hour week would require
approval by labor unions. It wouldn’t affect employee pensions,
which are tied to base wages rather than take-home pay. Brown
said his own salary would be reduced 5 percent.

“The thing everyone gets in exchange is that the state
stays afloat and they get to continue working,” said Marty Morgenstern, Brown’s secretary of the California Labor
Workforce Development Agency. “It’s a crisis situation.”

School spending would increase as required by law, though
by $1.5 billion less than previously planned. Brown also plans
to take $1.4 billion of the cash assets from the state’s now-
defunct redevelopment agencies and give it to schools to reduce
the state’s obligation to fund education by that amount.

Income, Sales Taxes

California, with the world’s ninth-biggest economy, lost
more than 1 million jobs in the recession that started in 2007,
reducing the most populous U.S. state’s revenue by 24 percent.
For the past four years, California lawmakers have trimmed
spending and temporarily raised taxes to combat deficits of more
than $100 billion combined.

Even before yesterday’s budget revision, California’s 2013
deficit was the largest in the U.S., according to a March 21
report by the Washington-based Center on Budget and Policy
Priorities.

Brown is asking voters in November to temporarily raise the
statewide sales tax, already the highest in the U.S., to 7.5
percent from 7.25 percent. It would also boost rates on income
starting at $250,000. Those making $1 million or more, now taxed
at 10.3 percent, would pay 13.3 percent, the most of any state.

“I don’t like to tax anybody, but you’ve got to go where
the money is,” Brown said.

Poll Support

In the latest independent poll of Brown’s tax plan, the
Public Policy Institute of California (85265MF) showed in April that 54
percent of likely voters expressed support when read the ballot
title and a brief summary. Thirty-nine percent said they would
vote against Brown’s plan.

Brown’s bid to raise income taxes on the wealthiest
Californians drew support from 65 percent of likely voters,
whereas his proposal to raise sales taxes was opposed by 52
percent, the poll found.

Brown acknowledged that more than 65 percent of the growth
in the deficit was caused by his overly optimistic projection of
how much the state would collect in taxes.

He told reporters yesterday in Sacramento when asked about
that miscalculation that even JPMorgan Chase Co. (JPM) (JPM)’s chief
executive officer, Jamie Dimon, can fall victim to the whim of
the capital markets.

‘Stuff Moves’

“You never can quite get it right because in our
particular free-enterprise system — a free flow of capital –
stuff moves and it goes up and down,” the governor said. “Even
Jamie Dimon just blew $2 billion. That’s a big risk. We all have
to live with the uncertainties of the business cycle, but we do
our best.”

Brown was asked if the miscalculation should cost him his
job, as some advocate for Dimon.

“Totally different,” he said. “One is a loss of actual
money. The other is coming out inaccurate on the prediction you
made.”

Brown’s critics who oppose his tax-increase initiative
seized on the fact that Brown was off by more than $6 billion
from his January estimate.

“There’s a fine line between being a ‘buoyant optimist’
and just plain delusional,” said Jon Coupal, president of the
Howard Jarvis Taxpayers Association, which in 1978 sponsored
Proposition 13, California’s property-tax limit.

The state’s sinking finances may threaten its chances for a
higher credit grade. California is Standard Poor’s lowest-
rated state, at A-, six levels below AAA. While the company
raised its outlook to positive in February, a larger deficit
will “test the Legislature’s commitment to a stronger fiscal
position as a public-policy priority,” Gabriel Petek, an SP
analyst in San Francisco, said May 1 in a report.

To contact the reporters on this story:
Michael B. Marois in Sacramento at
mmarois@bloomberg.net;
James Nash in Los Angeles at
jnash24@bloomberg.net

To contact the editor responsible for this story:
Stephen Merelman at
smerelman@bloomberg.net

Article source: http://www.businessweek.com/news/2012-05-15/brown-turns-to-one-time-fixes-to-help-close-budget-gap

Read More
Tags: , , ,
Comments Off
TOP

Airport inaugurates new service to assist with security clearances

May 15
Posted by News Feed in Economy

SACRAMENTO, Calif., May 15, 2012 (BUSINESS WIRE) –
The Sacramento County Airport System has launched a new designated
aviation channeler service to make security badge processing faster
and more efficient for employees and business partners.

Speedy, effective processing of security clearances is critically
important to the aviation industry. A designated aviation channeler
collects fingerprints and other records to send to the Transportation
Security Administration for approval.

Telos(R) Identity Management Solutions, LLC (Telos ID) is the first
designated aviation channeler to start services under an agreement
issued last year by the TSA. Previously, the TSA had allowed only one
designated channeler service to provide services to airports.

Sacramento International Airport is the first airport in the U.S. to use
an alternative aviation channeler service.

Telos ID will support fingerprint-based criminal history records checks
and security threat assessments for all Sacramento County Airport System
employees and tenants who require security clearances, including baggage
handlers, ground maintenance workers, contractors, and restaurant and
retail employees who work at Sacramento International Airport.

The Sacramento County Airport System processes more than 3,500 badge
requests or badge renewals each year.

Telos ID was selected after a competitive bidding process that took into
account operational improvements and cost. Telos ID’s web-based solution
simplifies the fingerprinting process and reduces the amount of time
needed for each submission.

“Telos ID is helping us offer better customer service to airport
employees and business partners who need to work on the secure side of
the airport,” said G. Hardy Acree, director of airports for the
Sacramento County Airport System. “We are proud that Sacramento
International Airport is the first airport in the U.S. to implement a
competitive choice in channeling services.”

“We’re excited to provide Sacramento Airport a cost-effective,
integrated, high-bandwidth solution,” said Mark Griffin, president of
Telos ID. “It is designed to support both current and future
requirements while maximizing the use of existing facilities and
equipment.”

Telos Identity Management Solutions, LLC (Telos ID) is among the world’s
leading providers of identity protection and management solutions to the
U.S. Department of Defense, the federal government’s National Security
community, and commercial enterprises. Telos ID solutions and services
offer control of physical access to military bases, office buildings,
disaster sites, workstations and other facilities, as well as control of
logical access to databases, host systems and other IT resources. Telos
Corporation holds a controlling interest in Telos ID. For more
information, please visit
www.TelosID.com .

Sacramento County Airport System is responsible for planning,
developing, operating and maintaining the county’s four airports:
Sacramento International Airport, Executive Airport, Mather Airport and
Franklin Field. The economic impact of the Sacramento County Airport
System is more than $4 billion annually. For more information, visit
www.sacramento.aero .

Photos/Multimedia Gallery Available:

http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50278867lang=en

SOURCE: Telos Identity Management Solutions, LLC and Sacramento County Airport System


        Telos Identity Management Solutions, LLC
        Renate Neely
        Marketing Director
        703-724-3780
        renate.neely@telos.com
        or
        Sacramento County Airport System
        Laurie Slothower
        Communication  Media Officer
        916-874-0900
        Air-Media@saccounty.net

Copyright Business Wire 2012

Article source: http://www.marketwatch.com/story/airport-inaugurates-new-service-to-assist-with-security-clearances-2012-05-15

Read More
Tags: , , ,
Comments Off
TOP

Sun West Mortgage Company Partners with EGIA to Introduce the FHA PowerSaver …

May 15
Posted by News Feed in Mortgages

SACRAMENTO, Calif., May 15, 2012 (BUSINESS WIRE) –
Sun West Mortgage Company (Sun West) has teamed with the Electric Gas
Industries Association (EGIA) to offer homeowners’ access to the new
Federal Housing Administration (FHA) sponsored PowerSaver Loan Program.
Sun West is now accepting applications over the phone at (866) 7403677
or on the web at
www.powersaverloan.com .

PowerSaver has been designed to assist homeowners by giving them a
powerful tool to accelerate investment in home energy efficiency
upgrades and realize substantial ongoing energy savings. Qualified
homeowners may borrow up to $25,000 to make energy-efficient and
renewable energy improvements to their primary residence. The allowable
improvements include the installation of insulation, duct sealing,
replacement doors and windows, central heating and cooling systems,
water heaters, solar panels, and geothermal heat pumps. Coupled with
competitive interest rates, PowerSaver offers finance terms of up to 15
years for qualified energy efficiency home improvements and up to 20
years for renewable energy improvements.

This national loan program is backed by FHA and is sold on the secondary
market. It, therefore, has funding that is not dependent on local
utility or government programs. As an added incentive, Sun West Mortgage
is offering borrowers no closing costs for approximately the first one
thousand loans (or until funds are expended) through a grant provided by
the U.S. Department of Housing and Urban Development (HUD).

The PowerSaver Loan program is designed to complement other utility and
government sponsored home energy incentives. For example, many
California homeowners are already eligible to receive up to $4,000 in
rebates for some of the same home energy improvements through Energy
Upgrade California
www.energyupgradeca.org .
Homeowners can now take advantage of both the California rebates and
special PowerSaver financing for eligible home energy improvements. EGIA
is providing streamlined enrollment to Energy Upgrade
California-qualified contractors to become EGIA GEOSmart
Authorized Contractors eligible to install PowerSaver financed
improvements.

Sun West Mortgage Company is approved by the U.S. Department of Housing
and Urban Development (HUD) as well as by Fannie Mae and Freddie Mac.
Sun West is one of a select group of lenders in the country offering
this program. “We are proud of the fact that FHA has chosen us to pilot
the PowerSaver program,” said Pavan Agarwal, CEO of Sun West Mortgage
Company. “The PowerSaver is in line with our commitment to write
affordable loans that benefit our customers and our community.”

Under its partnership with Sun West, EGIA’s function is to enroll and
screen the home improvement contractors to be sure there are properly
licensed, insured and follow national installation standards. EGIA also
reviews each contractor’s proposal to be sure the improvements meet
federal energy efficiency and renewable energy standards.

“Sun West Mortgage’s expertise as a national lender of government-backed
mortgages, along with EGIA’s experience as a national contractor
membership organization that also works closely with utility, government
and manufacturers, is a perfect fit for consumers considering energy
efficiency upgrades,” said Bruce Matulich, CEO of EGIA. “We look forward
to growing our partnership beyond California and to other programs aimed
at making home energy improvements more affordable.”

About Electric Gas Industries Association

The Electric Gas Industries Association (EGIA) is a nationwide
non-profit organization that provides member contractors and
organizations focused on delivering energy and water efficiency and
renewable energy solutions with the knowledge, tools, training and
networking that accelerate their business growth and profitability. EGIA
also supports utilities and government in achieving their goals related
to the development of sustainable markets for energy efficiency and
renewable energy products and services. To learn more about EGIA, visit
www.EGIA.org
.

About Sun West Mortgage Company, Inc.

Sun West Mortgage Company Inc., is a nationwide, FHA, VA, USDA, Freddie
Mac, Fannie Mae and Ginnie Mae approved full-service mortgage banker.
Sun West has been serving its nationwide client base since 1980. Its
diversified loan programs include FHA Reverse Mortgages, FHA Single
Family, HUD Multifamily, VA, Conventional and Home Equity mortgages. Sun
West is one of the few direct lenders to provide in-house underwriting,
funding, and servicing. As a national lender, Sun West is dedicated to
offering exceptional customer service coupled with integrity,
reliability, strength and stability.

Learn more about:

The PowerSaver Loan Program at
www.powersaverloan.com

Sun West Mortgage Company, Inc. at
www.swmc.com

SOURCE: Electric Gas Industries Association


        EGIA
        Ed Thomas, 970-209-8347
        ethomas@egia.org
        or
        Sun West Mortgage Company
        Sean Marsh, 562-293-2046
        sean.marsh@swmc.com

Copyright Business Wire 2012

Article source: http://www.marketwatch.com/story/sun-west-mortgage-company-partners-with-egia-to-introduce-the-fha-powersaver-loan-program-2012-05-15

Read More
Tags: , , , ,
Comments Off
TOP

MVB Bank’s First Quarter Earnings Rise by 29.3% On Strong Commercial and …

May 15
Posted by News Feed in Mortgages

FAIRMONT, W.Va., May 15, 2012 /PRNewswire via COMTEX/ –
MVB Financial Corp., and its bank holding company MVB Bank, Inc.


/quotes/zigman/343206/quotes/nls/mvbf MVBF
+1.99%



, today announced its quarterly results for the period ending March 31, 2012. First quarter 2012 net income of $861,000 increased by 29.3% compared to the first quarter of 2011.

MVB’s net interest income was $4.2 million for the first quarter of 2012, an increase of $1 million or 32.8% from the same time period in 2011 resulting, in part, from strong commercial and mortgage loan demand.

Deposits grew by $89.1 million, or 25.4%, to $440 million by the end of the first quarter 2012 compared to the first quarter of 2011. Given the significant gain in deposits, interest expense only increased by $13,000 to $1.217 million in the first quarter of 2012. Total interest income in the first quarter 2012 was $5.379 million, an increase of $1.04 million, or 24% compared to the first quarter of 2011 due primarily to continued growth in loan volume.

“Our first quarter results reflect continued positive growth for both commercial and mortgage lending in each of our geographic markets,” said Larry F. Mazza, CEO of MVB Financial Corp. “Despite the prolonged economic recovery, MVB Bank outperformed its own results from a year ago with significant increases in loan, asset and deposit growth, along with solid earnings, setting us apart from most community banks in the country,” said Mazza.

“MVB’s positive results continue even as we invest in market expansion, diversify our product portfolio, develop new facilities and create more jobs in West Virginia. While most banks are still in recovery mode, they’re getting back ‘in the market’ pursuing significant increases in high quality loan volumes. To our credit, MVB never got ‘out of the market’ and stayed in it during the financial downturn by providing high quality loans to clients we know and trust, and who know and trust us,” added Mazza.

Operating Performance Spurred by Strong Lending

MVB’s high quality loan portfolio continues to drive the bank’s asset growth with a 31% increase, or $4.8 million addition in both commercial and mortgage lending during the first quarter of 2012, compared to 2011.

“All of our financial indicators for growth are heading in the right direction. We are adding many new clients who value the expertise of the commercial and mortgage lending team’s local expertise to help them with some of their most important assets — their businesses and homes,” noted Mazza.

Total capital increased by $10.7 million, or 28.2%, over the same quarter last year driven by higher earnings for 2011 and the addition of $8.5 million in Small Business Lending Fund (SBLF) capital.

“I’m pleased to report that MVB Bank was recently named among the top-tier banks in the country and the number one bank in West Virginia offering small business loans through the government’s Small Business Lending Fund. As a community-focused bank, we continue to reach out to veterans as well as women or minority-owned small businesses in West Virginia to assist those who qualify within our lending standards,” added Mazza.

MVB’s Board of Directors declared a $ 0.07 per share semi-annual cash dividend, a 40% increase, for shareholders of record as of May 31, 2012, payable June 15, 2012. The move to a twice a year dividend payment is aligned with the goal for shareholders to continue investing in MVB’s future growth. Further, it is a strong indicator of the Board’s confidence in MVB’s growth prospects.

Looking Ahead: Managing Growth in a More Competitive Environment

Commenting on MVB’s outlook for the current quarter, Mazza stated, “We remain focused on sustaining our track record of growth while managing in what we anticipate to be a more competitive environment in this economic recovery. We are committed to organic expansion in the markets we already serve with competitive products and services as well as new branch locations. Our plans include an active search for acquisitions in our geographic footprint that create shareholder value.

“MVB Bank has long been a leader in reward checking and savings accounts. Launched in March, our Kasasa Cash® and Kasasa Saver® accounts are poised to take full advantage of a national initiative to show the value of consumer-friendly products and relationships with community banks. Early results show that we are gaining new clients from other financial institutions because Kasasa accounts have no monthly service fees while offering consumers high interest and rewards.

“Our entire team is focused on meeting or exceeding revenue targets and reducing risk by diversifying and growing our earnings stream. As we grow, we are constantly seeking opportunities for operational efficiencies in an effort to increase value to our shareholders.”

About MVB Financial Corp.

MVB Bank, Inc. is a wholly-owned subsidiary of MVB Financial Corp, with locations in Marion, Monongalia and Harrison counties in North Central West Virginia, and Berkeley and Jefferson Counties in the Eastern Panhandle of West Virginia. For additional information visit MVB’s investor relations webpage at ir.mvbbanking.com.

SOURCE MVB Financial Corp.

Copyright (C) 2012 PR Newswire. All rights reserved

/quotes/zigman/343206/quotes/nls/mvbf




add Add to portfolio

MVBF

loading...

Article source: http://www.marketwatch.com/story/mvb-banks-first-quarter-earnings-rise-by-293-on-strong-commercial-and-mortgage-loan-demand-2012-05-15

Read More
Tags: , , , ,
Comments Off
TOP

Downtown Sacramento apartment complex is sold

May 15
Posted by News Feed in Local Real Estate

Downtown Sacramento apartment complex is sold

SACRAMENTO

May 15, 2012
5:33am

•  Kennedy Wilson and partners buy Capitol Towers for $64 Million

•  ‘The Capitol Towers acquisition is an exciting play on the Sacramento CBD market’

Real estate investment firm Kennedy Wilson (NYSE: KW) of Beverly Hills says it has purchased Capitol Towers, a 409-unit apartment community in downtown Sacramento.

The selling price was $64 million, with $50 million in financing from HFF/Freddie Mac at 3.51 percent, fixed for seven years. Kennedy Wilson will invest 50 percent of the equity in the deal. The other investors were not revealed.

The acquisition increases the company’s multifamily portfolio to ownership interests in 13,876 units, including deals currently under contract.

“The Capitol Towers acquisition is an exciting play on the Sacramento CBD market,” says Robert Hart, president of KW Multifamily Management Group. “The community is just a few short blocks from the Capitol Mall, the State Capitol and the light rail station, exemplifying Kennedy Wilson’s pursuit of higher density infill projects near a major transportation hub and job center that supports 100,000 office and government workers.”

According to Meyers Research, market rents for Sacramento MSA increased 2.2 percent in 2011 and continued to improve by 1.0 percent in the first quarter of 2012. Additionally, Reis Inc. predicts a four-year cumulative rent growth of 32 percent for the MSA, says Kennedy Wilson.

Capitol Towers encompasses a four-block area with 203 units in one 15-story tower and 206 villa units surrounding the tower. The villa portion is zoned for up to 1,290 units and the tower features six ground-floor retail units, providing residents with amenities that include groceries, dry cleaning and other services. Additionally, a light rail stop is adjacent to the property.

Kennedy Wilson plans to renovate the existing units with new kitchen cabinetry as well as other treatments and further enhance the project’s fitness center, leasing office and retail amenities.

Article source: http://www.centralvalleybusinesstimes.com/stories/001/?ID=21055

Read More
Tags: , , , ,
Comments Off
TOP

Realtors travel to Sacramento to meet with legislators

May 15
Posted by News Feed in Local Real Estate

Members of the Silicon Valley Association of Realtors were part of a 2,000-plus delegation from across California in Sacramento on May 2 for the California Association of Realtors 2012 Legislative Day. They met with their elected representatives and discussed how certain bills and policies affect homeowners, home buyers and the industry.

Special guest Gov. Jerry Brown spoke during the morning. He acknowledged the beleaguered economy and said if his new tax plan on the November ballot is not passed, more cuts will have to be made.

“We need to get the will to make the cuts,” said Brown. “Unless we get to make big unpleasant cuts, we are not going to balance the budget.”

SILVAR members met with Assembly members Paul Fong (Dist. 22), Richard Gordon (Dist. 21), Jim Beall (Dist. 24), state Sen. Sam Blakeslee (Dist. 15) and staff of Senators Elaine Alquist (Dist. 13) and Joe Simitian (Dist. 11). They discussed:

• AB 1745 (Torres), a bill the state group is sponsoring that prevents “dual tracking,” the practice by lenders to foreclose on a property even after they approved a short sale.

• Realtors oppose several foreclosure reform bills introduced as a package and sponsored by the state attorney general. The package, which includes some bills never voted on in committee, has bypassed further committee hearings and gone straight to a conference committee. Realtors oppose provisions in these measures that

will: 1) force those filing a Notice of Default to certify the chain of title of the note and mortgage or deed of trust; 2) create a very broad definition of a “robo-signed document” and impose civil penalties for recording that document; and 3) permanently establish a 90-day notice to vacate foreclosed properties.

Realtors specifically oppose AB 2425 and SB 1471, which seek to impose a version of the state of Nevada’s robo-signing prohibition. The “Nevada Approach” broadly defines a robo-signed foreclosure document to include any document with any error, intentional or not; imposes a fine of up to $10,000 for recording a robo-signed document; and requires a servicer filing an NOD to personally certify the chain of mortgage ownership. This has prompted lenders to opt for judicial foreclosures instead of trustee sales, which slow the process.

Realtors also oppose AB2610 (Skinner) and SB 1473 (Hancock), which seek to lock into California law part, not all, of the federal “Protecting Tenants at Foreclosure Act,” pre-empting existing state law and extending the tenant eviction requirement to 90 days. While federal law contains a sunset provision and requirement of a “bona fide” tenancy, AB2610 and SB1473 do not contain these safeguards. A borrower, knowing the loss of property is imminent, could recruit a “renter” to prevent the new owner from taking possession for 90 days or the duration of the lease with the “renter.”

“We are by no means out of the woods yet until the foreclosure market is addressed. We have to agree on things we can change and agree on the problems,” said Blakeslee, whose district covers a small area in the southern edge of Santa Clara County, including the cities of Saratoga, Los Gatos and Morgan Hill, as well as a portion of San Jose. “There is a strong disinterest by the public. People don’t want to understand it. They just want it fixed.”

Realtors make up one of the largest groups that meet with legislators every year and discuss important issues concerning their industry. The region’s legislators thanked the visitors for meeting with them.

“Your presence is important here. We respond to people who talk to us. If you don’t talk to us, we haven’t heard the story,” said Gordon, whose district includes Los Gatos.

Information in this column is presented by the Silicon Valley Association of Realtors at www.silvar.org. Send questions to rmeily@silvar.org.

Article source: http://www.mercurynews.com/saratoga/ci_20623627/realtors-travel-sacramento-meet-legislators

Read More
Tags: , , , ,
Comments Off
TOP

Realtors(R) Ready to Drive Real Estate Issues Home in Nation’s Capital

May 15
Posted by News Feed in General Real Estate

WASHINGTON, DC, May 14, 2012 (MARKETWIRE via COMTEX) –
Realtors(R) from across the country are meeting with legislators,
public policy makers and industry leaders this week to address
pressing concerns and issues that affect homeowners, aspiring
homeowners and real estate investors everywhere as the Realtors(R)
Midyear Legislative Meetings Trade Expo begins.

“As leading advocates for homeownership, housing issues and private
property rights, Realtors(R) come to Washington this week ready to
engage on a number of pressing issues,” said National Association of
Realtors(R) President Moe Veissi, broker-owner of Veissi Associates
Inc., in Miami. “Both residential and commercial real estate play
important roles in our families, our communities, and our nation’s
economy, and Realtors(R) want to ensure a bright future for our
industry and our country.”

More than 9,000 Realtors(R) and guests are expected to attend the
meetings, which run here through May 19. During the week, Realtors(R)
will meet with legislators on Capitol Hill to urge action toward
ensuring access to affordable financing, streamlining short sales,
engaging in comprehensive secondary mortgage market reform,
bolstering liquidity in the commercial and multifamily real estate
market, and preserving the tax benefits associated with
homeownership.

In addition, Realtors(R) are urging members of Congress to
reauthorize the National Flood Insurance Program, which is currently
set to expire on May 31. Millions of American taxpayers rely on the
NFIP for flood protection, and NAR estimates that if the current
extension is allowed to expire, 1,300 home sales will be at risk
every day that the program is not in place.

Realtors(R) will also participate in sessions with a number of
government officials and industry experts, including representatives
from the Federal Housing Administration, Federal Housing Finance
Agency, Federal Reserve Board, Mortgage Bankers Association of
America, National Economic Council, and the U.S. Treasury.

One of the highlights of this year’s meeting will be a Rally to
Protect the American Dream on Thursday, May 17. Approximately 10,000
Realtors(R) are expected to convene on the grounds of the Washington
Monument from 9:30-11 a.m. to highlight the important role housing
plays in the economic recovery. Many Realtors(R) will travel by bus
from as far away as Florida, Maine, and North Dakota just to
participate in the event.

“We need to keep housing and real estate first on the nation’s public
policy agenda, because these issues affect all Americans,” said
Veissi. “Realtors(R) are committed to working with members of
Congress, regulators and industry leaders to ensure public policies
and industry practices that promote responsible, sustainable
homeownership and encourage real estate investment. We want to make
sure that our country’s leaders, now and into the future, understand
the vital role that real estate plays in both the long- and
short-term health of this nation.”

For more information about the Realtors(R) Midyear Legislative
Meetings Trade Expo, visit

www.realtor.org/midyear.nsf/pages/homepage .

The National Association of Realtors(R), “The Voice for Real Estate,”
is America’s largest trade association, representing 1 million
members involved in all aspects of the residential and commercial
real estate industries.

Information about NAR is available at
www.realtor.org . News releases
are posted in the website’s “News and Commentary” tab.


        For further information contact:
        Stephanie Singer
        202-383-1050
        Email Contact

SOURCE: National Association of Realtors


http://www2.marketwire.com/mw/emailprcntct?id=5C518A50C2FD366F

Copyright 2012 Marketwire, Inc., All rights reserved.

Article source: http://www.marketwatch.com/story/realtorsr-ready-to-drive-real-estate-issues-home-in-nations-capital-2012-05-14

Read More
Tags:
Comments Off
TOP

Boston swaps real estate in North End to expand Eliot school

May 15
Posted by News Feed in General Real Estate

By Andrew Ryan, Globe Staff

The City of Boston agreed today to a real estate swap in the North End that will allow a popular public grammar school to potentially double in size.

The $11.35 million deal will give the Eliot K-8 School a second campus with four buildings on North Bennet and Tileston streets. While it will take a few years to renovate the buildings, the extra space will be a boon to the Eliot, a school with an enrollment of 322 students that has a wait list of 295.

The partner in the land deal is the North Bennet Street School, a private vocational institution where students learn to make fine furniture and musical instruments. The North Bennet Street School has acquired the city’s defunct printing plant at the corner of North and Richmond streets. The North Bennet Street School will pay $4.6 million in cash and give the city its four buildings, which have been appraised at $6.71 million.

In a statement outlining the deal, Mayor Thomas M. Menino described the Eliot as a “true gem.�

“Parents have urged us to expand this small, successful school,� Menino said in the statement. “Expanding the program helps us deliver on our promise to provide quality educational choices in every part of Boston and connect schools with the communities they support.�

The four buildings — 37-39 North Bennet St. and 48-52 Tileston St. in the North End — are a short distance from the Eliot K-8 School.

One North End parent, Jennifer McGivern, greeted the news with enthusiasm. McGivern’s 5-year-old is in kindergarten at the Eliot, and she hopes her 3-year-old sibling will be able to join her.

“It shows that the city of Boston is a place where families can stay and can raise their children,� said McGivern, 37. “It gives hope that it is a priority.�

Andrew Ryan can be reached at acryan@globe.com Follow him on Twitter @globeandrewryan.

Article source: http://www.boston.com/metrodesk/2012/05/14/boston-swaps-real-estate-north-end-expand-eliot-school/O4oZ0yBHUJJ41yfstKd7YO/story.html

Read More
Tags:
Comments Off