Women ALIVE Ministries

CHICAGO (Dow Jones)–A closely-examined index of U.S. business activity showed the economy continued to grow in March, but at a slightly slower pace.

However, data released Thursday from the Institute for Supply Management-Chicago showed the best performance in the employment sector in a little more than 27 years and an increase in the data’s inflation indicator from an already lofty level.

ISM-Chicago’s business barometer slipped to 70.6 in March, from …

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SANTA CRUZ Relief may be on the way for homeowners in distress in Santa Cruz County, giving them an alternative to foreclosure.

The Fannie Mae Short Sale Assistance Desk is open for business, promising to speed up the time it takes to get an answer on a short sale offer. That process has been unpredictable.

Last year, short sales accounted for nearly one out of five home sales in Santa Cruz County. A short sale occurs when a lender agrees to accept less than what is owed on a property.

Hundreds of local homeowners are behind on their mortgage payments and owe more than what their home is worth due to declining property values. They are considering short sales in hopes of avoiding foreclosure.

About 20 percent of mortgage-holders in the county are underwater, according to CoreLogic, a research firm based in Santa Ana.

Successful short sales in Santa Cruz County were up from 267 in 2009 to 378 in 2010, but processing times barely improved, according to agent Mike Young of Thunderbird Real Estate in Capitola, who has handled 16 such transactions. It is still taking in excess of six months.

A lot of potential sales vanish.

Young said 329 short sale listings in 2010 expired, cancelled or were withdrawn.

Meanwhile, foreclosures have skyrocketed: 1,458 in 2009 and 1,700 in 2010. Thats where the lender sets a date to sell the property because the borrower stops making payments.

The help desk is an initiative of the California Association of Realtors and Multiple Listing Service companies such as MLSListings in Sunnyvale, which covers Santa Cruz County and is chaired by Robert Bailey of Bailey Properties in Aptos.

Most loans were sold to Fannie Mae or Freddie Mac, both government-run mortgage companies, or investors, and most have private mortgage insurance, according to Bailey.

There are different layers of approval so it takes more time, he said. The bank is the servicer but its not their money. It gets much more complicated.

The help desk will address issues such as second liens, mortgage insurance and responsiveness of loan servicers, with the goal to review the case within one week.

Participating MLS companies will provide Fannie Mae with data on property sales, which Bailey said should help lenders decide on short sale offers.

Generally a property sells with great value in a short sale than through foreclosure, he said, noting the difference can be up to 25 percent in a higher return or a lower loss.

Fannie Mae Vice President Marcel Bryar said agents are expected to work with the loan servicer first.

The assistance desk staff will help in the event the servicer has not provided an initial response within 20 days, a final property valuation within 30 days, or a final decision or specific direction to facilitate a decision within 60 days from the original offer submission date, he said.

Part of the problem has been the lack of a standard process for short sales.

Bailey said a new software program used by Bank of America has enabled his company to close short sales with that lender in 60 days.

Young sees progress with Bank of Americas new software but reports a wide variation in processing times.

He said its taken a year since the federal government created the Home Affordable Foreclosure Alternative program to see any approvals. That program was designed to standardize short sale documentation and cut processing times.

For a short sale listing in Live Oak, the lender took 45 days to evaluate and ultimately reject a client for the federal Home Affordable Foreclosure Alternative program.

He also cited a short sale listing in Carmel Valley involving Bank of America.

Once they found out the property had serious issues, they just stopped talking to us, he said. It is like we got kicked out of the express lsquo;15 items and under lane at the supermarket.

SHORT SALES GROWING

Short sales increased more than 40 percent last year in Santa Cruz County compared to the year before.

2009 Total sales Short sales

Single family 1,795 205

Condo 363 62

Total 2,158 267

2010 Total sales Short sales

Single family 1,633 277

Condo 372 101

Total 2,005 378

2011 as of March 30

Single family 361 69

Condo 72 14

Total 433 83

Source: Mike Young, Thunderbird Real Estate

FANNIE MAE SHORT SALE HELP

To be eligible for Fannie Mae short sale help desk:

Property must have a first lien owned by Fannie Mae.

Servicer must have a valid offer for the property.

Agent must be a member of California Association of Realtors and MLS.

Agent must be the listing agent and obtain a signed authorization from the homeowners.

Source: California Association of Realtors

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• TOKYO (Reuters) – Japanese business morale improved slightly in the three months to March, the Bank of Japans closely watched tankan survey showed, but the devastating earthquake earlier this month and a subsequent nuclear crisis are seen hurting…

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If you meet certain requirements, you can usually deduct certain business losses on your personal tax return.

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Kicking off its 2011 PartnerWorld Leadership Conference, IBM has announced an expanded set of incentives for business partners offering IBM-based cloud and analytics services.

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BY CHRIS DIETERICH

NEW YORK&—Heavy options activity targeted International Business Machines a day after Big Blue’s analyst meeting garnered the attention of bulls on Wall Street.

Options traders mostly targeted contracts that expire at the end of this week and the middle of March, a reflection that investors believe IBM’s recent stock run is on pace to continue, at least for several weeks.

The heavy volume came as the stock rose to a record after company executives hosted Wall Street analysts, many of whom came away with renewed optimism and raised price targets on …

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Citigroup CEO Virkam Pandit tells FOX Business Network (FBN) that the bank has absolutely turned the corner and that they are doing all the right things in executing our core strategy. Pandit also states that the biggest challenge facing Wall Street today is to make America competitive again, and that its a challenge thats been with us for the last couple of years, and its going to be with us for a little bit and were doing our part.

Excerpts from the interview are below, courtesy of Fox Business Network.

On whether Citigroup is turning a corner:

Absolutely, we made over $10 Billion last year. We repaid the government, the government made a good return on its investment. Weve been selling down our Citi holdings portfolio very fast and were now completely focused on our core operating businesses of the future.

On whether Citigroup will ever be a $10 stock again:

Well let the shareholders decided that, but Ill tell you again were doing all the right things in executing our core strategy, bringing American companies to the emerging markets, intermediating emerging market flows and so were looking forward to the future.

On whether Citigroup will ever need a bailout again:

Definitely not.

On the biggest challenges facing Wall Street banks today:

The biggest challenge for all of us is to make America competitive again and thats what were focused on. Were focused on helping American businesses by lending to them, by introducing them to foreign markets as well as for that matter helping American consumers. I think thats a challenge thats been with us for the last couple of years and its going to be with us for a little bit and were doing our part.

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ACQUISITIONS
NetApp to buy Engenio unit

NetApp Inc., a maker of data-storage products, agreed to buy the Engenio external-storage systems business of LSI Corp. for $480 million in cash.

The addition of the unit, in a transaction that should close in about 60 days, will add to NetApps net profit by the end of its fiscal second quarter in October, the Sunnyvale company said Wednesday in a statement.

NetApp, whose clients include Oracle Corp. and Bank of Tokyo-Mitsubishi UFJ Ltd., sells hardware and software that let companies more easily store, compress and access data. Its facing increasing competition from EMC Corp., International Business Machines Corp., Hewlett-Packard Co. and Dell Inc., each of which snapped up a data-storage company in the past year as they pushed further into the market.

FINANCE
Cisco sells $4 billion of bonds

Cisco Systems Inc., the worlds largest maker of networking gear, sold $4 billion of bonds in its fourth offering since going public in 1990, joining other technology companies tapping the debt market this year.

Vodafone Group PLC, the worlds biggest mobile phone operator, also issued $1.1 billion of bonds, according to data compiled by Bloomberg.

Microsoft Corp. and Juniper Networks Inc. previously sold debt in 2011. Cisco plans to use proceeds from its three-part issue for general corporate purposes, according to a statement from the San Jose company distributed Wednesday by Marketwire.

Ciscos board authorized as much as $10 billion for a stock buyback program on Nov. 18, according to a statement. The company said it had $12.7 billion in remaining repurchase authorizations on Feb. 9, when it reported second-quarter results.

CHINA
Intel, Tencent to partner on online gaming

Santa Claras Intel Corp. and Tencent Holdings Ltd. agreed to partner in the development of the online games business in China in a bid to tap demand from players in the worlds biggest Internet market.

Tencent, Chinas largest Internet company, will optimize its League of Legends title to improve the games performance on computers running an Intel chip, they said in a joint statement. The partners will also work together on marketing and promotions, the companies said after signing a memorandum of understanding in Beijing on Wednesday.

Intel, the worlds biggest chipmaker, aims to widen its lead over Advanced Micro Devices Inc. in China by boosting sales of its processors and graphics chips for personal computers in the worlds fastest-growing major economy. Tencent, based in the southern city of Shenzhen, strengthened its leadership in the Chinese online games market last year with titles such as Cross Fire and Dungeon and Fighters.

This article appeared on page D – 3 of the San#xA0;Francisco#xA0;Chronicle

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The Federal Reserve Bank of Kansas City says farmland values continued to rise during the fourth quarter because of strong demand from farmers and investors. Irrigated land increased 15 percent, dry land value grew 13 percent, and ranch land rose 9 percent, on average. The bankamp;#x92;s district covers Kansas, Nebraska, Oklahoma, Wyoming, Colorado, northern New Mexico and western Missouri.lt;/pgt;lt;pgt;lt;stronggt;lt;span class=subheadgt;Alcohol legislationlt;/spangt;lt;/stronggt;lt;/pgt;lt;pgt; A Kansas Senate committee is opening hearings on a bill allowing grocery and convenience stores to sell full-strength beer, wine and liquor. Kansas allows grocery and convenience stores to sell whatamp;#x92;s known under the law as cereal malt beverage, or beer that is 3.2 percent or less alcohol by weight. Only liquor stores can sell stronger beer, wine or liquor.lt;/pgt;lt;pgt; Backers say the measure would increase competition and generate jobs and tax revenues. Opponents contend that it would put family-owned liquor stores out of business. lt;/pgt;lt;pgt;lt;stronggt;lt;span class=subheadgt;Incentives for factorylt;/spangt;lt;/stronggt;lt;/pgt;lt;pgt;Mitsubishi Electric will receive more than $34 million in tax incentives for building a $200 million high-voltage power transformer factory expected to create 281 jobs in Memphis, Tenn., documents show. The plant, which is expected to open in 2013, is to be the largest investment for Mitsubishi Electric in the United States.lt;/pgt;lt;pgt;lt;stronggt;lt;span class=subheadgt;ING units soldlt;/spangt;lt;/stronggt;lt;/pgt;lt;pgt;Dutch bank ING NV has agreed to sell the bulk of its real estate investment management businesses for about $1.1 billion in several transactions. CB Richard Ellis Group Inc. will buy ING Real Estate Investment Management in Europe and Asia, as well as its US arm, Clarion Real Estate Securities, for $940 million.lt;/pgt;lt;pgt;lt;stronggt;lt;span class=subheadgt;Del Monte vote delayedlt;/spangt;lt;/stronggt;lt;/pgt;lt;pgt;A Delaware judge has delayed a shareholder vote on Del Monte Foods Co.amp;#x92;s planned $4 billion acquisition by a group of private equity firms and left the door open to competing bids. Vice Chancellor J. Travis Laster blasted Del Monteamp;#x92;s financial adviser, Barclays Capital, saying the investment bank misled Del Monteamp;#x92;s board and amp;#x93;secretly and selfishly manipulated the sale processamp;#x94; to obtain amp;#x93;lucrative buy-side financing fees.amp;#x94; lt;/pgt;lt;pgt;Laster temporarily halted provisions prohibiting San Francisco-based Del Monte from seeking other offers to compete with the bid from a group led by Kohlberg Kravis Roberts amp; Co. that is seeking to buy Del Monte for $4 billion in cash and assume $1.3 billion in debt.lt;/pgt;lt;pgt;lt;stronggt;lt;span class=subheadgt;Bid for Family Dollarlt;/spangt;lt;/stronggt;lt;/pgt;lt;pgt;Discount retailer Family Dollar Stores Inc. on Tuesday received a bid from investor Nelson Peltzamp;#x92;s firm to take the company private in a deal worth up to $7 billion. The Trian Fund is offering $55 to $60 per share for Family Dollar, according to a filing with the Securities and Exchange Commission. Trian owns large stakes in such businesses as Tiffanyamp;#x92;s amp; Co., HJ Heinz Co. and Wendyamp;#x92;s/Arbyamp;#x92;s Group Inc.

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As Mariner fans, I think were supposed to be excited about Tuesdays announcement that Ken Griffey Jr. will return as a special consultant for the team.

Juniors going to assist with major-league operations and player development while also being involved with marketing, broadcasting and community relations.

Its a natural next step for the future Hall of Famer to take a ceremonial job that continues an off-and-on association with the Mariners that started in 1989.

On most levels, its a great move by the organization. In the last two years of his career, Griffey was loved by teammates who missed him terribly when he retired last June. They thought so much of him that they called him June Bug, and Ill bet they were happy to hear that hes coming back in any capacity.

If Im CEO Howard Lincoln and team president Chuck Armstrong, Im having him visit the big-league clubhouse as much as possible — if for no other reason than to rekindle his friendship with Ichiro and share his smile and knowledge with the rest of his former teammates.

Then Im sending him off to the minor-league affiliates and having him talk to all of the prospects. Imagine being a Clinton LumberKing when Griffey shows up in your little Iowa town to tell you and your teammates what it means to be a Seattle Mariner. If Im one of those kids, Im intently listening to every word.

Then Im bringing Junior back to Seattle and periodically putting him in the booth with Rick Rizzs and preferably Jay Buhner so they can exchange good-natured jabs during radio broadcasts.

But before all of that happens, isnt there a little unfinished business to take care of? Or should we just completely dismiss his abrupt departure from the team last year because hes Ken Griffey Jr.?

I mean, really, how bizarre and immature was that? As much as I want to cut him slack, I cant. Ive talked to his agent, Brian Goldberg, a man I greatly respect. He has given me his take on why Junior did what he did because, as you know, Junior has never spoken about it since he hissy-fitted his way out of town.

As you may recall, Griffeys problems started with a silent bat and continued with an alleged incident in the clubhouse when he was supposedly found sleeping during a game.

Two teammates ratted Griffey out to Larry LaRue of the Tacoma News Tribune, which led to LaRues being shunned by most of the players — never mind that LaRue is a veteran journalist with impeccable credentials.

And then Mike Sweeney challenged the two teammates to identify themselves in what must have been a terrifying scene in the clubhouse, because Big Man Mike is a big tough guy, and he wanted to beat the hell out of them both. It was Sweeneys idiotic way of sticking up for June Bug.

What I would have given for those two players to stand up and beat the hell out of Big Man Mike, but unfortunately the rats remained anonymous.

Forget whether he was sleeping or not — heck, a lot of us nodded off during Mariners games last year — the bigger issue was Griffeys bat. He was averaging .184 with no home runs in 98 at-bats.

After two months, Don Wakamatsu finally benched Griffey — if Im not mistaken, managers are trying to win games, and Junior, for as great as he was, did not produce when given ample opportunity. This didnt go over well with Griffey, who decided to leave and let a younger player have his position on the team.

Without question, I probably have screwed up some of these details and left out others, like the one about Griffey feeling disrespected because Wakamatsu didnt talk to him for two weeks or something like that.

Whatever the case, to leave like he did without telling his teammates or the higher-ups, driving off in a huff, was lame by anyones standards.

Goldberg said Tuesday that Griffey didnt want to talk to his teammates until after he left because he was concerned that they would twist his arm and try to convince him to stay.

The whole thing reminded me of a kid who took his toys and went home. Regardless of any plausible explanations given now by Goldberg and later by Griffey, it struck me as a bad example of how to deal with adversity. He could have made a much more graceful departure. As it was, I didnt feel like he retired; I felt like he quit.

When Griffey comes back, I hope he holds a news conference, speaks from the heart and tells us how he really felt last June. I want Junior to explain why he left like that so we can fully embrace him again.

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