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Kit Menkin's Leasing News www.leasingnews.org Wednesday, June 19, 2002 Accurate, fair and unbiased news for the equipment Leasing Industry ------------------------------------------------------------------------------------- Commercial Leasing of Louisiana---Kelly Hebert Leap in US housing starts boosts economic confidence Tyco Summer--A fish slips through the gill net Home equity loans fuel spending boom Bank of America sees profit in new branches Declare Your Independence With Alaska Airlines' 4th of July Sale Bad news form Apple, AMD and Ciena prompts more selling Senate committee votes to close loophole on tax havens The Mystery of Tyco's Mark Belnick's Indignation GE Cap. Launches Healthcare Financial Unit Citigroup Fills International Post w/Stanley Fischer Fleet Capital Leasing Selects mySAP CRM ### Denotes Press Release _______________________________________________________________ Centerpoint Financial, Colorado This may be Chuck Brazier’s last day, and perhaps the last day of Centerpoint. If you have a salute to this industry leader with a lot of courage, integrity, guts--- now is the time to speak your mind. ------------------------------------------------------------------------- Commercial Leasing of Louisiana---Kelly Hebert Have you ever heard of Commercial Leasing of Louisiana (Kelly Hebert), in Lafayette, LA, or International Corporate Finance, based in Miami, FL? I've been trying to track down these folks for six months. A lady trucking company owner gave them $20,000, plus $295 processing fees, to lease three trucks. After she got the trucks, licensed them and had the signage painted on them, they were repossessed by the dealer because they never received their money. Any information on these folks would help. All their phone numbers are no longer working. Thanks, Rene Tankersley ______________________________________________________________ Leap in US housing starts boosts economic confidence (It's the biggest percentage rise in almost seven years and a reversal of two straight months of falls. Full report at end of Leasing News. Editor) WASHINGTON (AFP) - Groundbreaking on new US homes shot up by a seven-year record 11.6 percent in May, the government said, quelling fears that consumers may be flagging. It was the steepest rise in housing starts since July 1995, easily beating Wall Street's forecast for an increase of 1.9 percent. "Unlike other data that softened in May, housing activity strengthened. In our view, that suggests that the slowdown in retail sales in May was temporary," Merrill Lynch economist Bruce Steinberg said. "Falling mortgage rates should keep housing activity robust," Steinberg said, noting that mortgage applications for home purchases had run at a record pace during the past month. "Residential construction will make a sizeable positive contribution to second-quarter growth," he forecast. Doubts about consumer spending -- accounting for two-thirds of US activity -- crept into the markets last week when the University of Michigan consumer sentiment index for early June slumped. Those fears were fed by data showing retail sales took a surprise 0.9 percent drop in May. Consumers have served as an engine of the US economic recovery, maintaining spending power even in the months after the September 11 attacks on New York and Washington. But with business investment still the key missing ingredient of the recovery, any weakening in consumer spending would cast doubt over the sustainability of the upturn. "After the retail sales number and drop of the confidence index of the University of Michigan for June, the big jump in housing starts shows consumer spending is still there and still responsive to low interest rates," Wachovia Securities chief economist John Silvia said. Housing starts, which leapt to a seasonally adjusted annual rate of 1.733 million units in May, were strong in all major US regions, he said, lowering the likelihood of a return to US recession. "It is encouraging," Silvia said. "There is no risk of a double dip. It is a modest recovery, very similar to 1991-93 -- sort of a 'stealth recovery'; you don't really see it but it is there." The data were typical of a "new economy" scenario, Silvia said. "GDP is up, industrial production is up, for example, but you don't have a lot of employment growth because companies are achieving a lot of productivity gains." Building permits also rose 2.6 percent to 1.674 million in May. Other data Tuesday showed inflation tamed, allowing the US Federal Reserve to keep interest rates at their current 40-year lows without fear of pushing up prices. The US consumer price index was unchanged in May from April while the core rate, excluding food and energy prices, rose 0.2 percent, the Labor Department said. Consumer prices in May were up 1.2 percent year-on-year, while the core rate was up 2.5 percent year-on-year. -------------------------------------------------------------------------------------------
Tyco summer a fish slips through the gill net --- Al Gamper CIT, is a leading global source of financing and leasing capital and an advisor for companies in more than 30 industries. Managing $50 billion in assets across a diversified portfolio, CIT is empowering many of today's industry leaders and emerging businesses.
Founded in 1908, the Company's extensive history, solution-oriented approach to its business and broad range of competencies has made it the financing leader in a variety of industries. CIT holds leadership positions in vendor financing, U. S. factoring, construction equipment financing, Small Business Administration loans, commercial aerospace, rail, corporate aircraft, printing, machine tools, asset-based and credit-secured lending CIT's diversified lending practices and global capabilities enable the company to maintain a portfolio of businesses and retain an even keel in any economic condition. In addition to its traditional lines of business, the company consistently utilizes new technologies and advanced, Web-based services to provide commercial and consumer customers with cost-effective access to capital. CIT has corporate headquarters in New York City; executive offices in Livingston, New Jersey; regional offices nationwide and in Canada; and strategic locations in Europe, Latin and South America and the Pacific Rim. (As Leasing News stated yesterday, this stock is a recommend buy. The company is under valuated, will be run by the same board of directors that made it successful before, has an excellent staff, and a proven history of performance. Don’t let the Tyco name interfere with you decision. This is a solid company. Tell your stockbroker to push this new issue. . However, there is strong rumor that the company may be bought for $4 1/2 billion. A hell of a bargain!!! Editor) ----------------------------------------------------------------------------------------------- Home equity loans fuel spending boom By Mike Freeman SAN DIEGO UNION-TRIBUNE STAFF WRITER As recently as January, Wells Fargo's Home Equity division employed 94 workers to process second mortgages and home equity lines of credit in a sleepy office in Carlsbad. Today, the division employs more than 250 workers, and the "now hiring" sign is still out. "We are planning to add 50 positions immediately and another 70 before the end of the year," said Mary Sykes, vice president of the bank's home equity operations in Carlsbad. The division's hiring binge highlights the boost that low mortgage rates and soaring housing prices have given the economy. Increasingly, homeowners are tapping their home equity as a money management tool, using it to pay for such things as remodeling, debt consolidation or college tuition for their children. "A big part of the economy has been real estate, both building and refinancing, and that has had the effect of allowing consumers to keep spending," said Kelly Cunningham, an economist with the San Diego Regional Chamber of Commerce. Wells Fargo's home equity division moved from Colorado to Carlsbad about 18 months ago with a handful of workers. The division manages the bank's second mortgages and home equity lines sold through a network of 6,000 independent mortgage brokers nationwide. The operation expects to employ 700 in Carlsbad by the end of next year, Sykes said. While most of Wells Fargo's customers tap their equity for remodeling or to pay off high-interest consumer debt, others are using second mortgages to actually buy new homes. These buyers take a second mortgage to reach the 20 percent down payment level, which allows them to avoid paying for a mortgage insurance policy. Lenders usually require mortgage insurance when a down payment is less than 20 percent. In addition, first-time home buyers are taking out lines of credit to pay for window coverings, landscaping, new carpets and other improvements. Some economists and real estate analysts, however, worry that consumers are stuffing themselves on mortgage debt. Compared with other forms of borrowing, mortgages have the advantage of low interest rates, and the interest is tax deductible. But as buyers stretch their finances to afford increasingly expensive homes, especially in markets like San Diego where the median home price has climbed to $315,000, mortgages are taking an increasingly bigger bite out of borrowers' paychecks. According to the Federal Reserve, the percentage of household personal income going toward mortgage payments has increased 45 percent since 1980, when the central bank began tracking the statistic. The average size of a mortgage in San Diego County climbed to $272,500 in May, according to DataQuick Information Systems, a La Jolla industry research firm. That's up from $242,150 in May 2001. Local mortgage brokers say lenders are approving home loans where the monthly payments gobble up 50 percent or more of a borrowers' monthly income. In the past, lenders wanted no more than a third of monthly household income going to pay the mortgage. "We're getting to 60 percent or 70 percent of income as long as their credit is good," said Gary Reime of Five Star Mortgage in San Diego. "It just blows you away how much easier it is to get a home loan today than it was five years ago." Usually move-up buyers – not first-time homeowners – qualify for hefty debt-to-income loans, said Reime. Sophisticated credit scoring systems by companies such as Fair, Isaac and Co. have made lenders more willing to approve these loans. "It has been proven over time that people with high credit scores . . . know how to take care of their credit," Reime said. Chris Hammond, a Wells Fargo spokesman in San Francisco, said borrowers should be careful when considering piling on mortgage debt, including second mortgages and lines of credit. The bank "has stayed true to our risk policies" for making such loans, he added. But with 11 interest rate cuts by the Federal Reserve since the economy began to sour, "The fact is a home equity account becomes an extremely attractive source of funds," Hammond said. "Across the board we continue to see values in homes appreciate. That equity is an asset that the homeowner has a right to use." Mike Freeman: (760) 476-8209; mike.freeman@uniontrib.com ----------------------------------------------------------------------------------------------- Bank of America sees profit in new branches BLOOMBERG NEWS CHARLOTTE, N.C. – Bank of America Corp. plans to begin opening about 200 branches a year as the nation's biggest consumer bank tries to boost profits in California, Texas and Florida. Chief executive Kenneth Lewis spoke about the reorganization plan, to begin in 2003, at a conference in New York last week. It's part of a strategy to sell more services such as credit cards, mutual funds and home loans. The Charlotte, N.C.-based bank plans to close about 50 U.S. existing branches in 2003, resulting in a net gain of 150 branches next year, spokesman Scott Scredon said. Opening branches "is cheaper and will probably prove more successful than making an acquisition to gain customers," said Wayne Bopp, a bank analyst for Fifth Third Bank in Cincinnati, which manages $33 billion and owns 140,000 Bank of America shares. "When you grow internally, you can pick the street corners you want to be on." The expansion follows the bank's closing of more than 460 branches since the 1998 merger of NationsBank Corp. and BankAmerica Corp., according to financial reports. Bank of America now has more than 4,200 branches. Lewis has cited California and Florida, where the bank has the largest share of deposits, and Texas, where it ranks second, as markets where fast-growing populations provide opportunities for "cross-selling" profitable services. Commercial and consumer banking, which account for two-thirds of the bank's operating profit, earned $1.42 billion in the first quarter, up 11 percent from a year earlier. Shares of Bank of America are up 18 percent this year, fourth best among the 28 members of the Standard & Poor's 500 banks index. The shares rose 64 __________________________________________________________________ Classified Ads at Leasing News Work!!! ( they are free and they work!!! ) Here are 32 aggressive, experienced, top people---no recruiter fees, no employee fees, these people are “filtered” as being the best available. Asset Management: Silicon Valley, CA Experienced Asset Manager with SMT/PCB equipment focus. 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Travelers can find big savings off Alaska's already low fares by traveling outbound July 1 or 2 and returning July 5, 8 (after 6 p.m.) or 9. Or save even more-- up to 50 percent off by traveling on the Fourth of July. Sample fares each way, based on roundtrip purchase are: saver super Between fare(a) saver(b) ------- ------- -------- Anchorage and Fairbanks $55...........$45 Anchorage and Seattle $150..........$130 Nome or Kotzebue and Anchorage $160..........$150 San Jose and Seattle $49...........$44 Oakland and Seattle or Portland $49...........$44 Reno and Portland $49...........$44 Spokane and San Francisco $59...........$54 Burbank and Seattle or Portland $84...........$79 Spokane and Orange County $89...........$84 Las Vegas and Seattle $79...........$74 Phoenix and Portland or Spokane $79...........$74 Tucson and Seattle $79...........$74 Seattle and Washington, D.C. or Boston $134..........$129 Denver and Portland $114..........$109 Boise and Denver $104..........$89 San Diego and Boise $104..........$89 San Francisco and Vancouver, B.C. $49...........$44 Phoenix or Tucson and Vancouver, B.C. $79...........$74 Los Angeles and Vancouver, B.C. or Calgary $84...........$79 (a) Saver fares are for outbound travel July 1 or 2 and return travel July 5, 8 (after 6 p.m.) or July 9. (b) Super Saver fares are for travel July 4. Tickets must be purchased by July 4, and travel must be completed by July 9. These fares cannot be combined with other fares. Fares do not include airport passenger-facility charges of up to $18 (amount depends on itinerary); federal segment tax of $3 per takeoff and landing; and the September 11th Security Fee of $2.50 per enplanement, up to $10. Fares to Canada do not include Canadian airport improvement fees, which vary by airport; Canadian security fee of $8; and the U.S. immigration fee of $6. Tickets may be changed for a $50 fee, plus any applicable changes in fare. Seats are limited and may not be available on all flights or on all days. The nation's ninth largest carrier, Alaska Airlines celebrates its 70th anniversary this year. The carrier was recently ranked No. 1 in the annual Airline Quality Ratings compiled by Wichita State University and the University of Nebraska at Omaha. Alaska and its regional partner, Horizon Air, together serve 80 cities in the Lower 48, Alaska, Canada and Mexico. For reservations go to www.alaskaair.com, call Alaska's toll-free reservations line at 1-800-ALASKAAIR (1-800-252-7522) or ____________________________________________________________ Bad news form Apple, AMD and Ciena prompts more selling
By Lisa Singhania ASSOCIATED PRESS NEW YORK – Warnings from Apple, Advanced Micro Devices and Ciena pressured the tech sector Wednesday, sending stocks lower as investors again grew pessimistic about the chances for a second- quarter pickup in business. But the losses eased as the session wore on, suggesting that the selling was selective. Trading was relatively slow, making stock prices more susceptible to sharp swings. By late morning, the Dow Jones industrial average was down 25.48, or 0.3 percent, at 9,680.64, after rising 231 points over the first two days of the week. Broader stock indicators also fell. The Standard & Poor's 500 index was off 4.26, or 0.4 percent, at 1,032.88, while the technology-focused Nasdaq composite index slid 8.42, or 0.6 percent, to 1,534.54. Apple Computer tumbled $2.80, or nearly 14 percent, to $17.35 after saying revenues and profits would be lower than predicted because of soft demand for its products. A similar warning, as well as prediction of a substantial operating loss, sent Advanced Micro Devices down $1.20, or 11.7 percent, to $9.10. Ciena fell 41 cents to $3.99 after the company said lower third-quarter revenue was possible because of the difficult telecom environment. The selling spread to other technology stocks, including AMD competitor Intel, which dropped $1.32 to $20.70. |