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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
May 29, 2009
Page
15
New York AP reports the mortgage crisis widening as the share of foreclosures among borrowers with good credit rises to a record. The Mortgage Bankers Association says 12 percent of homeowners with mortgages were behind on payments in Q1, with trends expected to continue into next year.
Florida New Jersey and New York show over 55 percent. When borrowers defaulted in 2006 many lenders failed and a 2007 credit crisis followed. By late 2007 production slowed and a long recession began. Nearly 6 percent of prime fixed-rate mortgage holders were past due or in foreclosure, nearly doubling in a year. Analysts say borrowers is widely hit.
Rockwell Collins was named prime contractor for the next development phase of the U.S. Army Mounted Soldier System program. The contract covers engineering and manufacturing development for an integrated helmet mounted display and vehicle distribution switch using wireless networks to aid armored crews. Bruce King, Rockwell VP, said the system will improve battlefield visualization, mission effectiveness, and troop safety across initial vehicle platforms.
GM will produce up to 160 000 subcompacts annually at an existing U S plant and sell them here as part of the concession with the UAW. The pact freezes wages cuts bonuses and funds a 20 billion retiree health care trust. Voting by locals continues with Spring Hill Tenn approving 88 percent.
Shareholders in Waukesha reject activist William Ackman's bid to add five directors and merge in new blood. Four incumbents Mary Dillon Richard Kovacevich George Tamke and Solomon Trujillo were reelected and the board remains 12 members. Target's stock closed around 39.14 amid a cautious consumer backdrop.
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