Archive for February 26th, 2011

Bloomberg: Bank of America, Wells Fargo May Face Fines on Foreclosures



By Dakin Campbell
Feb 26, 2011 11:07 AM PT

Bank of America Corp. and Wells Fargo & Co., the largest U.S. mortgage firms, said they may face fines or enforcement actions from regulators amid investigations into foreclosure procedures.

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By Daniel Indiviglio
Friday, February 25, 2011

Provided by

Generally, more democracy has a positive effect on the global economy. Freer people have the ability to buy, sell, and innovate as they please. But the political unrest in the Middle East is having a negative effect on the markets thus far. What makes those revolutions different? The Middle East is a major source of the world’s oil. Political uncertainty in the region leads to oil supply uncertainty. For that reason the recent events in nations like Egypt and Libya have been worrying investors and businesses: if less oil flows out of the region to the rest of the world, fuel prices will rise.

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Growing state and local spending cuts pose latest challenge to US economic recovery

Michael Sandler and Jeannine Aversa, AP Business Writers
On Friday February 25, 2011, 7:09 pm EST

WASHINGTON (AP) — Deep spending cuts by state and local governments pose a growing threat to an economy that is already grappling with high unemployment, depressed home prices and the surging cost of oil.

Lawmakers at state capitols and city halls are slashing jobs and programs, arguing that some pain now is better than a lot more later. But the cuts are coming at a price — weaker growth at the national level.

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The PE: Changes on Pension Panel

10:00 PM PST on Friday, February 25, 2011

Cassie MacDuff

A new appointment to the San Bernardino County retirement board signals the county is serious about curbing pension costs.

The fund faces a $115 million deficit over the next five years due to investment losses and increasing payouts to retirees.

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The Sun: San Bernardino aims to improve service to residents


By Josh Dulaney Staff Writer
Posted: 02/25/2011 09:15:41 PM PST

SAN BERNARDINO – The city is moving forward with its efforts to clear out a backlog of service calls that have stretched work crews and left residents frustrated.

The City Council has approved a call center to serve as a one-stop shop for non-emergency requests for service and information.

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The Sun: Retroactive accounting cuts Grand Terrace debt



By Ryan Hagen Staff Writer
Posted: 02/25/2011 03:48:03 PM PST

GRAND TERRACE – A month-long review of more than a decade of decisions has chipped more than $1million off what was once a $4.6million debt.

The city owes the money to its Redevelopment Agency, a city-controlled body that former City Manager Tom Schwab often borrowed from to balance the city’s general fund, officials said.

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By Molly Davis Staff Writer
Posted: 02/25/2011 05:09:55 PM PST

REDLANDS – Dozens of citizens came out to protest Rep. Jerry Lewis’ support of Republican-proposed cuts to the federal budget., a national political action group, organized protests around the country Thursday. In Redlands, about 35 people came out to speak against Lewis’ support, according to protest organizer Zoe Lane.

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The Sun: Highland to use volunteer reserve firefighters

By Jesse B. Gill Staff Writer
Posted: 02/25/2011 05:24:31 PM PST

HIGHLAND – The city will soon make the switch from paid-call reserve firefighters to volunteer firefighters.

The City Council voted Tuesday evening to establish a volunteer unpaid firefighter reserve program.

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By Canan Tasci Staff Writer
Created: 02/25/2011 07:41:57 PM PST

RANCHO CUCAMONGA – Superintendent Michael Whisenand has never had to plan for two budgets or consider laying off teachers.

That changed on Thursday.

Alta Loma School District board members approved sending out 18 layoff notices in March to teachers as well as other certificated employees.

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DailyBulletin: Torres moves office to Chino




By Neil Nisperos Staff Writer
Created: 02/25/2011 07:41:53 PM PST

CHINO – Assemblywoman Norma Torres this week moved into a new district office in this city’s downtown to cut costs and to upgrade facilities.

The new 2,600-square-foot office is on the ground floor of the city-owned Chino Chaffey Information Technology Center at 13179 Seventh St.

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The PE: Mayor: Murrieta will be an economic force



10:40 PM PST on Friday, February 25, 2011

The Press-Enterprise

Mayor Randon Lane said Friday that Murrieta has “weathered the storm” of the recession and that public and private investments have the city poised to recover strongly from the recent economic bust.

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By James Rufus Koren Staff Writer
Posted: 02/25/2011 09:07:13 PM PST

Last week, as the House of Representatives debated a bill that would fund the federal government from March through September, Republicans voted to block federal money from being used to implement the new health-care law, to enforce some environmental laws and to fund Planned Parenthood.

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Capitol and California – State Budget
By Kevin Yamamura
Published: Saturday, Feb. 26, 2011 – 12:00 am | Page 3A
Last Modified: Saturday, Feb. 26, 2011 – 12:24 am

The Legislature’s lawyers have told Republicans that Democrats could put taxes on the ballot with a majority vote under narrow circumstances.

The opinion, sought by Senate Republican Leader Bob Dutton, does not specifically address Gov. Jerry Brown’s proposal to extend higher income, sales and vehicle taxes for five years at a June election to help solve a $26.6 billion deficit.

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After a 10-year borrowing binge, the upcoming budget is expected to spend more on debt than public universities or state parks. Next year’s repayments — $7.65 billion — could make up a quarter of the deficit.

By Shane Goldmacher, Los Angeles Times
February 26, 2011

Reporting from Sacramento —

Closing California’s deficit this year would be immeasurably easier if the state weren’t paying for a 10-year borrowing binge.

Without that tab, officials could scrap plans to close state parks, force nearly a million low-income children to go without eye care and take in-home aid away from hundreds of thousands of elderly, blind and disabled residents.

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Published: Feb. 25, 2011
Updated: 8:04 p.m.


Unlike Wisconsin, California stands virtually no chance of stripping public school teachers and other unionized employees of their collective contract-negotiating rights. But like Wisconsin, the economic downturn has put increasing pressure on state workers to accept deep concessions in their health and retirement benefits, experts say.

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The amount of the settlement — from $5 billion to $20 billion — and how best to use the money are at the center of negotiations.

By Jim Puzzanghera and E. Scott Reckard, Los Angeles Times
February 25, 2011, 6:11 p.m.

Reporting from Washington and Los Angeles —

Federal and state officials are analyzing proposals that could help people who lost their homes or missed mortgage payments as a key part in resolving a multibillion-dollar case over botched foreclosure paperwork.

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