TUESDAY, OCT. 7, 2008
STATEWIDE:
Countrywide May Pay Back $1-Billion to Florida Homeowners
In a deal meant to stave off home foreclosures, as many as 57,000 Florida homeowners could get $1-billion in relief from Countrywide Financial. The nation's largest mortgage lender, recently bought by Bank of America, settled "predatory lending" lawsuits with 11 states and will give back nearly $9-billion to Countrywide customers. Attorney General Bill McCollum's office said the lender will spend the next couple of months narrowing down eligible candidates. In most cases, the lender would move homeowners from adjustable-rate mortgages into fixed-rate loans. Countrywide also will waive normal refinancing fees and penalties, and promised to halt foreclosure proceedings, at least temporarily, on eligible loans in Florida. Florida's lawsuit alleged Countrywide put people in mortgages they couldn't afford and misled them about rates and penalties. [Source: St. Petersburg Times]
MANATEE COUNTY:
Mining Permit Is Suspended
Environmentalists scored a victory -- at least temporarily -- against mining giant Mosaic Fertilizer on Monday when federal regulators suspended a permit that would have allowed mining on wetlands in northeast Manatee. In a letter to Mosaic, the U.S. Army Corps of Engineers said it needs to "revisit" its July 29 decision to grant the permit and allow the company to mine the so-called Altman Tract in Duette. The corps, which is being sued by a collection of local environmentalists over the permit, did not elaborate on its reversal. Despite the permit suspension, the decision will likely have little practical impact on Mosaic's controversial effort to mine the 2,048-acre property. But the decision does add another legal wrinkle to an already complicated legal fight. [Source: Sarasota Herald-Tribune]
TALLAHASSEE:
Florida's Inability to Borrow Spells Trouble for Catastrophe Fund
The global financial crisis threatens to unravel Florida's property insurance system if a major hurricane hits during the last two months of this hurricane season. The reason is the system is based on a promise that the state can help cover claims after a major hurricane by borrowing large amounts of money. And in 2007, state legislators, looking to suppress any increases in insurance premiums, made the system even more reliant on borrowing money. The state forced insurers, by law, to do business with the state if the state's product was the cheapest. Insurers would pass on savings to consumers. The state promised to pay claims by bonding billions of dollars. The bonds would be repaid by assessments on Florida insurance policies, such as after the 2005 hurricanes. But with the financial markets in turmoil, the state can't find investors willing to buy its bonds right now. [Source: St. Petersburg Times]
JACKSONVILLE:
FAA Approves JU to Train Air Traffic Controllers
The Federal Aviation Administration has approved Jacksonville University to train students to become air traffic controllers.
JU was chosen along with seven other colleges and universities to participate in the Air Traffic Collegiate Training Initiative program. A total of 31 schools offer the program nationwide.
FAA officials have said they plan to recruit and hire more than 17,000 new air traffic controllers over the next 10 years, according to a JU news release. During the last three years, the FAA has hired 5,000 controllers and plans to hire more than 2,000 in fiscal year 2009. [Source: Florida Times-Union]
Also: Broward College fills soaring need for air controllers
ALSO AROUND FLORIDA:
› Wall Street Looks to Recover After Global Rout
Monday's sell-off put the Dow below 10,000 for the first time in four years, and that will likely bring some buyers into the market looking for bargains.
Also: Economist group's forecast grows dire
› Bright Futures Scholarships Give Two-Year Colleges a Boost
In the past six years, the amount of Bright Futures Scholarship money going to Florida's 28 community colleges has more than tripled, increasing 239% to more than $54.5 million.
› Sharkskin Technology Inhibits Germ Growth
A UF professor's study of sharkskin leads to surface technology that inhibits germ growth.
› Palin Holds Nothing Back in Florida Stops
John McCain's lead here has vanished. And Sarah Palin was in full attack mode before thousands of supporters in Clearwater and, later Monday, in a hockey arena near Fort Myers. Also: Obama, McCain Debate Tonight in Townhall Setting
› Europe's Woes Could Hurt South Florida Tourism, Other Sectors
The weak dollar has made our region attractive to Europeans.
Now, it seems, it may be time to pay the piper.
› Gainesville Airport Has Best On-Time Record in Fla.
The Gainesville Regional Airport had the best on-time performance of Florida's 16 airports in August for the fourth month in a row, with 85% of arrivals and 89% of departures within 15 minutes of schedule, according to a report released last week by the U.S. Transportation Department.
Related: Florida officials: Sell state jet to save big money
Go to page 2 for more stories ...
› More Changes in Front Office at Ruth's Chris
Ruth's Hospitality Group, owner of Ruth's Chris Steak House, announced the departure Monday of another high-ranking executive as the Lake Mary-based company continues to shake up its management ranks in a down economy.
› Disney Cruise Ship to Expand European Tour in 2010
Walt Disney Co. will redeploy the Disney Magic cruise ship from Port Canaveral to Europe for five months in the summer of 2010. That's much longer than Disney's last test of the Mediterranean market in 2007.
› Amid Turbulence, Banks Ads Pitch Stability
Anticipating a long road of financial instability and growing consumer nervousness about the health of the banking industry and (today's plunging) stock market, a number financial institutions are honing in on a very specific message in their advertising: "Don't worry. We're okay. You're okay."
› Electricity to Stimulate Coral Growth Off S. Fla. Coast?
Lauderdale-by-the-Sea plans to install a cluster of electrified artificial reefs off the beach and run a low-voltage current through steel frames to stimulate the growth of corals, creating habitat for fish, crabs and other marine creatures.
› Biologists: Agency Ignored Reports on FPL Plant
Florida wildlife conservation officials ignored concerns of two state scientists who predicted a new power plant would harm animals in an environmentally sensitive area, the scientists testified Monday in federal court.
› Let's Hope Crist's Slight Backpedaling on Alley Lease Plan Is Promising Sign
Position: The lease sounds good on paper, but it's fraught with too many long-term pitfalls.
› Miami Waterfront Ideas Pour In
Envision this: A seven-mile urban Miami waterfront dotted with water-taxi stations, boardwalks and baywalks and promenades, marketplaces and exhibition halls. Floating gardens off Brickell. Mangroves along Edgewater. A nature walk over Biscayne Bay.
› Dynetech Facing Rising Challenges in Downtown Orlando
Dynetech Centre, downtown Orlando's newest high-rise, has retail on the lower floors and 164 luxury apartment units on the upper floors. But so far, there's no Dynetech Corp. sign to be seen atop the $80 million tower.
The Orlando-based company, which acquired the naming rights to the building back during the real-estate boom, hasn't exactly prospered since signing on as the anchor tenant. And the downtown apartment market isn't so hot these days, either.
› Is Coppertone Billboard Part of Miami History?
Miami's preservation board may designate the famous Coppertone ad sign and Marine Stadium as local historic landmarks.
› Former Sleazy Car Salesman Is Key Player in Suits Against Buchanan
In several suits in which Duane Overholt had a hand, former employees of Buchanan's dealerships in Sarasota and Pasco counties accuse U.S. Rep. Vern Buchanan and his companies of bilking customers, falsifying records and pressuring employees to contribute to his 2006 race for Congress.
› State Website to Help Teen Drivers
The Florida Department of Highway Safety and Motor Vehicles says the site, TakeTheWheel.net, was created by teens for teens. The interactive site allows teen drivers to also give advice and challenge one another to take charge of their own actions behind the wheel.