Washington – As the housing slump worsens, Congress needs to make it easier for families facing foreclosure to file for bankruptcy and keep their homes, consumer groups and a bankruptcy lawyers organization said Thursday.
Homeowners who file for bankruptcy can easily lose their homes under current law because mortgage lenders have a higher priority than almost all other creditors, the groups said in a telephone briefing with reporters.
The law dates back to the late 1970s, when adjustable-rate mortgages were uncommon and foreclosures were rarely the reason for a bankruptcy filing, officials from the National Association of Consumer Bankruptcy Attorneys said.
Eric Stein, senior vice president of the Center for Responsible Lending, said lenders who made high-interest-rate loans to borrowers with weak credit are to blame for pushing homeowners into financial peril. The Durham, N.C.-based center projects that 2.2 million families will lose their homes due to a growing crisis in the subprime mortgage market of borrowers with the riskiest credit.
DENVER
22 penthouses to top new building in LoDo
Opus Northwest plans to build 22 penthouse residences on top of the building it’s developing at 1401 Wynkoop in Lower Downtown.
The Wynkoop Residences will be priced from $450,000 to $1.5 million and range in size from 910 square feet to 2,600 square feet.
The units will have views of the mountains, downtown Denver and Cherry Creek.
Sales will start in mid-May.
The project, designed by Shears Adkins Architects of Denver in cooperation with Opus Architects and Engineers, is part of a mixed-use project that will include 300,000 square feet of office space in two buildings.
ERIE
Fla. developer plans shopping center
Jacksonville, Fla.-based Regency Centers plans to build a grocer-anchored shopping center on 19.41 acres it recently purchased in Erie.
Plans include leasing shop space and pads to a variety of retail, professional and service businesses. The property is located at Leon A. Wurl Parkway and East County Line Road.
Since 2000, Regency has developed 173 shopping centers, representing an estimated completion value of $2.7 billion.
BOULDER
CU telecom program donors give $750,000
The Silicon Flatirons Telecommunications Program of the University of Colorado Law School has received more than $750,000 from private and nonprofit donors to help establish a new clinic and to fund research.
Pam Samuelson and Robert Glushko of Berkeley, Calif., have donated $500,000 to establish a Technology Policy Law Clinic. The donation follows a $250,000 gift from the Dale Hatfield Research and Scholars Program to fund technology policy research, regulatory education and stipends for students to pursue public-interest work in technology policy.
SAN JOSE, Calif.
Apple delays release of operating system
Apple Inc. said it won’t be shipping its next-generation operating system in June as planned, saying it had to divert resources from the project so that it could launch its highly anticipated iPhone on time.
The new shipment date for Mac OS X “Leopard” will be in October, the company said Thursday.
The iPhone will make its debut in June as planned.
ANCHORAGE, Alaska
Oil pipeline operator told to boost safety
The company that operates one of the world’s longest oil pipelines must revamp several of its safety standards following a fire near a crude-oil storage facility, according to the state and federal Joint Pipeline Office.
No one was injured by the fire in January at a tank farm run by the Alyeska Pipeline Service Co., but officials told the company to provide plans to prevent future accidents by early May.
BOSTON
TJX posts sales gains despite theft of data
Bargain shopping appears to be trumping fears about data theft at TJX Cos., owner of nearly 2,500 discount stores, including T.J. Maxx and Marshalls, that are enjoying brisk sales despite a security breach that exposed at least 45.7 million credit and debit cards to potential fraud.
TJX on Thursday reported sales at stores open at least a year rose 6 percent in March, beating Wall Street’s expectations. The performance extended a recent run of sales gains since TJX announced a breach now known to be the biggest data theft ever in the U.S.
NEW YORK
Vonage founder takes reins after setbacks
Vonage Holdings Corp. founder Jeffrey Citron replaced Michael Snyder as chief executive after spiraling costs and the loss of a patent lawsuit led to an 81 percent drop in the company’s stock.
Citron, who took Vonage public last May, also announced plans to cut 10 percent of the workforce as the company appeals a court decision that would force it to pay Verizon Communications Inc. damages for infringing patents.
NEW YORK
Monster CEO to quit, fueling rumors of sale
Monster Worldwide Inc., the owner of the world’s largest job-listing website, said chief executive William Pastore will leave, fueling speculation the company may be sold.
Director Sal Iannuzzi, 53, a former CEO of Symbol Technologies Inc., will become chairman and CEO immediately. The announcement surprised analysts, who said that the appointment of Iannuzzi, who sold Symbol to Motorola Inc. in January, signals that Monster directors also may be weighing a sale.
KANSAS CITY, Mo.
Activist investor sees Sprint as next target
The same activist investor that shook up Home Depot and helped force out its chief executive reportedly is turning its attention to Sprint Nextel Corp.
San Diego-based Relational Investors is agitating for a pullback in Sprint’s capital spending, a possible sale of its long-distance network and other changes after buying about $500 million in stock, according to a report citing sources Thursday in The Wall Street Journal.
WASHINGTON
Rise in jobless claims last week a surprise
The number of Americans filing new claims for unemployment benefits rose last week to the highest level in two months.
The unexpected spike was blamed on the Easter holiday rather than fundamental labor market weakness.
