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Can you believe it's the end of 2009 already? As you ring in the new year, I wish you a very happy 2010. May it be a daily adventure of simple pleasures, new discoveries, and joy.
I'm taking snippets of the lyrics of a song by Jovanotti, Buon Anno as my new year's wishes:
Ti auguro pace risate e fatica
Trovare dei fiori nei campi d'ortica
Ti auguro viaggi in paesi lontani
Lavori da compiere con le tue mani
Frutta e panini ai tuoi sogni affamati
Semafori verdi e prudenza e coraggio
(I wish you peace, laughs, and toil)
(To find flowers in thorny fields)
(I wish you travels in far-away lands)
(Work to do with your hands)
(Fruit and bread for your starved dreams)
(Green lights and prudence and courage)
I have an annual tradition of selecting a song that will be the soundtrack for my year. For 2010 I've chosen the beautiful strains of a song by Ascoli Piceno native (and famous composer) Giovanni Allevi, Go With The Flow - an important reminder when things don't go as planned!
Buon Anno!
What is the soundtrack for your year?


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To pair and connect to a Mac® computer, follow these steps:
Applies to:
Make sure your Mac® computer is not currently paired to any other Bluetooth® audio device(s). If the computer has a Mac® branded Bluetooth® keyboard and mouse, they do not need to be disconnected. To clear previous paired devices on the Mac®, see removing paired devices on a Mac®
With the SoundLink® speaker turned on, press and hold the Bluetooth® button on the speaker for five seconds. The Bluetooth® indicator will slowly fade on and off approximately once every second. The SoundLink® speaker will remain in this state for 20 minutes, or until a Bluetooth® connection is made
With your Mac® turned on, click the Apple® icon (menu) in the upper left-hand corner of the screen
In the Apple® menu, choose "System Preferences..."
Under the Internet & wireless section, click on the Bluetooth® icon
In the Bluetooth® menu, search for Bluetooth® devices by clicking the "Set up new device" button, or the "+" button in the bottom left-hand corner of the screen
On the Bluetooth® Setup Assistant screen, choose "Bose® SoundLink® Wireless Mobile speaker", then click "CONTINUE." If the computer asks for a password, use "0000"
After the pairing has completed successfully, click "Quit"
In the Bluetooth® menu, click the "Advanced…" button. If the Bluetooth® menu screen is not already visible, follow steps 3 to 5
Depending on the OS version, select "Accept Incoming audio requests," or unselect "Reject incoming audio requests," and then click "OK"
In the Bluetooth® menu, click the back button in the upper left-hand corner. This will bring you back to the system preferences menu
Under the Hardware section, click on the "Sound" icon
In the Sound menu, click on the "Output" tab and choose "Bose® SoundLink® Wireless Mobile speaker" as your sound output device
Click the red button(x) in the upper left-hand corner to close out of the Sound menu screen
Play an audio source (i.e. iTunes®) to finalise the Bluetooth® connection. This step is especially important on OS 10.7.x and above

subset: commoncrawl


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When journalists from around the world report on a speech by a sitting US president – such as President Obama's state of the union speech last night – they do so with their own particular reading public in mind. The effect, for a global reader, can be confusing. Did Mr. Obama really say all of this in one speech?
For Chinese readers, Obama is reported to have boasted that the US is not, repeat not, declining.
For Indian readers, Obama promised to take on China and other nations that were engaged in theft of US intellectual property.
For Israelis, Obama promised an "ironclad" commitment to the state of Israel, as well as promises to prevent Iran from obtaining nuclear weapons.
For South Africans, Obama gave a feisty speech, but was largely ignored by a Republican Congress who headed for the exits.
For the French, Obama was announcing his roadmap for reelection, while for the British he gave a populist speech promising a fairer America.
From a closer reading of his one hour and six minute speech, Mr. Obama does appear to have said all of these things, and a few more. But the fact that the press in each country has its own idea of what is newsworthy in a state of the union should not be surprising. It speaks volumes about how US foreign and economic policy affects that country, for better or worse.
China's interest in America's future makes sense. China is the US's second-largest trading partner, and America's ability to kickstart its economy is crucial for China's own prosperity. US economic weakness is bad for Chinese business.
Small wonder, then, that the China Daily – Beijing's main English-language newspaper – focused its attention on Obama's confident statement, "The renewal of American leadership can be felt across the globe."
"Anyone who tells you otherwise, anyone who tells you that America is in decline or that our influence has waned, doesn't know what they're talking about," he said in his prime-time address.
Indian papers, meanwhile, saw in Obama's tough words against intellectual piracy a reflection of its own rivalry with China. Both India and China have emerged as new economic and manufacturing bases, as more established economic powers in Europe and the America's have slowed down. Both India and China have been competing for business and for resources in Africa, and both see themselves as the voice of the world's impoverished, symbolized in their membership in the BRICS group of new economic powers (including Brazil, Russia, India, China, and South Africa).
But for India and China, power is a zero-sum game, and India revels in any sign of trouble for China.
That's why an Indian newspaper like the Hindustan Times focuses on the China section of Obama's speech:
"I will go anywhere in the world to open new markets for American products," [Obama] said. "And I will not stand by when our competitors don't play by the rules. We've brought trade cases against China at nearly twice the rate as the last administration -- and it's made a difference."
"It's not right when another country lets our movies, music, and software be pirated. It's not fair when foreign manufacturers have a leg up on ours only because they're heavily subsidized."
In South Africa, where the two main parties seem to have given up on speaking with each other, and instead bellow at their own constituencies, newspapers focused on the partisan divide in the US. The New Age, a newspaper that is openly close with the ruling African National Congress, headlined their story "Feisty Obama speech gets icy Republican reception."
For French papers, US political rhetoric is a mystery that must be studied for hidden meanings. Like Rene Magritte's painting of a pipe, entitled "This is not a pipe," American political promises are statements that must be seen as more than they appear to be.
The Paris-based newspaper, Le Monde, is perhaps the most straightforward, in an article entitled "Barack Obama presents the roadmap for reelection."
Faced with a Congress, where his Republican opponents are in a strong position, and nine months to seek a second term, Obama assured Americans that the U.S. was "getting stronger," and he wanted to present plans for "…an economy built to last, where hard work pays off, and responsibility is rewarded."
British papers saw reflections of their own social and economic struggles, with the left-leaning Guardian focusing on Obama's description of a country "where a shrinking number of people do really well, while a growing number of Americans barely get by," and the more conservative Telegraph highlighted the swift and negative reaction of Republican Gov. Mitch Daniels, who said, "A government as big and bossy as this one is maintained on the backs of the middle class, and those who hope to join it."
The Jerusalem Post, meanwhile, focused on the portion of Obama's speech dealing with the Middle East. America's "ironclad commitment to Israel's security has meant the closest cooperation between our countries in history," the Post quoted Obama as saying. As for Iran, the Post noted that Obama still felt negotiation with the Ahmedinejad government was still worthwhile, but pointed out that Obama had added he would take "no options off the table" in ensuring the Iran does not create or receive nuclear weapons.


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Thank you for visiting our website. A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a HUD Program that is insured by the Federal Housing Administration (FHA) enabling retirees across the country to live a more enjoyable retirement. Here at Retirement Funding Solutions, our goal is to help our customers make the right, informed decision about funding their retirement.
Here are some common examples of what a HECM can help you do:
- Purchase a new home to fit your lifestyle needs
- Protect your retirement portfolio
Reduce monthly expenses by paying off existing mortgage or consolidating debt
- Enhance your cash flow
- Incorporate housing wealth into your retirement plan
- Create an emergency fund
- Increase cash to help ensure monthly bills are paid
- Fund for home repairs or upgrades
- Reduce the burden of out-of-pocket healthcare costs
- Fund the expense for caregivers, live-in nurses, or other in-home care
- Have the cash for a large expense, such as a vacation or vehicle
The Home Equity Conversion Mortgage (HECM) is an FHA insured reverse mortgage and is the safest and most popular type of reverse mortgage on the market. HECM's are the only reverse mortgage insured by the federal government through the Federal Housing Administration (FHA), a division of the Department of Housing and Urban Development (HUD).
The HECM allows home-owners, ages 62 and better, to convert part of their home equity into tax-free proceeds.* There is never a required monthly mortgage payment on a HECM, and there is no pre-payment penalty if the consumer ever chooses to pay the loan back in part or in full. Repayment of the loan can never exceed the home's value and the heir's will never inherit a debt, unless they choose to retain the home as their own property. The borrower retains the home as long as loan terms are satisfied. These terms include maintaining the property and paying property taxes, homeowner's insurance and any HOA fees. The home must be the borrower's primary residence.
*Consult a tax specialist
Because the proceeds are a tax-free loan, there is generally no effect on Social Security or Medicare benefits. However, income-based programs may view the HECM as an additional cash flow source. Therefore, it is always best to consult an advisor when receiving benefits from an income-based program before pursuing the HECM.
The loan amount of the HECM is based on the age of the youngest borrower or eligible non-borrowing spouse living in the home, the home value, and current interest rates. Borrowers must attend HUD-certified counseling prior to applying for a HECM loan.
There are several ways to receive the funds from the HECM including:
- A single lump sum disbursement
- Equal monthly disbursements for as long as the consumer remains in the home
- Equal monthly disbursements for a set amount of time according to the consumer's choosing
- A line of credit, in which funds are available to be drawn upon whenever the consumer chooses
- A combination of monthly disbursements and a line of credit
*Fixed rate mortgages are limited to the single lump sum disbursement option. The disbursement of mortgage proceeds during the first twelve-month period is subject to an initial disbursement limit.
Line of Credit Explained
One of the options for borrowers to receive proceeds from the HECM is a Line of Credit. Unlike a traditional HELOC, which can be reduced or closed at any time the bank chooses, the unused funds in the line of credit are guaranteed to be available to the borrower as long as they live in the home and meet loan obligations.
In addition, the HECM line of credit option has a growth rate which increases the unused amount of funds in the line automatically. This provides an easy way to tap into the borrower's equity without having to refinance again. The most unique feature of the growth rate on the line of credit, is that it also happens to be the same rate that is accruing interest against the loan balance. As long as there are minimum funds available in the line of credit, they will grow at that rate. If the borrower wishes to pay off the HECM loan balance, then the unused portion of the line of credit will dissolve as equity.
Eliminate a Mortgage Payment
If a borrower has a current mortgage, the HECM will pay off the current mortgage debt and thus eliminate a mortgage payment entirely since no mortgage payments are required on the HECM loan. The borrower is only responsible for paying property taxes and insurance, maintaining the property and making any repairs as were required as part of the loan terms.
*The payoff of an existing non-HECM lien using HECM proceeds is only permitted if it has been in place longer than 12 months or resulted in less than $500 to the borrower, whether at closing or through cumulative draws.
Monthly Income
The HECM product can be a great source of additional revenue for consumers and supplement monthly income. A popular disbursement choice for many consumers is the tenure payment option. This provides equal monthly disbursements to the borrower as long as they remain in the home and satisfy loan conditions. The monthly disbursements continue throughout the borrower's lifetime regardless of home value increase or decrease. The borrower must continue to maintain the property and pay property taxes, homeowner's insurance, and any HOA fees.
A term payment will provide equal monthly disbursements to the borrower for a set amount of time that the borrower chooses. This provides a slightly higher monthly amount but will cease at the end of the term. Of course with any payment option selected (except the lump sum option), the borrower can contact the servicer of the loan at any time to request a plan change for a small fee.
Home Equity Conversion Mortgages are insured by FHA, made possible by the payment of MIP (mortgage insurance premium) through the loan, this provides a non-recourse feature for the consumer.
Aspects of the non-recourse feature are as follows:
- The consumer will not owe more than the home is worth at the time the loan is paid back, either by death or sale of the property or failure to pay taxes
- The home is the only asset that can be used to pay the loan balance.
- This prevents the lender from using any other accounts belonging to the consumer or to the heirs (estate) to recoup the loan balance. (e.g. Even if the home was in a living trust that still has millions in available other assets in the trust, the home value is still the maximum amount that can be used to recoup the balance. Thereby leaving the other assets untouched.)
The non-recourse feature also provides benefits to the heirs of the property.
If an heir inherits the property, the heir may choose to either:
- Sell the home and the proceeds of the sale will pay back the loan with any remaining equity being given to the heir
- Refinance the home into their name and pay off the existing HECM balance
If heirs wish to retain the property they can pay the lesser of the reverse mortgage balance or 95% of the home's appraised value
- Potential deferred interest deductions available to the heirs at time of sale.
Please consult your tax professional
HECM Loan Costs
Loan costs are similar to a traditional FHA mortgage. There are 3rd party fees, mortgage insurance made payable to HUD and loan origination fees. Contact me, a licensed Retirement Funding Solutions specialist, to review your options.
There are various loan program options available to you through Retirement Funding Solutions. Our goal is to provide the very best in price, product and service, so that you can make the right, informed decision about whether a Home Equity Conversion Mortgage meets your retirement needs. While other lenders might charge a monthly servicing fee; we do not charge any servicing fees on any of our HECMs.
We offer fixed rate, variable rate and Jumbo reverse mortgages.
Fixed Rate
This HECM option provides the security of a fixed interest rate for the life of the loan. It may be a great option when taking a full draw to pay off a large mortgage or for a new home purchase with a HECM for Purchase.
Variable Rate
We offer both annually and monthly adjustable rate mortgages (ARMs). Similar to traditional ARM's, your initial interest rate is comprised of a fixed margin and an index that will adjust on either an annual or monthly basis. All variable loans have a lifetime interest rate cap.
The benefit of a viable rate HECM is that it provides the greatest flexibly on how you elect to take your loan proceeds. Variable HECMs allow you to set up ongoing monthly term or tenure payments and/or set up a growing line of credit.
Unique Benefits of the HECM Line of Credit:
- This federally insured LOC cannot be frozen, cancelled or reduced, even if home values fall.
- All of the un-used credit grows every month, based on the Credit Line Growth Rate.
- The Credit Line Growth Rate is tied to the interest rate. If interest rates rise, the growth rate on the LOC will also increase, offering greater borrowing power
- Since this is a HECM, debt service is optional. Your can defer all principal and interest until the borrower(s) permanently vacate the home**
- If the client chooses to make payments at any time, the available credit increases accordingly (just like a traditional HELOC).
JUMBO Reverse Mortgages
This jumbo reverse mortgage offers greater lending limits and loan amounts when compared to the traditional HECM loan. This loan is only available with a fixed rate and may be a good fit for higher value homes.
Home Equity Conversion Mortgage for Home Purchase (H4P)
If your goal is to right size your housing needs by purchasing a new home instead of accessing the equity in your current home, one way to do so is to utilize a HECM for Home Purchase (also known as an H4P, Reverse For Purchase and Purchase HECM). This means utilizing a HECM loan on the home you are buying instead of having to qualify for a traditional mortgage. When you utilize a Purchase HECM, your HECM funds are paid in a lump sum directly to the seller at the close of escrow – just like with a traditional mortgage. However, the big difference is that you will never be required to make monthly loan payments for as long as you live in your new home** and continue to satisfy loan conditions. Loan requirements include home maintenance and payment of property taxes, homeowner's insurance, and any HOA fees.
The Purchase HECM is ideal for those who want to purchase the best home for their retirement needs – without impacting their monthly cash-flow by taking on another monthly payment obligation.
Benefits of Purchasing Your Next Home With a HECM
1. Increased purchasing power to buy the home that best meets your needs
2. Keep additional cash assets in reserve to maintain a more comfortable retirement
3. Increased monthly cash flow- since monthly mortgage payments are not required you are able to minimize
the impact on your monthly obligations
Comparing H4P to other Purchase Options
Qualify for a HECM for Purchase
Whether you are rightsizing your housing needs, moving closer to family, a better climate or simply to a home that better meets your needs, qualifying criteria for a HECM is much easier than that of a traditional mortgage. All you need is…
- Have a minimum of 50% as a down payment on the home, the percentage of which is determined by your age: the older you are, the lesser the amount is required to put down.
- Live in the new home as your principal residence and keep up with property maintenance, taxes and insurance
- Meet the current residual income and credit requirements
It is still possible to qualify for a HECM, however a set aside of funds for your property taxes and insurance may be required if income and credit requirements are not met.
Requirements of the Homeowner and Safeguards
- Homeowners are responsible for maintaining the home as their primary residence, keeping up with property maintenance, and staying current on paying property taxes, required insurance, and any homeowners' fees. Home must be maintained in habitable condition as defined by HUD.
- The balance of the loan, including interest charges, becomes due when the borrower(s) do not use the home as their primary residence or fail to meet their responsibilities under the terms of the loan.
- Neither your estate nor your heirs are personally liable to cover the difference if your home is sold at a loss if, at the time of your passing (e.g. your loan balance is greater than the value of your home).
**Borrowers are responsible for occupying the home as their primary residence, keeping up with property maintenance, and staying current on paying property taxes, required insurance and any homeowners' fees. The balance of the loan, including interest charges, becomes due when the borrowers do not use the home as their primary residence or fail to meet their responsibilities under the terms of the loan.
Q: Are monthly payments required on the HECM mortgage?
A: No monthly mortgage payments are ever required. The only financial responsibilities of the homeowner are payment of homeowner's insurance (flood insurance if applicable), property taxes and to maintain a general upkeep of the home. However, if the borrower wishes to make payments on the HECM, there is no penalty.
Q: Will the lender own my home with a HECM mortgage?
A: No, the lender does not take control of title. The borrower will retain ownership of the home and rights to title. The lender's concern is limited to the outstanding balance of the loan.
Q: When I pass away, will my heirs be responsible for the repayment of the HECM loan?
A: The HECM is a non-recourse loan, therefore the home is the only asset the lender can pursue to repay the loan balance. The heirs, or the estate, will only need to pay back the HECM loan if they choose to retain ownership of the home. They can do so by refinancing into their own name or purchasing the home for 95% of the value at the time the last borrower passes away. If they wish to sell the home, they can do that as well. Any remaining proceeds from the sale of the home, after paying the HECM balance, will go to the estate. If the heirs choose to refuse ownership, then the servicer will foreclose on behalf of the lender to seek restitution for the loan balance. However, this will not reflect negatively on any of the heirs' credit.
Q: How can I receive proceeds from the HECM loan? Is a monthly disbursement my only option?
A: Proceeds from the HECM are tax-free and can be distributed in a variety of ways based on the borrower's choosing. Among these are: monthly disbursements (set to be distributed for the lifetime of the borrower or for a specific amount of time), a single lump sum received at funding, a stand-by line of credit to be drawn upon when the borrower chooses or a combination of monthly disbursements with a line of credit.
Q: Will the proceeds from the HECM affect my Social Security or Medicare benefits?
A: No, the loan proceeds from a HECM generally do not affect Social Security, Medicare or pension benefits. However, they may have an impact on Medicaid, Supplemental Security Income (SSI) or other income-based programs, which vary from state to state. For details on your specific situation, please contact the benefits professional concerning that area.
Q: How difficult is it to qualify for a HECM?
A: It is not difficult at all! You must occupy the home as your primary residence, be at least 62 years of age, the property must be eligible for financing (single family, 2-4 units, FHA approved condominiums, townhomes, planned unit development (PUD), and ensure you have enough income to pay your monthly obligations including property taxes and insurance.
Q: We may be looking to downsize, is the HECM only used for refinances?
A: Great! The HECM can be used to purchase your next new home with a single down payment and no recurring monthly mortgage payments. See buying a home to learn more.
Q: What if my home needs some repairs? Am I disqualified from getting a HECM loan?
A: Using the equity in your home through a HEMC mortgage is a great way to get cash needed for home repairs without increasing your monthly expenses. It is also possible to have cosmetic repairs completed after the loan funds dependent upon underwriters' review of required repairs.
Q: If no monthly payment is due, then when do I payback the loan?
A: The loan is due when a triggering event, or maturity event occurs. These include:
- When the last surviving borrower dies and there is no spouse remaining in the home
- When the home is sold
- If the home is vacated for 12 consecutive months or more
- Failing to pay property taxes or insurance
- When the home is no longer deemed habitable as defined by HUD.
Q: We like to take long vacations and travel. Will that be a problem after we get a HECM?
Not at all! You may want to let servicing know of where to send your mortgage statements if you will be gone for long periods of time. But as long as you do not permanently leave the home or leave for longer than 12 consecutive months, your HECM loan will remain intact.
Q: I am married to someone who is not 62. Can we still get a HECM loan?
A: Yes! Unfortunately the younger spouse will not be able to be on title or be a co-borrower on the loan, but they will be protected under HUD guidelines to remain living in the home even after the older spouse passes away or is placed in a permanent healthcare facility.
The path to closing your HECM and using your home equity as tax-free proceeds is an easy one. The first step will be attend HECM counseling as is required by HUD. For a complete list of counseling agencies, please contact me.
Once counseling is completed, the next step would be to fill out an application for your customized HECM program. After that, simply send me all documents required by the underwriter and you're all set!
About Us
Retirement Funding Solutions is committed to building a world-class organization dedicated to its customers and employees. Founded by a proven executive team with extensive experience in the reverse mortgage space. Our mission is to set the industry standard for customer service, quality, and integrity while providing an innovative lending platform that allows our clients to experience a better quality of life.
With lower fees, program improvements, and expert research advocating the use of housing wealth as part of a coordinated retirement income strategy, the investment community now recognizes the merits of the Home Equity Conversion Mortgage (HECM). Retirement Funding Solutions (RFS) helps provide timely advice on how to integrate housing wealth into the planning conversation. RFS was founded specifically to help the Boomer generation meet the challenges of cash flow survival in the distribution phase of retirement. RFS is a Top 5 national HECM lender and industry leader; well positioned to assist you and your clients.


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There are lots of people and organisations credited with perfect foresight of the financial crisis, and even more who claim they saw it coming when careful reading of their work at the time shows that in fact they didn't.
What is more, many of those who did accurately forecast some kind of a financial and economic storm tended to do so for the wrong reasons. It's not clear that this really counts as a successful prediction. But credit where credit is due, one organisation that did genuinely come quite close was the Bank for International Settlements (BIS).
It is part of the BIS's job to monitor the build-up of credit risk, so maybe it's not so surprising that it was more on the ball than others. The shock would have been if it had failed to notice. However, many of those with more direct responsibility for financial stability did indeed fall into this category, including the International Monetary Fund (IMF), the US Federal Reserve, the European Central Bank (ECB) and the Bank of England.
So when the BIS's Claudio Borrio warns about the return of "search for yield", everyone should sit up and take notice.
The BIS's latest quarterly review points out that yield compression is back with a vengeance, and in some respects is actually now worse than it was in the lead-up to the crisis. With interest rates at rock bottom, lenders are again throwing caution to the wind, and investing indiscriminately. There was a brief return to saner conditions last summer when the Fed suggested it might end quantitative easing, but the consequent widening of spreads was viewed as so alarming by policymakers that the threat was soon withdrawn, and now we are back to where we were.
Remarkably, leveraged loans are now a higher proportion of new signings than they were before the crisis. Corporate credit spreads have sunk to record lows, debt funding for private equity takeovers is once more on a strongly rising trend, and mortgage real estate investment trusts, which fund long-term mortgage assets with short-term money, have come surging back.
The search for yield is also evident in renewed investor appetite for "payment in kind notes", a form of credit that gives the borrower the option to repay lenders by issuing additional debt. Roughly a third of those who issued such debt in the run-up to the crisis ended up defaulting, yet this has failed to act as a deterrent. New issuance of these instruments rose by a third in the first three quarters of this year.
Unconventional monetary policy is meant to work on the "hair of the dog that bit you" principle. By fighting a crisis caused by too much money with yet more money, the central bank hopes to restore the economy to a "normally" functioning machine, at which point saner voices are meant to take over and a more sustainable form of growth establishes itself.
Unfortunately, the near free money environment has gone on for much longer than anyone anticipated. What's more, we seem quite incapable of easing ourselves off the life support.
Every time central bankers try, the economy stalls anew and they are forced to backtrack. Capital misallocation and asset bubbles are just some of the side-effects. We inhabit an Alice Through the Looking Glass world in which – bizarrely, in view of the depth and length of the recession – ultra-low interest rates have helped to contain default rates at close to pre-crisis levels. In the eurozone, default rates have actually fallen during the recession of the past two years, the very reverse of what you would expect and indeed what is needed for the economy to reboot and start growing again. This in turn has encouraged investors to think of what is essentially junk as comparatively risk-free, and spray their money around accordingly. Policymakers find it progressively more difficult to re-establish normality monetary policy for fear of the en masse rise in defaults that would follow.
Mr Borrio also draws attention to a number of the other curiosities that spring from this unprecedented era of cheap money. Investors are, in any case, much more wary than they were of funding banks, but search for yield has reinforced this aversion. In looking for supposedly safer returns, investors have turned instead to corporate bond markets, where they have been extending credit on progressively looser terms to increasingly risky propositions.
Those companies with access to credit markets have done well out of the phenomenon. Corporate bond issuance in Europe has been booming. But it has been very bad for the banks, which have no long-term future without the sort of funding advantage they once enjoyed over their clients.
Many will think this a positive development given what bankers supposedly did to the economy. The problem is that many SMEs are too small to gain access to corporate bond markets and therefore find themselves ever more squeezed by banks that are themselves being starved of market funding. Thus does unconventional monetary policy stifle the new in support of the big and weak. It is also making it much tougher for banks to break free from central bank funding.
The problem is particularly acute in the euro area, where markets have eclipsed banks as a source of corporate funding. This in turn has starved many bank-dependent SMEs of credit.
The ECB hopes to break this cycle of decline with a planned asset quality review, which it hopes will convincingly demonstrate which banks are solvent and which not. Undercapitalised banks can then be dealt with accordingly.
There's a lot riding on the outcome, not least the ECB's reputation as a credible supervisor. Previous stress tests of the eurozone banking system have been comically deficient, resulting only in the answers that national governments wanted to hear.
In the first of these European-wide tests, for instance, Ireland's two largest banks were judged perfectly solvent. The ECB needs to do a proper job this time if confidence is to be restored, but in so doing it will very probably exhaust the capacity of some governments to pay off the bad debts.
Furthermore, the review is confined to just 128 of the largest players (admittedly covering 85pc of eurozone banking assets), and is not due for completion for nearly a year. The review is both too narrow and too long.
In the meantime, the ECB is the only institution standing between Europe's experiment in monetary union and oblivion. In keeping the show on the road, unconventional monetary policy has become a substitute for meaningful financial system reform. What's so frightening is we've yet to hear anyone articulate a credible strategy for freeing advanced economies of their addiction to central bank money.
Mr Borrio diplomatically expresses no opinion on whether the current combination of tight spreads and low default rates is sustainable, so let me do it for him; no it is not.


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LOS ANGELES — A big share of the financial burden of raising Nadya Suleman's 14 children could fall on the shoulders of California's taxpayers, compounding the public furor in a state already billions of dollars in the red.
Even before the 33-year-old single, unemployed mother gave birth to octuplets last month, she had been caring for her six other children with the help of $490 a month in food stamps, plus Social Security disability payments for three of the youngsters. The public aid will almost certainly be increased with the new additions to her family.
Also, the hospital where the octuplets are expected to spend seven to 12 weeks has requested reimbursement from Medi-Cal, the state's Medicaid program, for care of the premature babies, according to the Los Angeles Times. The cost has not been disclosed.
Word of the public assistance has stoked the furor over Suleman's decision to have so many children by having embryos implanted in her womb.
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Harsh criticism toward the mother
"It appears that, in the case of the Suleman family, raising 14 children takes not simply a village but the combined resources of the county, state and federal governments," Los Angeles Times columnist Tim Rutten wrote in Wednesday's paper. He called Suleman's story "grotesque."
On the Internet, bloggers rained insults on Suleman, calling her an "idiot," criticizing her decision to have more children when she couldn't afford the ones she had, and suggesting she be sterilized.Slideshow: Famous multiples
"It's my opinion that a woman's right to reproduce should be limited to a number which the parents can pay for," Charles Murray wrote in a letter to the Los Angeles Daily News. "Why should my wife and I, as taxpayers, pay child support for 14 Suleman kids?"
She was also berated on talk radio, where listeners accused her of manipulating the system and being an irresponsible mother.
"From the outside you can tell that this woman was playing the system," host Bryan Suits said on the "Kennedy and Suits" show on KFI-AM. "You're damn right the state should step in and seize the kids and adopt them out."
Suleman's spokesman, Mike Furtney, urged understanding.
"I would just ask people to consider her situation and she has been under a tremendous amount of pressure that no one could be prepared for," Furtney said.
A call to Suleman's publicist Mike Furtney was not immediately returned.
In her only media interviews, Suleman told NBC's "Today" she doesn't consider the public assistance she receives to be welfare and doesn't intend to remain on it for long.
Also, a Nadya Suleman Family Web Site has been set up to collect donations for the children. It features pictures of the mother and each octuplet and has instructions for making donations by check or credit card.
Suleman, whose six older children range in age from 2 to 7, said three of them receive disability payments. She said one is autistic, but she has not disclosed the other youngsters' disabilities, and refused to say how much they get in payments.
In California, a low-income family can receive Social Security payments of up to $793 a month for each disabled child. Three children would amount to $2,379.
The Suleman octuplets' medical costs have not been disclosed, but in 2006, the average cost for a premature baby's hospital stay in California was $164,273, according to the U.S. Department of Health and Human Services. Eight times that equals $1.3 million.
For a single mother, the cost of raising 14 children through age 17 ranges from $1.3 million to $2.7 million, according to the U.S. Department of Agriculture.
Gov. Arnold Schwarzenegger, who is struggling to close a $42 billion budget gap by cutting services, declined through a spokesman to comment on the taxpayer costs associated with the octuplets' delivery and care.
Suleman received disability payments for an on-the-job back injury during a riot at a state mental hospital, collecting more than $165,000 over nearly a decade before the benefits were discontinued last year.
Some of the disability money was spent on in vitro fertilizations, which was used for all 14 of her children, Suleman said. Suleman said she also worked double shifts at the mental hospital and saved up for the treatments. She estimated that all her treatments cost $100,000.
Fourteen states, including California, require insurance companies to offer or provide coverage for infertility treatment, according to the National Conference of State Legislatures. But California has a law specifically excluding in vitro coverage. It's not clear what type of coverage Suleman has.
In the NBC interview, Suleman said she will go back to California State University, Fullerton in the fall to complete her master's degree in counseling, and will use student loans to support her children. She said she will rely on the school's daycare center and volunteers.
© 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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This 2020 Land Rover Range Rover Evoque S with the Narvik black exterior and Ebony grained leather interior is loaded with options including rear seat convenience pack, 14 way heated front seats, powered tailgate, keyless entry, 18 inch rims, clearsight interior rear view mirror and much more.
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STOCKTON - The husband of ailing Stockton Unified School District board member Sara Cazares provided no update Tuesday on the condition of his wife, who has been hospitalized for one week.
STOCKTON - The husband of ailing Stockton Unified School District board member Sara Cazares provided no update Tuesday on the condition of his wife, who has been hospitalized for one week.
But during the board meeting Tuesday night, Stockton Unified Trustee David Varela said he spoke to Cazares' husband during the day and received encouraging news.
"Sara is showing improvement," Varela said, quoting Cazares' husband, Larry Hernandez. "She's still in critical condition, but she is improving. So send your prayers. As things improve, we will let everyone know how she is doing."
Cazares, 48, suffered what Hernandez said were "complications" during a medical procedure at a regional hospital last week. Hernandez has asked for privacy for his family and has provided limited information.
Fourteen months ago, Cazares suffered a brain aneurysm and a stroke. Defying doctors' predictions of a long hospitalization and recovery, Cazares returned to her board duties 32 days later.
"We're just thinking good thoughts for that whole family," said Ellen Old, president of the Stockton Teachers Association.
Also during Tuesday's board meeting:
� Trustees approved the instructional calendar for the 2013-14 school year. The first day of classes will be Aug. 13. There will be one-week breaks for fall and spring and a two-week break for winter. The final day of the school year will be June 5, 2014.
� In opposition to a proposal by Gov. Jerry Brown, the board approved a resolution for the district to continue funding adult education services. Brown has proposed shifting responsibility for adult education from K-12 districts to community colleges. Superintendent Steve Lowder said it appears Brown's proposal is "dead in the water."
� Supporters of Stallworth Charter spoke during a public hearing on behalf of renewal of the school's charter with Stockton Unified. A vote on renewal will take place at an upcoming board meeting. If renewed, Stallworth will make the transition from a K-12 campus to a K-8.
� The board approved creation of a job description for the district's long-vacant position of deputy superintendent.
Contact reporter Roger Phillips at (209) 546-8299 or firstname.lastname@example.com. Visit his blog at recordnet.com/phillipsblog.


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Big Spectacular Dutch Babies
13 comments:
Thanks for posting this...I've been meaning to find this recipe..I use to make it all the time years ago...ReplyDelete
Mary that is one beautiful Baby!ReplyDelete
My son Jake would be swooning if this was put before him...
I need to make these again soon...it has been a long time!
Glad you are back...and that your visit was wonderful!
I am always "wowed" by your posts! This is awesome!ReplyDelete
That looks absolutely amazing!ReplyDelete
looks fabulous darling!ReplyDelete
I love Dutch Baby Pancakes -- they're one of my favorite comofrt foods. So impressive for guests and so easy too. Yours looks beautiful.ReplyDelete
Oh yum! I love dutch babies. Looks perfect!~ReplyDelete
I haven't made these in so long. They are so beautiful to bring to the table - not to mention how yummy they are!ReplyDelete
Mmmm! Looks good. My son Jacob loves them a lot! We have them all the time. Thanks for the link to the recipe that adjusts for size. He had a video game night with friends and it would have been nice to make smaller individual ones for the kids. I'm off to check it out! ~ RobynReplyDelete
That look so tempting Mary..itching to make soon..:)ReplyDelete
We have these for breckfast all the time. I have a huges all-clad pan, I have had for 20 years and it works well. ClariceReplyDelete
I love making popovers on a Sunday morning! The BIG version looks like so much fun and so much easier. Thanks, Mari!ReplyDelete
I love Dutch babies with a squeeze of lemon and a little powdered sugar. Yummy!ReplyDelete


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Nick Drnaso's Sabrina is the best book—in any medium—I have read about our current moment. It is a masterpiece, beautifully written and drawn, possessing all the political power of polemic and yet simultaneously all the delicacy of truly great art. It scared me. I loved it.Zadie Smith
The first graphic novel nominated for the Man Booker Prize!
How many hours of sleep did you get last night? Rate your overall mood from 1 to 5, 1 being poor. Rate your stress level from 1 to 5, 5 being severe. Are you experiencing depression or thoughts of suicide? Is there anything in your personal life that is affecting your duty?
When Sabrina disappears, an airman in the U.S. Air Force is drawn into a web of suppositions, wild theories, and outright lies. He reports to work every night in a bare, sterile fortress that serves as no protection from a situation that threatens the sanity of Teddy, his childhood friend and boyfriend of the missing woman. Sabrina's grieving sister Sandra struggles to fill her days waiting in purgatory. After a videotape surfaces, we see devastation through a cinematic lens, as true tragedy is distorted when fringe thinkers and conspiracy theorists begin to interpret events to fit their own narratives.
The follow-up to Nick Drnaso's LA Times Book Prize winning Beverly, Sabrina depicts a modern world devoid of personal interaction and responsibility, where relationships are stripped of intimacy through glowing computer screens. An indictment of our modern state, Drnaso contemplates the dangers of a fake news climate. Timely and articulate, Sabrina leaves you gutted, searching for meaning in the aftermath of disaster.
Praise for Sabrina
Sabrina is an artful masterwork, easily already one of the top books of the summer and demanding to be read.Under The Radar
Nick Drnaso's Sabrina is full of ominous, dead-quiet catastrophe. The faces of his stoic characters are as enigmatic as the Mona Lisa's, as they confront modern terror with blank, fathomless smirks. Never sentimental or satirical (we've all had enough of that), Drnaso chronicles the American climate of fear, isolation, mainstream misinformation, and fringe paranoia with perfect lucidity. Sabrina steeps the mundane in shadowy mystery and grand tragedy; fans of Chris Ware, Todd Solondz, and Don DeLillo should read this immediately.Tony Tulathimutte
Nick Drnaso is one of the most ambitious, singular cartoonists to emerge in recent years, and his dedication to novelistic fiction is an inspiration. Incisive, chilling, and completely unpredictable, Sabrina demonstrates the inexplicable power of comics at their best.Adrian Tomine, Killing and Dying
Reading Sabrina is an experience akin to watching a movie. It's as if the lights have gone down: absorbed and gripped, the skin prickles.The Guardian
Drnaso's simple, rigid drawings capture the bleak blankness of much contemporary life, anomie hovering over almost every interaction, both real and virtual... [Sabrina] leaves the audience holding its breath.The Chicago Tribune
Nick Drnaso has created a minimalist horror story that functions as a gutting critique of a modern media environment choked with misinformation, propaganda, and conspiracy theories.Lenika Cruz, The Atlantic
This maestro of minimalism manages to convey the horror of senseless murder with nothing but a lumpy sheet and motionless red water in a bathtub.NPR
Sabrina is the intimate story of one man's suffering, but it also captures the political nihilism of the social-media era—a time when a President can dismiss the murder of a journalist by saying of the perpetrator, "Maybe he did. Maybe he didn't.The New Yorker
A Midwestern gothic tale for our times... It's a shattering work of art.New York Times, 100 Notable Books of the Year
A profoundly American nightmare... The fictional killing in Sabrina is disturbing, but Drnaso doesn't fixate on the gore or the culprit; he's more concerned with how the public claims and consumes it, spinning out morbid fantasies with impunity... It's a shattering work of artNew York Times
Spare yet rich, disturbing yet hopeful, [Sabrina is] an absolutely essential book-of-the-moment.Megan Mullally
Nick Drnaso uses stoic illustrations of life along the periphery to investigate the American experience of fear and loneliness. This is a book you won't forget.Lit Hub
Almost sure to be one of the most discussed graphic novels of the year—if not the next several, this should skyrocket Drnaso to the top tier of comics creators today.Library Journal Reviews
Sabrina is startling. Drnaso's formal ingenuity and confidence is matched by the acuity and depth of the story's awareness of who and where we are right now.Jonathan Lethem
Sabrina is an astonishing tour-de-force that simmers with quiet, unresolved dread.Gizmodo
When we look back on the serious cultural products of this stretch of history where media has made everyone crazy and driven a wedge between our public selves and our private humanity, Sabrina is likely to be a touchstone.Forbes
Loneliness and madness are timeless, but Sabrina, in its exploration of personal fears, is a precise time capsule of how desperate and deranged 2018 can make any of us.The Chicago Reader
[Sabrina] is an astonishing meditation on the anxiety of post-9/11 America.Chicago Magazine
Part Don DeLillo, part Jim Jarmusch, all fridge-humming domesticity and quiet dread.British GQ
[Sabrina is] a masterful look at the emotional toll taken by the dehumanizing forces at large in modern society.Booklist


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Sponsor Spotlight: Mikkili
If you like photography, Scandinavian living and nature then by nord Copenhagen is the perfect home accesoiries brand for you! Online shop Mikkili offers a wide variety of their tea towels, duvet covers and cushions.
Inspired by a very famous restaurant's principles … raw and Nordic nature… where the rough and gentle meet … designer Hanne Berzant founded by nord in 2008.
So just like many Scandinavian brands by nord strongly believes in sustainable design… where beauty and functionality are supported by the use of organic materials.
Above in the collage just an impression of what is available from the by nord collection over at Mikkili … and below some beautiful pictures from the by nord catalog summer 2013.
Perfect :))


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MOPS stands for Mothers of Preschoolers, an international organization that exists to encourage mothers who have children newborn – Kindergarten.
It's a place where moms have the opportunity to make new friends, share experiences, laugh together, and learn trusted principles pertaining to womanhood, marriage and parenting. MOPS also provides opportunities for social outings geared specifically for preschool aged children and their mothers.
MOPS recognizes that the years from infancy through kindergarten are foundational in a mother-child relationship and are filled with unique needs.
MOPS groups gather throughout the United States, Canada, and numerous other countries to meet the needs of more than 100,000 women each year! The women you meet at your local MOPS meeting may not all be of the same age, background or lifestyle, but they're all in the same season of life with a shared desire to be the best mother they can be.
How do I Join?
If you are interested in joining this incredible support network of women, there are a few things to take note of:
Calvary Fellowship Church MOPS meets the 1st and 3rd Wednesdays, September – May.
Meetings begin at 9:30am and end at 11:15am. Children can be left in the care of the Wonderworks program at 9:15am.
An annual fee of $25.00 registration fee is required that goes to MOPS International. This secures your membership and entitles you to a one-year subscription to MOMS SENSE a bi-monthly magazine and the book " Life on Plant Mom : A down to earth guide to your changing relationships" by Lisa T. Bergren. The Calvary Fellowships Church MOPS group also has a fall & spring semester dues that cover the meeting expenses. The dues are $42.00 for the fall (6 meetings) and $56.00 for the spring ( 8 meetings ).
Scholarships are available, so don't let the cost hinder you from participating! We exist for the community of moms around us, and we want to include everyone we can!
To register or learn more about Calvary Fellowship Church (CFC) MOPS contact one of the coordinators, Sharon Fleet or Rachel Fair at firstname.lastname@example.com.
The Calvary Fellowship Church website is being updated and the direct link to the MOPS page is not up and running yet. Please contact Sharon or Rachel for information. The Calvary Fellowship Church MOPS link will be working soon..stay tuned!
REGISTRATION is now open!
** ChesterCountyMoms.com is not specifically affiliated with any playgroups, Moms groups, or Parenting Organizations. If you are interested in advertising your group on ChesterCountyMoms.com, please feel free to email us at firstname.lastname@example.com


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BRISTOL, Tenn. – The King University women's soccer team will host a Kick for the Cure match on Saturday at 1:00 p.m. against rival Lees-McRae College. Donations taken at the gate, with all proceeds going to Susan G. Komen for the Cure, an organization dedicated to battling breast cancer.
The game is being held in conjunction with Breast Cancer Awareness Month, which takes place each October and encourages sports fans nationwide to join in the fight against breast cancer. Donations will be accepted at the gate as fans enter for the match and all of the proceeds will be given to Susan G. Komen for the Cure, which attempts to fight breast cancer through ground-breaking research, community health outreach, advocacy and programs. The Tornado will wear pink warm-up jerseys before the match, and fans are encouraged to wear pink to show support.
"Breast cancer is an issue that both the coaches and players at King feel very strongly about," stated head coach Simon Duffy. "We can't wait to be able to make a donation to Susan G. Komen for the Cure after Saturday's game and we hope to have a large turnout."
The match will be crucial to King's effort to earn a berth in the Conference Carolinas tournament for the third consecutive season. Lees-McRae is the defending conference champion and is currently second in the standings with a 3-1 record in Conference Carolinas play. The Bobcats defeated King 3-0 in Banner Elk, N.C. in the first round of the conference tournament a season ago.


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We are a team of mobile app developers and digital specialists. We're creative, fast and dedicated to delivering exemplary mobile apps and experiences. We help brands and startups at all points on their mobile journey. Get in touch, we're ready to help you shine on the small screen.Get in touch
Our team of mobile developers and designers create the perfect blend of art and science to help bring your app or your mobile strategy to life. Whether it's helping you develop mobile apps for iPhone (iOS developers) and Android or creating smart strategies that deliver in digital - our mobile agency is ready to help make your business shine.See our studio
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Honeywell deliver high performance engines for some of the most cutting edge vehicles on the face of the planet. With their tech at the beating heart of helicopters, jet planes and transport vehicles Honeywell want to show off their technology to potential partners. Flipside assist Honeywell in delivering highly visual, highly interactive experiences across web and mobile, helping their customers understand the technology and benefits behind their products.
Want to chat with us about how we can help you out in mobile and digital? Call us on (646) 543-5304.
We're an approachable gang with a soft spot for a coffee, so just pop in or email us at firstname.lastname@example.com.
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The mission of the Injury Epidemiology & Surveillance Branch is to improve the healthof Texans by reducing morbidity and mortality resulting from unintentional and intentional injuries.
Our vision is to continually improve the surveillance of reportable events through the useof the EMS & Trauma Registries and other population-based data sources, assess Texas' EMS and trauma care systems utilizing epidemiological principles and public health best practices, and to share knowledge through data dissemination, presentations, and reports for the benefit of public health.
Important News and Updates
View previous recorded webinars at the following link: Previous WebinarsSample Business Associate Agreement (BAA) - Please note this is a sample BAA for reference only - Click Here to DownloadIn addition, the Injury Epidemiology & Surveillance Branch analyzes data collected on all calls by the Texas Poison Center Network (TPCN), which consists of six poison centers that cover the entire state. Each year, the TPCN receives over 150,000 cases about potentially adverse exposures to a wide variety of substances.
EMS & Trauma Registries
The EMS & Trauma Registries (ETR) is made up of five registries: EMS Registry; Traumatic Brain Injury Registry;Spinal Cord Injury Registry; Submersion Registry; and other acute Traumatic Injury Registry. The ETR is astatewide passive surveillance system that collects reportable event data from EMS providers, hospitals, Justices ofthe Peace, Medical Examiners, and rehabilitation facilities. Texas is home to one of the largest EMS registries in
the United States with more than 2.6 million EMS runs received annually.
Learn more about data reporting requirements for the EMS & Trauma RegistriesPortal to the EMS & Trauma Registries.EMS & Trauma Registries Advisory Workgroup.Link to the Texas Poison Center Network.Contact Us.
Learn more about data reporting requirements for the EMS & Trauma RegistriesPortal to the EMS & Trauma Registries.EMS & Trauma Registries Advisory Workgroup.Link to the Texas Poison Center Network.Contact Us.
Customer Service
Your questions are important to us and we will respond as soon as possible. For the most efficient customer service response, please use: firstname.lastname@example.com. Alternatively, you may contact us using our central telephone number at (800) 242-3562.
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