Current News
by tim
Recent analysis of Vermont Housing Finance Agency (VHFA) home loan data shows delinquency and foreclosure rates of VHFA mortgages were considerably lower than rates for Vermont and the nation. As of June 30, 2010, VHFA home loans that were delinquent by 90 or more days were just 0.94 percent of all the Agency's outstanding loans. Vermont's rate was more than twice as high: 2.05 percent. The national rate was 4.54 percent.
The number of VHFA loans in the foreclosure process on June 30, 2010, was 1.37 percent of all VHFA loans, compared to Vermont's overall foreclosure rate of 2.71 percent and the national rate of 4.57 percent.
"VHFA's numbers are impressive, but not accidental," according to Executive Director Sarah Carpenter. "VHFA consciously avoids tactics less savory subprime lending institutions employ that helped lead to the country's recent economic collapse.
by tim
The following statement is being issued today by Vermont Attorney General William H Sorrell and the Mortgage Foreclosure Multistate Group:
"It has recently come to light that a number of mortgage loan servicers have
submitted affidavits or signed other documents in support of either a
judicial or non-judicial foreclosure that appear to have procedural defects.
In particular, it appears affidavits and other documents have been signed by
persons who did not have personal knowledge of the facts asserted in the
documents. In addition, it appears that many affidavits were signed outside
of the presence of a notary public, contrary to state law. This process of
signing documents without confirming their accuracy has come to be
known as "robo-signing." We believe such a process may constitute a
deceptive act and/or an unfair practice or otherwise violate state laws.
by tim
Monday was the start of National School Lunch week and there was something to celebrate at Summit Street School in Essex Junction - a new milk contract that will provide 135 Vermont schools with milk that supports the health of our children, local farms and the environment.
The Agency of Agriculture joined Vermont FEED, the Vermont Food Service Directors association to announce a new contract with Garelick Farms, based in Franklin, MA, that will provide schools with the choices they’ve been looking for, milk that comes from Vermont farms in 8 or 10 ounce recyclable plastic bottles and a chocolate milk formula with no high fructose corn syrup.
by og
The Bennington Area Chamber of Commerce is teaming up with Efficiency Vermont to implement a new program to help small businesses save energy and money, the Business Energy Ambassadors program. Under this program, trained volunteers will conduct on-site ‘business energy visits’ to identify opportunities for helping small businesses save energy (and money!), with a primary focus on lighting, which can also increase the customer appeal of retail and office spaces. The Bennington Area Chamber of Commerce will work with those businesses that can benefit from the limited-time and enhanced financial incentives currently being offered by Efficiency Vermont.
by tim
Berkshire Hills Bancorp, Inc (Nasdaq: BHLB), and Rome Bancorp, Inc (Nasdaq: ROME) announced today that they have signed a definitive merger agreement under which Berkshire will acquire Rome and its subsidiary, The Rome Savings Bank, in a transaction valued at approximately $74 million.
Rome's assets totaled $330 million at June 30, 2010, and it operates five banking offices serving Rome, Lee, and New Hartford, New York. The Rome Savings Bank will be merged into Berkshire Bank, the principal operating subsidiary of Berkshire. After the merger is completed, Berkshire Bank will serve customers in Massachusetts, New York, and Vermont through a network of 46 full-service bank branches. Berkshire is expected to have total assets exceeding $3.0 billion and a total market capitalization for its common stock in excess of $300 million upon consummation of the transaction. Pro forma tangible equity to tangible assets is expected to improve to 8.4%.
by tim
The new headquarters building of the National Center for Post-Traumatic Stress Disorder was officially opened today on the campus of the VA Medical Center at White River Junction. Vermont Senators Patrick Leahy and Bernie Sanders took part in a ribbon-cutting ceremony for the facility, which they say acknowledges the extent of PTSD and the the federal government's commitment to helping veterans.
The senators noted that the new Headquarters Building is the hub of what has become an extensive VA-wide PTSD research and education network -- parallel to the direct care that veterans receive in VA medical facilities -- which acts on the nation’s long-term commitment to look after those who have served once they return home.
by tim
The Jay Peak ski resort has been ordered to restore wetlands and streams that were harmed when the resort discharged dredged and fill material into the waters during construction of its golf course in violation of the federal Clean Water Act. Jay Peak has agreed to the terms of EPA’s order and recently completed all restoration work prior to the order’s October 2010 deadline.
The US Environmental Protection Agency last month ordered Jay Peak Resort, Inc to repair the damage done between 2004 and 2006 when it was building its golf course and discharged material without a required permit. According to EPA,the construction company working for Jay Peak Resort placed dirt, sand and rocks into numerous wetlands and streams, affecting a total of 2.15 acres.
This case was brought to the attention of EPA by the US Army Corps of Engineers in the spring of 2008. Since then, the Corps and EPA have worked together in pursuing this case.
by tim
Law Offices of Howard G. Smith, representing investors of Green Mountain Coffee Roasters Inc, has filed a class action lawsuit in United States District Court on behalf of a class consisting of all persons or entities who purchased the securities of Green Mountain between July 28, 2010 and September 29, 2010, inclusive. The class action lawsuit was filed in the United States District Court for the District of Vermont. The firm had previously indicated it was investigating whether it would take such action.
by tim
Draker Laboratories, a provider of turnkey monitoring systems for commercial photovoltaic (PV) systems in Burlington, has been selected by Premier Power Renewable Energy, Inc. (OTCBB:PPRW), a global leader in the development, design, engineering, and construction of solar power systems for commercial, government, and utility markets in the United States and Europe, to monitor energy production at several PV facilities the company is developing. One example of Draker and Premier Power working together is on a 2 megawatt (MW) warehouse and distribution facility project in Torrance and Carson, CA, where Draker will supply data acquisition and monitoring equipment for the solar electric generating project Premier designed and is constructing.
by tim
Last Friday, October 8, Vermont Yankee announced that a water sample from rock fissures beneath the plant tested positive for tritium at an amount of 1,040 picocuries per liter. A statement issued by a representative of the Vernon nuclear power plant said that this amount of tritium is significantly below the US Nuclear Regulatory Commission’s required level to report tritium findings (which is 30,000 picocuries per liter) and significantly below the US Environmental Protection Agency’s standard for permissible levels of tritium in drinking water (20,000 picocuries per liter). The rock fissures from which the sample was taken fed a former industrial drinking water well that previously served the plant’s Construction Office Building, known as the COB well. This well was retired earlier this year (March) as a conservative precaution shortly after the tritium leak from the plant was discovered.
by tim
The US Energy Information Administration (EIA) is scheduled to release its winter fuel outlook in Washington, DC, on October 13, 2010.While the EIA's survey provides an overview for the country, it does not provide specific details of what’s happening in Vermont. For instance, the last EIA update in July suggested that oil would be over $3 a gallon heading into winter, which is not the case. The most recent survey from the Vermont Department of Public Service finds that fuel oil is averaging $2.70 a gallon, which on a BTU basis is price comparable to natural gas and wood pellets. Electric heat, on the other hand, costs nearly twice as much as oil heat, according to the Vermont Fuel Dealers Association.
by tim
Based on analysis by e-forecasting.com, US monthly GDP estimates, it appears that the third quarter shows a strong slowdown in growth down to just 1 percent, after an increase of 1.7 percent in the second quarter.
US growth continues to slow and e-forecasting.com will issue its monthly global leading indicators report later this week. Movement in these leading indicators occurs about five to six months before economic activity. We'll be releasing our monthly global leading indicators report later this week.
US Monthly GDP