Foreclosure Trustee Services / 888.925.3938

Integra Introduces Short Sale Department

Wed, 22 Feb 2012 16:50:54 +0000

TUCSON, Ariz.–(BUSINESS WIRE)–Integra Group Real Estate LLC, a brokerage firm specializing in the marketing and sale of REO, HUD and distressed properties in Southern Arizona, has officially introduced its short sale department to assist homeowners with the resale of homes nearing foreclosure.

“Due to the extreme number of foreclosures, the current vacant housing stock will accommodate 10 years of population growth in the area”
With more than five years of experience handling short sales, Integra has successfully integrated a short sale module into the Integra Process allowing the company to formally open a department to address the high foreclosure rates in Arizona. The department is led by Ofelia Lichtenheld, designated broker for Integra, and provides the specialized expertise and skill sets that are needed in order to more successfully process a short sale transaction.

“The short sale department enables homeowners to sell the property with the appropriate valuation in the shortest time and avoid the ramifications of having a foreclosure on their credit history,” said Eric Lichtenheld, president of Integra Group.

The downfall of the market led to more than half of Arizona homeowners now having negative equity. In Pima County, with the second highest foreclosure rate in the state, there is currently a 11.9 percent vacancy rate compared to a normal rate which falls between one and two percent.

“Due to the extreme number of foreclosures, the current vacant housing stock will accommodate 10 years of population growth in the area,” Lichtenheld continued. “With the launch of our short sale department, we are dedicated to providing homeowners selling alternatives, decreasing the number of foreclosed homes and helping stabilize the neighborhoods in Southern Arizona by maintaining asset values.”

Integra also specializes in helping the Hispanic market segment, which was hit particularly hard during the economic crisis. Nationally, Hispanic homeowners were 2.3 times more impacted by subprime loans than non-Hispanics. With Integra Group’s extensive bilingual support and expertise, homeowners in all economic and demographic classes can seek short sale alternatives.

About Integra Group Real Estate

Founded in 2005, Tucson, Ariz.-based Integra Group Real Estate LLC is a brokerage firm specializing in the management, preservation and marketing of REO, HUD and distressed properties in Southern Arizona. Through its proprietary Integra Process, the broker provides strategic property evaluation, counseling, preservation and property marketing assistance to four of the top 10 U.S. mortgage lenders. For more information, visit www.IntegraTucson.com.

Contacts

For Integra Group Real Estate
Sarah Lewis, 678-781-7209

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Proposal to Stem Foreclosures

Wed, 22 Feb 2012 16:49:06 +0000

COLUMBUS, Ohio–(BUSINESS WIRE)–As the mortgage industry and the federal government struggle to find ways to stem foreclosures, Barry Habib, vice president and chief market strategist for Columbus, Ohio-based Residential Finance Corp. (RFC), proposes a plan to prevent foreclosures and strategic defaults. The proposed plan also enables homeowners to quickly rebuild equity in their homes with a monthly housing expense lower than renting.

“This program would enable an average homeowner to save about $590 a month on their mortgage payment, which they would likely spend – creating enormous economic stimulus – save, or use to pay down their mortgage”
Under the proposed Homeowners Equity and Liquidity Pathway (HELP) for Housing plan, homeowners build equity in their homes after just two years without a government bailout while contributing up to $450 billion in economic stimulus to the U.S. economy over five years.

Key elements of this proposal include:

Eligible for borrowers who are current but trapped in their mortgage by not being able to refinance their mortgage or sell their home.
Existing mortgage would be divided into two parts: a first mortgage – representing 80 percent of the current value of the home – on a 20-year fixed payment, which takes advantage of the historically low market rates, and a second mortgage on the remaining balance, to be securitized and held on the Federal Reserve balance sheet, much like QE1, QE2 and Operation Twist.
Borrower is not obligated to make monthly payments on the second mortgage; however, interest accrues and is payable upon the sale of the home.
Significantly lower monthly mortgage payments – resulting in a less expensive alternative to renting a similar home.
Borrower rebuilds equity within two years.
Borrower cannot sell the home for three years after entering the program.
Zero to minimal contribution from the federal government.
While there are many loan programs and ideas that address the foreclosure problem, this proposal actually addresses borrowers’ current situation and underlying issues contributing to strategic defaults. For instance, with some programs, even if the borrower does refinance, he or she will end up paying more than they would for rent and still not be able to gain equity in their home. By building equity, HELP for Housing allows borrowers to see a light at the end of a tunnel of being upside down or loan trapped. The program shows them how they can create wealth in their home again by giving them “skin in the game” or a reason to continue to pay their mortgage as well as room to rebound financially.

“This program would enable an average homeowner to save about $590 a month on their mortgage payment, which they would likely spend – creating enormous economic stimulus – save, or use to pay down their mortgage,” Habib said. “The bottom line is that homeowners will have a mortgage payment they can afford and once again build equity in their home while also having significant extra cash per month. This is not a bailout; there is no moral hazard; and the government benefits from significant economic stimulus without having to pay for it.”

Homeowners would be required to pay back all of the loan(s) upon the sale of their home, which they would not be able to sell for three years, as a condition of the proposed program.

As for the benefit to government, Habib said in addition to getting the economic stimulus, banks are less likely to need bailouts because they will not be required to write down a portion of the existing loan, as is the case with other plans.

Habib continued, “The mortgage industry must get creative with the way we approach foreclosures because we know exactly what plans will help homeowners; we also know how the government can participate without bailouts and without costing taxpayers money.”

Homeowners would have to qualify for the proposed program, which is explained in detail in the new whitepaper, “HELP for Housing.” To enter the program, they would need to have paid their bills on time and incur no late mortgage payments for the last 12 months. Conceivably, the plan could affect 10 million homeowners who would each be able to pour $7,080 annually back into the economy, or $450 billion during the next five years.

The revolutionary proposal has been submitted for consideration to the Mortgage Bankers Association, National Association of Realtors, the Consumer Financial Protection Bureau, the House Financial Services Committee, the Department of Housing and Urban Development and several congressmen.

About Residential Finance Corp.

Founded in 1997, Residential Finance Corporation (RFC) (www.residentialfinance.com), offers homeowners and homebuyers nationwide a wide range of home mortgage loan options, including special lower-rate government-insured FHA and VA loans, residential mortgage loans, jumbo mortgage loans, and reverse mortgages. RFC’s highly-trained staff delivers mortgage expertise and customer service excellence, winning the company many awards, including Columbus Business First Corporate Caring Award, Columbus Business Journal Best Place to Work, Florida Trends Best Company in Florida, American Business Award Sales Department of the Year, Inc Magazine INC5000 Fastest Growing Company, and American Society of Training and Development Excellence in Practice. Headquartered in Columbus, Ohio, RFC has branches throughout the country, and is seeking loan officers and branch managers to join their network of branches. For more information contact Jessica Manna at 614.255.4317 .

NMLS#1652. Equal Housing Lender.

Contacts

For RFC
Media Contact
Charlyne H. McWilliams, 301-933-5567

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Tennessee Launches Funeral Reform

Mon, 20 Feb 2012 22:52:09 +0000

NASHVILLE, Tenn.–(BUSINESS WIRE)–The sudden or unexpected death of a loved one…it is one of the toughest times for a family. And many have not prepared by purchasing a pre-paid funeral plan.

“discounts on pre-paid funerals arrangements are illegal in Tennessee. In fact, Tennessee is the only state in the entire country that prohibits such incentives.”
One way to encourage that is by offering a discount as an incentive for folks to plan ahead, says Fred Berry, a fourth-generation Knoxville funeral home director and the spokesman for a new group called Tennesseans for Funeral Reform.

“Unfortunately,” says Berry, “discounts on pre-paid funerals arrangements are illegal in Tennessee. In fact, Tennessee is the only state in the entire country that prohibits such incentives.

“Tennessee is really out of step. Most states allow pre-need discounts at least for veterans or seniors, and all Tennessee consumers ought to have this option if they want to pre-plan their final rites,” adds Berry. “But Tennessee is the only state in the entire country with a complete prohibition. The law has been on the books for many years (since the late 1950s) and needs to be changed. Many funeral home directors were not even aware of the law until state regulators recently began strictly enforcing the measure, fining funeral homes that try to help their clients with any kind of pre-need discounts. Tennessee even prohibits a funeral home from offering a customer a discount in order to match a competitor’s price on a prearranged funeral.”

Berry adds, “One of the ironies created by this more than 50 year old law is that funeral homes across the state can offer discounts to help families of active duty military (as well as law enforcement and public safety officials) whose loved ones are killed in the line of duty. But these same honorable men and women cannot legally receive discounts when trying to make their own arrangements in advance to lessen the burden on their loved ones.”

Another irony, according to Berry, is that local governments across the state have a growing problem with citizens not being financially prepared to cover cremation or burial expenses. Therefore taxpayer dollars are being used for that purpose. A solution would be allowing funeral homes to give a reasonable financial incentive in the form of a discount to encourage pre-planning. That along with the ability to make affordable payments would decrease the number of people not prepared financially to face end-of-life expenses.

Tennesseans for Funeral Reform include a number of funeral home directors across the state. Its legislation has been endorsed by the International Cemetery, Cremation and Funeral Association (ICCFA), an international trade association representing all segments of the funeral industry with membership of more than 7,500 cemeteries, funeral homes, cremation, memorial designers and related businesses worldwide. The ICCFA Executive Director has sent a letter of support to all members of the General Assembly.

For more information, and to contact your state representatives on this issue go to www.TennesseeFuneralReform.com.

Contacts

For Tennesseans for Funeral Reform
Pat Nolan or Brian Fulton, 615-244-1818

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Military of the Purple Heart Salutes Delaware Ohio

Mon, 20 Feb 2012 22:51:46 +0000

DELAWARE, Ohio–(BUSINESS WIRE)–The Military Order of the Purple Heart (MOPH) is proud and honored to salute Mayor Gary Milner and the City Council of Delaware, Ohio on the occasion of proclaiming Delaware a Purple Heart City in Ohio.

“Military Order of the Purple Heart of the U.S.A. Inc”
The public is invited to attend the Proclamation ceremony that will take place at 7:00 PM, Monday, February 27, 2012, at City Hall Council Chambers, 1 South Sandusky Street, Delaware, Ohio. In proclaiming itself a “Purple Heart City,” Delaware pays special tribute to the almost 2 million dedicated and brave servicemen and women who have either been killed or wounded in combat, and honors not only Ohio’s Purple Heart recipients but all veterans across the nation.

Receiving the Proclamation on behalf of Delaware’s Chapter 148, Military Order of the Purple Heart, will be Robert Burr, Chapter 148 Commander. Also participating in the ceremony will be Tony Kohl, Department of Ohio Commander, and other members of MOPH Chapter 148 and the MOPH Ladies Auxiliary. In honor of this occasion, the city of Delaware will be presented the Military Order of the Purple Heart flag provided by Chapter 148.

The organization now known as the “Military Order of the Purple Heart of the U.S.A. Inc” (MOPH) was formed in 1932 for the protection and mutual interest of all combat wounded veterans and active duty men and women who have received the decoration. Chartered by the Congress, the MOPH is unique among Veteran Service Organizations in that all of its members were wounded in combat. For this sacrifice they were awarded the Purple Heart Medal. With grants from the MOPH Service Foundation, the MOPH and its Ladies Auxiliary promote Patriotism, Fraternalism, and the Preservation of America’s military history. Most Importantly, through veteran service, they provide comfort and assistance to all veterans and their families, especially those requiring claims assistance with the VA, those who are homeless, and those requiring employment assistance. Through the VAVS Program, MOPH volunteers selflessly provide assistance to hospitalized veterans at VA medical facilities and State Veterans Homes.

Contacts

MOPH Chapter 148 Commander – Bob Burr
740-417-3976
rburr11@columbus.rr.com
or
Lee Yoakum, Community Affairs Coordinator, City of Delaware, OH
740-203-1015
lyoakum@delawareohio.net

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Norse Energy Raising Money in USA

Sun, 19 Feb 2012 21:34:45 +0000

LYSAKER, Norway–(BUSINESS WIRE)–Regulatory News:

Reference is made to the stock exchange notification published by Norse Energy Corp. ASA (“NEC” ASA, OSE ticker code “NEC”, U.S. OTC symbol “NSEEY”) dated 9th January 2012 and 30th January 2012 regarding conversion of parts of the Company’s debt to equity at a subscription price of NOK 0.40 and NOK 0.37 per share, respectively.

The Financial Supervisory Authority of Norway has today approved the following prospectus:

- Listing of 343,521,379 New Shares on Oslo Børs, each with a nominal value of NOK 0.37 issued in connection with the conversion of bonds to equity

Carnegie ASA and Pareto Securities AS acted as managers for the conversion of debt to equity.

The prospectus is attached to this announcement and will also be available electronically at www.norseenergycorp.com. The prospectus will also be available free of charge at the business offices of Norse Energy Corp. ASA, Carnegie ASA and Pareto Securities AS.

This information was brought to you by Cision http://www.cisionwire.com

Contacts

Norse Energy Corp ASA
J. Chris Steinhauser, +1 716-568-2048
Chief Financial Officer
csteinhauser@norseenergy.com

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GE Capital Opens New Orleans Property

Sat, 18 Feb 2012 17:47:31 +0000

NORWALK, Conn.–(BUSINESS WIRE)–GE (NYSE: GE) today announced that it will open the GE Capital Technology Center in New Orleans, Louisiana. The center is expected to grow to 300 information technology professionals over the next three years, and focus on developing innovative new software, processes and technologies to drive excellence for its financial services business, GE Capital. This commitment builds on the GE Works event held earlier this week in Washington, DC, where the Company announced 400 new Aviation jobs in the U.S. and a number of programs to promote economic growth in the U.S.

“New Orleans has many of the things we need to build a center – a great location, talent, and an attractive business environment”
“New Orleans has many of the things we need to build a center – a great location, talent, and an attractive business environment,” Brackett Denniston, GE’s senior vice president and general counsel, said. “These are high value, skilled jobs that will help us effectively respond to increasing demand in our financial services business, and better support GE Capital’s future growth by developing and deploying innovative technologies to make our businesses even more productive and competitive.”

“Information technology is a critical part of how we compete in the marketplace and support our key stakeholders,” said Martha Poulter, vice president and chief information officer (CIO) for GE Capital. “The New Orleans Technology Center, a first for GE Capital, will be a valuable asset for the business, giving us more capabilities and new talent to win.”

While hiring for the center will not begin until 2Q, interested candidates can go to www.ge.com/careers/ge_capital_technology_center.html for the latest information.

Louisiana Governor Bobby Jindal said, “Our unparalleled quality of life, New Orleans’ rapidly growing technology sector and our commitment to build the best economy of the future, right here in Louisiana, attracted GE Capital and brought this project to our state. With today’s announcement, Louisiana is continuing to prove our mettle in the software development world, the information sector and the corporate world. The bottom line is that we will not rest until Louisiana is known as a major hub of corporate headquarters and software and technology centers of excellence.”

“I’m really pleased to have worked side-by-side with folks at GE and state officials for several months to make these jobs a reality,” U.S. Senator David Vitter (R-LA) said. “Today’s decision by GE is further confirmation of the growth potential for the tech sector in Louisiana and a testament to the facilities and talent available in the region. These are good jobs that will be filled by a ready and capable workforce, and they’ll be a significant boon to our local economy.”

New Orleans Mayor Mitch Landrieu said, “GE’s decision to bring 300 new, high-tech jobs to New Orleans is major coup for our city. GE is an international business leader, and this announcement is a decisive show of confidence in our city’s business climate. I look forward to having a community partner here like GE that is rooted in renewing and strengthening our country’s global competitiveness through innovation and manufacturing. This project adds to the momentum we have seen locally and is a product of the unmatched coordination and partnership between the city, the state, and local economic development agencies and private businesses including GNO, Inc., the New Orleans Business Alliance, and Ochsner.”

“The leadership demonstrated by Mayor Mitch Landrieu proved to GE that New Orleans has the talented IT workforce needed to make this new technology center successful,” said U.S. Senator Mary Landrieu (D-LA). “This investment will help with recruitment efforts with high tech firms, build our IT workforce and help raise New Orleans’ profile as an IT corridor. It will further highlight our work in the aerospace sector and position our region for continued growth in the digital media and movie industries. I am proud to be a part of the team that brought this center to New Orleans.”

This center, which is expected to open in mid-2012, is just one of several examples of GE investing in America and creating jobs.

Today’s announcement in New Orleans is part of a three-year trend of GE investing in technology centers in important American cities, similar to New Orleans, across the country. In Detroit, GE opened the Advanced Manufacturing and Software Technology Center that employs roughly 800 information technologists and will bring 1,100 jobs to Michigan by 2013. In Richmond, Virginia, GE opened the Information Security Technology Center that will house 200 hi-tech IT security professionals. In San Ramon, California, GE’s Global Software Center will hire 400 software professionals focused on increasing the pace of innovation, collaboration and commercialization of new technologies.

In 2011 alone, GE announced the creation of over 8,000 new U.S. jobs and today’s commitment brings total new U.S. job announcements since 2009 to over 13,500. GE’s ongoing job creation, including previously announced plans to build 16 U.S. factories, will provide sustained U.S. job growth in 2012 and beyond.

Earlier in the week, GE announced plans to invest in a number of additional job creation projects and economic development programs:

Launching pilot programs with partners to improve healthcare delivery in Louisville, KY, and Erie, PA, to achieve better health at lower costs in each community. This follows a successful program in Cincinnati that has resulted in significantly lower costs for both local employers and providers while improving access and maintaining quality care.
Hiring 5,000 U.S. veterans over the next five years and sponsoring a “Hire our Heroes” partnership with the U.S. Chamber of Commerce to help veterans integrate into the civilian workforce and match them to jobs.
Opening several manufacturing skill-building centers called “GE Garages” to spark interest in skills for jobs and partnering with GOOD/Corps on the What Works Project, a new interactive platform to highlight what works by inviting the public to submit stories, images or video depictions of what is currently driving American competitiveness. The project will award up to $10,000 each week through November to selected non-profit organizations that support American jobs and skills training.
Doubling the number of GE engineering interns to more than 5,000 as part of an initiative proposed by the President’s Council on Jobs and Competitiveness to add 10,000 more engineering graduates a year in the U.S.
For the latest about GE’s job creation in the U.S., please go to: http://www.gereports.com/ges-american-jobs-map-over-10000-new-jobs-announced-since-2009/

About GE

GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company’s website at www.ge.com.

About GE Capital

GE Capital is one of the world’s largest providers of credit. For over one million businesses, large and small, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. For our 100+ million consumer customers, GE Capital offers credit cards, retail sales finance programs, home, car and personal loans and credit insurance. For more information, visit gecapital.com or follow company news via Twitter @GECapital.

Contacts

GE
Andrew Williams
Director of Media Relations
Office: 212-850-5867
Mobile: 203-209-9694
Email: andrew.williams2@ge.com
or
GE Capital
Russell Wilkerson
Managing Director of Communications and Public Affairs
Office: 203-840-6420
Mobile: 203-581-2114
Email: russell.wilkerson@ge.com

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Jamba Juice Buys Tea

Sat, 18 Feb 2012 17:47:25 +0000

EMERYVILLE, Calif.–(BUSINESS WIRE)–Jamba Juice Company (NASDAQ: JMBA) announced today the acquisition of Talbott Teas™, a Chicago-based boutique, premium tea company, recently profiled on ABC-TV’s “Shark Tank”. Talbott Teas founder, certified master tea blender, Shane Talbott, has a unique talent for blending specialty ingredients to produce exceptional, award-winning teas that appeal to tea aficionados and conventional consumers alike, and which Oprah Winfrey selected as one of her “Favorite Things” in 2010.

“Jamba shares Shane’s commitment to using the finest quality ingredients to create premium tea blends that are flavorful and healthful, but designed with a flair that only a visionary trendsetter could achieve. I welcome his creativity on our team.”
“Talbott Teas is part of our strategy for growth through the acquisition of lifestyle specialty brands that fit well with the Jamba brand and our positioning as a leading health and wellness company,” said James D. White, Chairman, President, and CEO, Jamba Juice Company. “Jamba shares Shane’s commitment to using the finest quality ingredients to create premium tea blends that are flavorful and healthful, but designed with a flair that only a visionary trendsetter could achieve. I welcome his creativity on our team.”

Steeped in style and wrapped in museum quality, designer packaging, Talbott Teas is reinventing the premium tea category with their luxurious, but accessible collection of caffeinated and decaffeinated loose leaf, all-natural teas blended with real fruit, flowers, herbs and spices to create delightfully decadent flavor profiles. Talbott Teas tea blends are available in 23 customizable flavors, including the award winning “Chocolate Lover” teas. All tea blends are made from high quality ingredients, certified free-trade and 100% natural with no artificial flavors, preservatives, or colors.

Talbott Teas appeared on the “Shark Tank”, which airs Fridays from 8:00-9:00 p.m. ET on the ABC Television Network, gives nascent entrepreneurs the chance to dramatically alter the course of their business by making a possible deal with the Sharks –self-made millionaires in search of innovative investment deals to bankroll. While on the show, the founders of Talbott Teas received an offer from venture capitalist Kevin O’Leary, who subsequent to the show worked with fellow Sharks Daymond John and Barbara Corcoran to seal a bigger deal with the iconic leading national smoothie and specialty healthy lifestyle brand, Jamba Juice.

“Jamba is a progressive, specialty beverage brand with a passion for creating innovative, trendy offerings that support healthier lifestyles,” said Shane Talbott, founder Talbott Teas. “Jamba has broad reach and appeal among consumers who are seeking premium products at affordable pricing that are better-for-you and great tasting. The Sharks connected us with Jamba Juice and we could not have found a better company with whom to align and grow our brand.”

Talbott Teas’ products are available online at QVC, fine retailers, and the Talbott Teas website as well as specialty retailers, gourmet grocers, salon spas, select luxury hotels and restaurants throughout the Chicagoland area. Talbott Teas will also be available for sale at Jamba Juice locations. The purchase of Talbott Teas is part of Jamba’s strategy to accelerate growth through the acquisition of specialty, lifestyle brands that support Jamba’s expansion into new and relevant product categories.

About Jamba Juice Company

Founded in 1990, Jamba Juice Company (NASDAQ: JMBA) is a leading restaurant retailer of better-for-you beverage and food offerings, which include great tasting fruit smoothies, fresh juices and teas, hot oatmeal made with organic steel cut oats, fruit and veggie smoothies, Whirl’ns™ Frozen Yogurt, breakfast wraps, sandwiches and wraps, California Flatbreads™, and a variety of baked goods and snacks. As of January 3, 2012, there were 750 locations in the United States consisting of 307 Company-owned and operated stores and 443 franchise-operated stores. In addition, as of January 3, 2012 there were 19 international locations. For more information on Jamba Juice, please visit: www.jambajuice.com, become a fan on Facebook at www.facebook.com/jambajuice or follow us on Twitter @JambaJuice.

About Talbott Teas

Talbott Teas was founded in 2003 by Shane Talbott, former owner of the highly regarded Troupe salon and spa in Chicago and stylist to the stars. Utilizing only Fair Trade Certified tea growers, Talbott Teas creatively combines the finest all natural and organic whole-leaf teas which are artfully blended with fruit, flowers, herbs, and spices, to create sophisticated, elegant tea blends, free of artificial flavors, colors, and preservatives. Talbott Teas is a lifestyle brand that gives consumers a healthy and tasteful experience through its collection of luxury, designer, whole-leaf teas and accessories that are steeped in style. Profiled on the Oprah Winfrey show and selected as one of Oprah’s “Favorite Things” in 2010, Talbott Teas are available in 23 blends. For more information on where to purchase Talbott Teas visit our website at www.Talbottteas.com.

Forward-Looking Statements

This press release (including information incorporated or deemed incorporated by reference herein) contains “forward-looking statements” within the meaning of the Private Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations, estimates, forecasts, and projects as well as the current beliefs and assumptions of our management. Words such as “outlook”, “believes”, “expects”, “appears”, “may”, “will”, “should”, “anticipates”, or the negative thereof or comparable terminology, are intended to identify such forward looking statements. Any statement that is not a historical fact, including estimates, projections, future trends and the outcome of events that have not yet occurred, is a forward-looking statement. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed under the section entitled “Risk Factors” in our reports filed with the SEC. Many of such factors relate to events and circumstances that are beyond our control. You should not place undue reliance on forward-looking statements. The Company does not assume any obligation to update the information contained in this press release.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50173719&lang=en

Contacts

For Jamba Juice Company or Talbott Teas:
Janice Duis, 510-596-0286
Company Communications

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Assisted Living Community Units Soaring

Fri, 17 Feb 2012 19:00:36 +0000

NORWALK, Conn.–(BUSINESS WIRE)–Despite the sputtering economy and an uncertain investment climate, the average price paid per unit for assisted living communities soared by more than 45% over 2010’s average to $156,900 per unit, according to a new report on the seniors housing and care M&A market to be published by Irving Levin Associates, Inc., a research and publishing firm that tracks mergers and acquisitions in the seniors housing and health care markets. The average price paid in 2011 was extremely close to the record set in 2007 at the previous market peak The seniors housing market was so resilient during the Great Recession that investors were willing to pay higher prices for the higher quality assisted living communities that came on the market in the past year. These properties are typically in strong demographic areas, have occupancy levels of 95% or higher and monthly rates at the high end of the market. “The fact that assisted living prices could have increased so substantially in a year of mixed economic signals certainly indicates the strength of this M&A market,” said Stephen M. Monroe, Editor of the acquisition report. Even the independent living market, which is a smaller market and much less need-driven than the assisted living market, experienced a nearly 17% increase in the average price sold to $171,000 per unit, also very close to the record set in 2007. “Even though the housing market has not improved much to help seniors sell their homes at reasonable prices, high quality seniors communities were in demand in the market, especially those with an assisted living or memory care component,” continued Mr. Monroe.

“The demand certainly accelerated in 2011, and we expect that to continue in 2012”
After a huge increase in the average price per bed paid for skilled nursing facilities in 2010, the average price paid per bed dropped by about 18% in 2011 to $51,100 per bed, according to Irving Levin Associates’ report, The Senior Care Acquisition Report, Seventeenth Edition. “While this decline looks significant, it is very much in line with the average prices paid in the four years from 2006 through 2009,” commented Mr. Monroe. “Last year was an unusual year for the skilled nursing industry because it had to deal with a short-term period of higher Medicare rates that were then drastically cut effective October 1, 2011,” he continued. “No one likes uncertainty, but skilled nursing providers are adapting well to the changes and there is no shortage of buyers or M&A activity.”

In another indication of the strong seniors housing and care M&A market, the number of publicly announced transactions soared by 56% to 172 individual mergers or acquisitions in 2011. In terms of number of publicly announced seniors housing and care transactions, the volume in 2011 set a new record, even though the dollar amount was not a new record. “The demand certainly accelerated in 2011, and we expect that to continue in 2012,” stated Mr. Monroe.

The Senior Care Acquisition Report, Seventeenth Edition, contains statistics on the skilled nursing facility, assisted living and retirement housing merger and acquisition market, including prices per bed or unit, capitalization rates and income multiples, in more than 200 pages. This year’s report will also include new statistics with quartile pricing for 2011 as well as segregating higher quality properties from the rest of the market. The report also includes transaction information on each of the 172 publicly announced seniors housing and care acquisitions in 2011 (a new record), plus the publicly announced home health care and hospice acquisitions in 2011. The Senior Care Acquisition Report, Seventeenth Edition, may be purchased for $595. For more information, or to order the report, call 800-248-1668 . Irving Levin Associates, Inc. was established in 1948 and has headquarters in Norwalk, Connecticut. The company publishes research reports and newsletters, and maintains databases on the health care and senior housing markets.

* To receive this press release via email, send a message to pressreleases@levinassociates.com.

Contacts

The SeniorCare Investor
Stephen M. Monroe, 203-846-6800
Partner
Fax: 203-846-8300

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Citigroup Agrees in Principle to Residential Loan Servicing

Fri, 17 Feb 2012 18:58:51 +0000

NEW YORK–(BUSINESS WIRE)–Citigroup Inc. today issued the following statement on the agreement in principle on residential loan servicing and origination practices:

“Implementation of the settlement’s programs is expected to begin in March 2012. For CitiMortgage clients needing more information, please visit www.citimortgage.com.”
“CitiMortgage, along with other major mortgage servicers, has reached an agreement in principle with the United States and with the Attorneys General for 49 states and the District of Columbia to settle a number of related investigations into residential loan servicing and origination practices. The monetary component of Citi’s portion of the settlement amount is to be paid in three parts: a payment in cash upon final settlement; customer relief payments; and refinancing concessions, for a total value of approximately $2.2 billion.

“Citi expects that existing reserves will be sufficient to cover customer relief payments and all but a small portion of the cash payment called for under this settlement. Citi will adjust its fourth quarter and full year 2011 financial results to reflect an additional $84 million (after tax) charge. The impact of the refinancing concessions will be recognized over a period of years in the form of lower interest income.

“In addition, Citi will adjust its fourth quarter and full year 2011 financial results to reflect an additional $125 million (after tax) charge in connection with the resolution of related mortgage litigation. Each of the after tax charges noted above reflects subsequent events since year end resulting in additional charges above previous estimates.

“The announcement today reflects an agreement in principle only. Accordingly, the final terms and provisions of the agreement are subject to further documentation and approval of Citi’s Board of Directors as well as final court approval.

“Since the housing crisis began, Citi has worked hard to help families avoid foreclosure and stay in their homes. Further, as the volume of foreclosures increased in 2009, Citi self-identified opportunities to improve its foreclosure processes and proactively undertook actions to enhance its policies and controls. These included: consolidating operations into one central unit; significantly reinforcing the size and training of our staff; and tightening control processes.

“Implementation of the settlement’s programs is expected to begin in March 2012. For CitiMortgage clients needing more information, please visit www.citimortgage.com.”

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Certain statements in this release,including without limitation successful final negotiations relating to the agreement and approval of such final agreements by various parties, are “forward-looking statements” within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors, including the precautionary statements included in this document and those contained in Citigroup’s filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citigroup’s 2010 Annual Report on Form 10-K.

Contacts

Citigroup Inc.
Media:
Jon Diat, 212-793-5462
Mark Rodgers, 212-559-1719
Shannon Bell, 212-793-6206
or
Investors:
John Andrews, 212-559-2718
or
Fixed Income Investors:
Ilene Fiszel Bieler, 212-559-5091

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Maryland Establishes Foreclosure Settlement Hotline

Thu, 16 Feb 2012 22:21:02 +0000

BETHESDA, Md.–(BUSINESS WIRE)–A new hotline set up by a foreclosure defense attorney exists for homeowners seeking information on the national foreclosure settlement. Interested homeowners should call 1-855-LUX-LAW1 for free information.

“Many people have tried to refinance and deal with the banks on their own without result. Although a valiant effort by the government, the foreclosure settlement will only help a small number of people in a small way.”
The $25 billion foreclosure settlement between states and five mortgage lenders over foreclosure abuses was announced last week, but will only cover about ten percent of homeowners. Under the foreclosure settlement, banks will make payments to victims of foreclosure abuses from January 1, 2008 to December 31, 2011, modify loans and provide other relief. Banks include Bank of America, JPMorgan, Chase, Wells Fargo, Citigroup and Ally Financial.

Foreclosure settlement funds will be used for payments to victims of unfair servicing practices and foreclosures between January 1, 2008 and December 31, 2011, loss mitigation programs (loan modifications), forbearance plans, and short sales for homeowners with loans serviced by these banks who are behind on or likely to fall behind on mortgage payments, refinancing for loans owned and serviced by the banks which are current in payments but owe more than the homes’ value; housing counseling and other state foreclosure prevention and housing programs.

“One of the issues here is the focus on housing counseling agencies,” said Attorney John Lux, ”as some of these have been trained by the bank’s subsidiary, Neighborworks, and most organizations end up calling the same 800 numbers that homeowners have tried to call.”

The hotline number is 1-855-LUX-LAW1 .

“We expect people to call who are facing foreclosure or are underwater, and those who fear falling behind on mortgages,” said attorney Lux. “Many people have tried to refinance and deal with the banks on their own without result. Although a valiant effort by the government, the foreclosure settlement will only help a small number of people in a small way.”

John Lux is a Maryland attorney specializing in mortgage foreclosure defense for those in mortgage default.

Contacts

John E. Lux, Esq.
John E. Lux, 1-855-Lux-Law1
John@marylandforeclosuredefense.com

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