In Downtown Los Angeles, at least eight residential projects and one hotel have fallen into bankruptcy. Some of those projects, along with others in the area, have also faced foreclosure — an equally complex process with just as many possible endings.
via Los Angeles Downtown News and Information – LA Downtown News Online > News > The Big Takeover.
As a recent Congressional Budget Office report put it, “Recessions often accelerate the demise or shrinkage of less efficient and less profitable firms, especially those in declining industries and sectors.”
via The Growing Underclass: Jobs Gone Forever – Economix Blog – NYTimes.com.
Officials at the California Public Utilities Commission have expressed concerns regarding 3.5-mile-long freight train that Union Pacific sent cross-country and arrived in Southern California over the weekend.
“Our safety concerns with the train in question include that there is adequate braking capacity for a train that size, that the track structure could handle the forces generated by a train of that size, and that the train not block crossings for more than 10 minutes,” said CPUC spokeswoman Terrie Prosper in San Francisco.
Calculated Risk: Bank Failure #140: First Federal Bank of California, Santa Monica, California.
FDIC posted this message on the First Federal website:
On Friday, December 18, 2009, First Federal Bank of California, a Federal
Savings Bank (First Federal Bank of California), Santa Monica,
CA was closed by the Office of Thrift Supervision. Subsequently,
the Federal
Deposit Insurance Corporation (FDIC) was
named Receiver. No advance notice is given to the public when a
financial institution is closed.All deposit accounts have been transferred to OneWest Bank, FSB,
Pasadena, CA. For more information on OneWest Bank, FSB, visit us at
www.owb.com.The FDIC has assembled useful information regarding your relationship
with First Federal Bank of California. Besides a checking
account, you may have Certificates of Deposit, a business checking
account, a Social Security direct deposit, and other relationships with the institution.Please select the link below to read more about this event:
FDIC Bank Closing Information for First Federal Bank of California
$29,995,000 • Santa Barbara, CA | Haute Living Magazine.
This is like the third or fourth $30m home I’ve seen for sale here. This is a stretch of road about one mile long, with homes only on one side of the street.
Kyle Hayes
My friend Kyle has a blog. Kyle is The Master.
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