US debt, spending loom large as issues for independent voters

WASHINGTON - Government spending and debt are emerging as a campaign tug-of-war, with Republican Mitt Romney blaming President Obama for a "prairie fire of debt" and Obama calling the charge a "cowpie of distortion." Both candidates are reaching for independent voters anxious about who's going to get stuck with the bill.

Spending and debt now rank as high on the worry scale as lack of jobs. And it has direct appeal to independents who could decide the election in about a half-dozen states being heavily contested by both campaigns.

In turning attention to debt, Republicans are tapping a winning issue they used in congressional races two years ago. Republican pollster Wes Anderson said that just before the 2010 elections, congressional campaigns shifted "from jobs and economy to government taking us over the cliff." The emphasis proved to be successful at the ballot box as Republicans grabbed control of the House, captured Senate seats and won in state races.

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Borrowers for Nine Properties in North Carolina Implement Chapter 11 Reorganization Process

CHARLOTTE, N.C., March 9, 2012 /PRNewswire/ -- The borrowers for a group of nine properties who are represented by American Asset Corporation (AAC) have implemented the Chapter 11 reorganization process in the U.S. Bankruptcy Court in Raleigh, NC.  Their intent is to update existing loan documents to current market conditions in order to fulfill the original plans for the properties, which includes leasing the buildings, finalizing land sales and ultimately paying back the bank and other creditors. This is a decision made by the borrowers after years of trying to work with Bank of America to revise the existing loan documents. To date, negotiations have stalled with Bank of America and the borrowers are turning to the court system.

"The fact that we're using Chapter 11 reorganization is a product of the meltdown of the financial markets and the subsequent disarray in the banking system.  These properties have continued to perform well as we are leasing space and creating cashflow as originally planned. However Chapter 11 is the only way, in the absence of a consensual agreement with the bank, to be able to put the necessary new money in the property to finish the original leasing plans and seek conventional financing. The borrowers will put new money in the properties, as was part of the original commitment made by the bank to the borrowers that the bank no longer wants to provide," said Count Arco, CEO of American Asset Corporation.

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USA TODAY Review: Republican lawmakers backed U.S. energy loans

WASHINGTON - Republican members of Congress investigating federal loan guarantees to now-bankrupt energy companies told Energy Secretary Steven Chu last week that they never asked him to speed up similar projects in their states.

But that's exactly what some did, according to a review of 484 congressional support letters obtained by USA TODAY. Some letters, for example, urged quick approval of a $2 billion loan guarantee for the American Centrifuge, a uranium enrichment project projected to create hundreds of jobs in states including Ohio, Pennsylvania and Tennessee.

"It is imperative that this application move forward now," said a letter signed by five members of Congress, including Rep. Joe Pitts, R-Pa.

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FHA hikes mortgage fees to bolster reserves

(Reuters) - The cost of government-insured credit will increase slightly for U.S. homebuyers, as the Federal Housing Administration on Monday said it would raise up-front fees on the mortgages it insures to shore up its dwindling reserves.

The premiums FHA charges to insure mortgages will rise by 75 basis points, or 0.75 percentage point, on most 30-year loans, acting Commissioner Carol Galante told reporters on a conference call. The higher premium will apply to loans taken out after April 1.

The changes, which will raise about $1.25 billion for the FHA, will be wrapped into the overall cost of mortgages to dampen the impact on borrowers, she said.

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Helm Bank USA grows loans $29M in Q4

Helm Bank USA ramped up the pace of its lending in the fourth quarter by growing its loan portfolio by $28.9 million.

That’s up from the $22 million in total loan growth that the Miami-based bank had in the third quarter. Helm Bank ended 2011 with $364.8 million in loans, an increase of $82.3 million, or 29 percent, from its loan total 12 months earlier.

Helm Bank earned $2.1 million in the fourth quarter, up from earnings of $1.7 million in the third quarter.

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