CIT Agrees to Acquire Commercial Loan Portfolio from Flagstar Bank

CIT Agrees to Acquire Commercial Loan Portfolio from Flagstar Bank

NEW YORK?(BUSINESS WIRE)??CIT Group Inc. (NYS:?CIT)?cit.com, a leading provider of financing and advisory services to small businesses and middle market companies, today announced that it has agreed to acquire a commercial loan portfolio from Flagstar Bank (FSB), a wholly-owned subsidiary of Flagstar Bancorp, Inc. (NYS:FBC) .

Under the terms of the agreement,?CIT Bank, the U.S. commercial bank subsidiary of CIT, will acquire approximately $1.3 billion in commercial loan commitments, of which approximately $800 million is currently outstanding. The assets represent a substantial portion of FSB?s Northeast-based commercial loan portfolio, which consists primarily of asset-based, commercial real estate, and equipment finance loans and leases. The purchase is expected to be substantially completed during the first quarter of 2013.

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?We are pleased to be able to acquire a pool of commercial loans that complements our existing corporate finance portfolio and will further expand our middle market customer base,? said?Nelson J. Chai, President of CIT. ?We will continue to look for opportunities to deploy our capital in transactions that generate good returns.?

Editor?s Note:

Follow us on Twitter:?@citgroup, on LinkedIn:?LinkedIn.com/company/cit, on YouTube:?YouTube.com/citgroupvideo, and on Facebook:?facebook.com/citgroup. Individuals interested in receiving corporate news releases can register atcit.com/newsalerts?or subscribe to the RSS feed at?cit.com/rss.

About Flagstar

Flagstar Bancorp, Inc. is the holding company for Flagstar Bank, a full-service financial institution offering a range of products and services to consumers, businesses, and homeowners. With $14.9 billion in total assets at September 30, 2012, Flagstar is the largest publicly held savings bank headquartered in the Midwest. As of September 30, 2012, Flagstar operated 111 branches in Michigan, 31 home loan centers in 14 states, and a total of four commercial banking offices in Massachusetts, Connecticut, and Rhode Island. Flagstar originates loans nationwide and is one of the leading originators of residential first mortgage loans. For more information, please visitflagstar.com

About CIT Bank

Founded in 2000, CIT Bank (Member FDIC) is a wholly-owned subsidiary of CIT Group Inc.? (NYS:?CIT) . It is regulated by the Federal Deposit Insurance Corporation and the Utah Department of Financial Institutions. As of September 30, 2012, CIT Bank had $8.6 billion of deposits and $11.6 billion of assets. CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap or familial status.BankOnCIT.com

About CIT

Founded in 1908, CIT (NYS:?CIT) is a bank holding company with more than $33 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital as well as advisory services to its small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in?small business?and?middle market lending,?factoring,retail finance,?aerospace,?equipment?and?rail leasing, and?global vendor finance. CIT also operates CIT Bank (Member FDIC),?BankOnCIT.com, its primary bank subsidiary, which offers a suite of savings options designed to help customers achieve a range of financial goals.?cit.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable federal securities laws that are based upon our current expectations and assumptions concerning future events, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. The words ?expect,? ?anticipate,? ?estimate,? ?forecast,? ?initiative,? ?objective,? ?plan,? ?goal,? ?project,? ?outlook,? ?priorities,? ?target,? ?intend,? ?evaluate,? ?pursue,? ?commence,? ?seek,? ?may,? ?would,? ?could,? ?should,? ?believe,? ?potential,? ?continue,? or the negative of any of those words or similar expressions is intended to identify forward-looking statements. All statements contained in this press release, other than statements of historical fact, including without limitation, statements about our plans, strategies, prospects and expectations regarding future events and our financial performance, are forward-looking statements that involve certain risks and uncertainties. While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, these statements are not guarantees of any events or financial results, and our actual results may differ materially. Important factors that could cause our actual results to be materially different from our expectations include, among others, the risk that CIT is unsuccessful in refining and implementing its strategy and business plan, the risk that CIT is unable to quickly react to and address key business and regulatory issues, the risk that CIT is delayed in transitioning certain business platforms to CIT Bank and may not succeed in developing a stable, long-term source of funding, and the risk that CIT continues to be subject to liquidity constraints and higher funding costs. We describe these and other risks that could affect our actual results in Item 1A, ?Risk Factors?, of our Annual Report on Form 10-K for the year ended December 31, 2011 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 filed with the Securities and Exchange Commission. Accordingly, you should not place undue reliance on the forward-looking statements contained in this press release. These forward-looking statements speak only as of the date on which the statements were made. CIT undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except where expressly required by law.

SOURCE:?http://www.dailyfinance.com/2013/01/02/cit-agrees-to-acquire-commercial-loan-portfolio-fr/

Source: http://www.worldleasingnews.com/news/cit-agrees-to-acquire-commercial-loan-portfolio-from-flagstar-bank/

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California newspaper defies trend to shrink costs

SANTA ANA, Calif. (AP) ? A major Southern California newspaper is defying conventional wisdom by spending heavily to expand in print.

The Orange County Register is adding about 100 journalists and expects the paper will soon be 40 percent larger than it was under previous owners. Thicker pages with triple the number of colors will produce crisp photos and graphics.

The Register introduced or expanded sections for business, automotive and food coverage. High school sports, community news and investigative reporting are getting more attention. Even color comics are back.

Aaron Kushner leads an investment group that bought the 107-year-old Register and parent company, Freedom Communications Inc., in July. The 39-year-old, first-time newspaper owner says readers will pay for high-quality news.

A big test comes when the Register begins charging for access to its website.

Source: http://news.yahoo.com/california-newspaper-defies-trend-shrink-costs-155729605--finance.html

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NY firm launches profitable Drupal development services to help ...

Sunday, December 30, 2012 5:36 pm, Posted by vivi | Business130 Views

Topics: Businesses, Development, Drupal, experiences, Firm, help, improved, Launches, profitable, provide, services, Small

NY firm launches profitable Drupal development services to help small businesses provide improved web experiences

Drupal is the world?s most powerful open source CMS that allows a lot of customization and flexibility for online businesses extend to any level of complexity. To help SMEs create amazing web experiences with the more advanced features, technologies Asahi launches Drupal development services in New York.

New York, NY (PRWEB) December 30, 2012

Drupal is a great platform open source editing, perpetuated by a vibrant community that continues to innovate and develop new features. With over 16,000 modules and thousands of free designs and plug-ins, Drupal ranks third in the CMS platform with a market share of 6.6%. Unlike his contemporaries with narrow frames and custom coding capabilities, Drupal provides the box features that allows online entrepreneurs to display their brand in a highly interactive and user friendly.

Recognized as one of the most widely supported tools CMS platform Drupal is used by many large organizations, including the White House, FedEx, Sony Music, AOL business, Twitter, Mercedes-Benz, to name a few. Allowing companies to effectively manage the website content, the CMS allows online business destinations with growth and helps to increase their business with ease and confidence. The web application is designed to meet the specific needs of companies of all shapes and sizes, with the unique combination of powerful management tools and easy to maintain web interface.

Drupal powered website is a great option for start-ups and small businesses to help them get noticed, generate more traffic and share essential content on the web as the most effective . Offer key advantages that include web design flexible API support extensive, SEO optimization, integration of social media, mobile ready functionality, improved ROI and more Drupal reduces barriers and operational costs while offering unparalleled freedom to manage Internet merchants web sites.

greatly considered one of the best web-based framework that is rapidly gaining acceptance worldwide, Drupal deployment seems to be a daunting task. To facilitate development of online communities Drupal based websites, the team engaged in technology Asahi offers Drupal development services in the following areas namely,

Drupal Development

Drupal themes and modules

Extension Development

Drupal

Drupal e-commerce solutions

Custom Drupal Development

Drupal deployment

Application Development

Drupal

The company ensures to offer its customers complete flexibility and functionality according to specifications in a timely manner. ?The Drupal custom frame designed by the team of experts helps SMEs to showcase their brands and create distinct identities instant web offer amazing experiences,? says Vinod Subbaiah, the founder and CEO of Asahi Technologies.

help businesses learn more about Drupal development services, Asahi Technologies offers a free online consultation for their clients to understand their options Drupal development.

About Asahi Technologies

Asahi Technologies is a New York design and web software development company that provides advice and web solutions for businesses in small and medium-sized businesses across America North. Asahi Technologies specializes in the design sensitive, cloud computing, online marketing, mobile application development and open source technologies. Under the leadership of Mr. Vinod Subbaiah, who himself began his career as software programmer, technology Asahi team is composed of experienced professionals having in-depth knowledge of software technology with B2C and B2B operations. The company headquarters is located in New York, New York.

Vinod SubbaiahAsahi Technologies LLC c / o Serv Corp Co6463305443Email information

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Source: http://aejos.com/en/business/ny-firm-launches-profitable-drupal-development-services-to-help-small-businesses-provide-improved-web-experiences.html

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Chinese medicine yields secrets to scientists

Wednesday, January 2, 2013

The mysterious inner workings of Chang Shan?a Chinese herbal medicine used for thousands of years to treat fevers associated with malaria?have been uncovered thanks to a high-resolution structure solved at The Scripps Research Institute (TSRI).

Described in the journal Nature this week, the structure shows in atomic detail how a two-headed compound derived from the active ingredient in Chang Shan works. Scientists have known that this compound, called halofuginone (a derivative of the febrifugine), can suppress parts of the immune system?but nobody knew exactly how.

The new structure shows that, like a wrench in the works, halofuginone jams the gears of a molecular machine that carries out "aminoacylation," a crucial biological process that allows organisms to synthesize the proteins they need to live. Chang Shan, also known as Dichroa febrifuga Lour, probably helps with malarial fevers because traces of a halofuginone-like chemical in the herb interfere with this same process in malaria parasites, killing them in an infected person's bloodstream.

"Our new results solved a mystery that has puzzled people about the mechanism of action of a medicine that has been used to treat fever from a malaria infection going back probably 2,000 years or more," said Paul Schimmel, PhD, the Ernest and Jean Hahn Professor and Chair of Molecular Biology and Chemistry and member of The Skaggs Institute for Chemical Biology at TSRI. Schimmel led the research with TSRI postdoctoral fellow Huihao Zhou, PhD.

Halofuginone has been in clinical trials for cancer, but the high-resolution picture of the molecule suggests it has a modularity that would make it useful as a template to create new drugs for numerous other diseases.

The Process of Aminoacylation and its Importance to Life

Aminoacylation is a crucial step in the synthesis of proteins, the end products of gene expression. When genes are expressed, their DNA sequence is first read and transcribed into RNA, a similar molecule. The RNA is then translated into proteins, which are chemically very different from DNA and RNA but are composed of chains of amino acid molecules strung together in the order called for in the DNA.

Necessary for this translation process are a set of molecules known as transfer RNAs (tRNAs), which shuttle amino acids to the growing protein chain where they are added like pearls on a string. But before the tRNAs can move the pearls in place, they must first grab hold of them.

Aminoacylation is the biological process whereby the amino acid's pearls are attached to these tRNA shuttles. A class of enzymes known as aminoacyl-tRNA synthetases is responsible for attaching the amino acids to the tRNAs, and Schimmel and his colleagues have been examining the molecular details of this process for years. Their work has given scientists insight into everything from early evolution to possible targets for future drug development.

Over time what has emerged as the picture of this process basically involves three molecular players: a tRNA, an amino acid and the aminoacyl-tRNA synthetase enzyme that brings them together. A fourth molecule called ATP is a microscopic form of fuel that gets consumed in the process.

The new work shows that halofuginone gets its potency by interfering with the tRNA synthetase enzyme that attaches the amino acid proline to the appropriate tRNA. It does this by blocking the active site of the enzyme where both the tRNA and the amino acid come together, with each half of the halofuginone blocking one side or the other.

Interestingly, said Schimmel, ATP is also needed for the halofuginone to bind. Nothing like that has ever been seen in biochemistry before.

"This is a remarkable example where a substrate of an enzyme (ATP) captures an inhibitor of the same enzyme, so that you have an enzyme-substrate-inhibitor complex," said Schimmel.

###

Scripps Research Institute: http://www.scripps.edu

Thanks to Scripps Research Institute for this article.

This press release was posted to serve as a topic for discussion. Please comment below. We try our best to only post press releases that are associated with peer reviewed scientific literature. Critical discussions of the research are appreciated. If you need help finding a link to the original article, please contact us on twitter or via e-mail.

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Source: http://www.labspaces.net/126078/Chinese_medicine_yields_secrets_to_scientists

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Water-And Dust-Resistant Sony Xperia V Sets Trend For On-The-Go ...

Home ? Tech News ? Water-And Dust-Resistant Sony Xperia V Sets Trend For On-The-Go, Stylish Smartphones

Manila, Philippines ? The Sony Xperia V, the water and dust resistant smartphone has made touchdown in the country. And, in a short time, managed to make some noise with its unique features.

Being one of the first LTE smartphones made available in the country, the Xperia V provides a turbo-charged experience of the Internet. With download speeds up to 100 Mbps, video streaming and online gaming is lightning fast. Files no matter the size is downloaded in mere seconds, and enjoy the full experience of watching videos online without buffering. As a PlayStation-certified smartphone, the Xperia V further enhances real-time mobile gaming.

?The Xperia V is also the first water-and dust-resistant LTE smartphone to launch worldwide. As our other handset models have shown, water resistance has become a sought-after feature in mobile phones, and Sony has been at the forefront of this trend,? said Patrick Larraga, Head of Mobile Business of Sony Philippines. The Xperia V is now the fourth water-resistant handset from Sony, and is rated at IP55/IP57 based on the international-standard IP Rating Scale.

?Smart is proud to offer a truly unique LTE smartphone in the Philippines, just months after introducing the country?s first commercial LTE service,? said Smart Wireless Consumer Division Head Emmanuel C. Lorenzana. ?With help from our partners at Sony, we are one step closer to bringing the power of next-generation mobile Internet into the hands of even more Filipinos.?

The Xperia V has numerous exciting features including a 13-megapixel fast capture HD camera with Exmor R for mobile.

This Sony technology allows users to capture bright still images and video even in low light conditions. With High Dynamic Range, the camera can more accurately capture scenes even against harsh backlight. The Xperia V also supports 1080 full HD video recording for sharper videos. An excellent viewing experience is guaranteed on its 4.3-inch HD Reality Display with Mobile BRAVIA Engine 2.

Through the WALKMAN application, users can activate Sony?s ClearAudio+ mode and enjoy music the way it was meant to be heard. One can also use it to access music their Facebook friends have liked.

As an NFC (near field communication) device, the Xperia V lets users instantaneously access music and photos across other NFC-enabled Sony devices.

This ?one-touch? wireless connection works without having to pair with another device.

The Xperia V, for example, can stream music wirelessly to an NFC-enabled speaker like the upcoming Sony SRS-BTV5.

With such powerful functionality, the Xperia V also comes with Sony?s unique Battery STAMINA Mode, a feature that can increase standby time up to 4 times more. Developed specifically to address consumer demand for longer smartphone battery life, this extended standby mode works intelligently in the background by temporarily disabling WiFi, data traffic and apps when the screen is on sleep mode. Calls, messaging functions and notifications will still work. When the screen is touched again, all functions go back up.

?Battery STAMINA Mode is easy to use and offers more savings than other similar power saving apps today. There are actually no comparable apps on Google Play since they cannot change the Android system. Battery STAMINA Mode is achieved via deeper integration into the Android OS. This allows Xperia V users to enjoy more hours on the fastest LTE connection available,? explained Larraga.

The Xperia V will be available in black and white colors.

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Source: http://www.tempo.com.ph/2013/01/water-and-dust-resistant-sony-xperia-v-sets-trend-for-on-the-go-stylish-smartphones/

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Looking back at 2012 | The Legal Genealogist

New Year?s Eve, 2012

It was the first of January 2012 that the first post ran: The Legal Genealogist takes flight! Three hundred and sixty six days total (leap year!), and 372 posts already (okay, so I missed a couple of days during the aftermath of Hurricane Sandy, but made up for it elsewhere, so there!).

It?s hard to believe all that?s gone on this year. Remember that I started out the year hoping I?d managed to squeak out a good enough performance on my certification portfolio that I?d earn those oh-so-coveted letters after my name: CG^?, for Certified Genealogist.^?

Little did I know that not only would I get those letters ? see Certified, yes; certifiable? well? (posted 25 Feb 2012), but that I?d get hornswoggled um? conned? er? convinced to stand as a candidate for the Board of Trustees of the Board for Certification of Genealogists^? ? and? ulp? actually win. See A matter of trust (posted 15 Oct 2012).

I didn?t know back in January that a genealogy blog could go from, oh, maybe two readers (I think both my sister and my cousin were reading along) to literally thousands ? see SSDI Call to Action! (posted 29 Jan 2012) ? just by having Dick Eastman link to a post (thanks, Dick!).

Nor did I realize when I started how many people would have questions about things like copyright law ? and how much I would learn in the process of helping others understand just the issues we?ve covered so far. (There?s an archive category link that?ll take you to all the copyright posts so far if you want to check them out. And there are more to come in 2013.)

And I sure didn?t realize how much fun it would be to watch people go from being casual readers to regular readers to commenters to friends as the year went on? and how humbling it would be to have so many people share their knowledge and skills and enthusiasm with me so unstintingly in this amazing place we call the genealogical community.

So when we all look back at 2012, what were the highlights for this blog? Here are the top 10 reader posts for 2012 that aren?t DNA-related (see yesterday?s blog for the top DNA posts of the year):

???????SSDI Call to Action! (posted 29 Jan 2012): ?? maybe doing what needs to be done to be able to speak up effectively seems daunting. Yeah, maybe it?s a lot of work. But how much MORE daunting it is to think of never again being able to access the SSDI? How much MORE work will it be to have to find the information it provides? It?s THAT important. Let?s get to work!?

???????Cemetery photos: permission required? (posted 22 Oct 2012): ?? the standard suggestion for photography in any cemetery is good advice regardless: get the rules of the road in advance ? know if you need permission, whether there?s a fee, and what the hours are so you don?t accidentally get locked inside the gates.?

???????Up! Off our duffs! (posted 21 May 2012): ?As a community, and as individual genealogists, we can?t afford to sit back and do nothing (about records access). We ? you and me ? all of us ? need to get up, up off our duffs and into this fight.?

???????Copyright and the old family photo (posted 6 Mar 2012): ?The photograph you see to the left here is of my grandmother, Opal (Robertson) Cottrell. Isn?t she adorable? Offhand, I?d say she might be all of two years old in this image, so it was probably taken around 1900. ? (And) were it not for the concept of fair use, I?d be violating the copyright of the photographer who took this picture by using it here in this blog.?

???????Copyright & the newspaper article (posted 19 Mar 2012): A primer on how copyright law affects our ability to use newspaper articles from both American and Australian newspapers ? and the law isn?t the same everywhere!

???????Grave terms of use (posted 20 Jun 2012): ?(Both) Find A Grave and BillionGraves ? are free services, both have content almost exclusively generated and uploaded by users, and their attitudes towards use of their sites as reflected in their terms of use couldn?t be more different.?

???????We paid in blood (posted 29 Apr 2012): ?I was feeling kind of sorry for Rob Lowe ? He wanted so very badly to be descended from a genuine American hero ? a Revolutionary War soldier ? and it must have come as something of a shock when it became clear his ancestor John Christopher East was really a Hessian soldier Johann Christoph Oeste. ?And then the program disclosed that Oeste had been at the Battle of Trenton. A Hessian soldier in uniform under arms at the Battle of Trenton. That?s a battle I happen to know a lot about? and to have had a very personal stake in.?

???????The natural son (posted 28 Mar 2012): An explanation of ?a natural father?s love for a natural son? from an 1842 Missouri will using the term.

???????Looking at the news sites (posted 30 Nov 2012): ?So there?s a new player in the online access to newspapers field as of yesterday. Ancestry.com launched its new Newspapers.com website, joining GenealogyBank.com and NewspaperArchive.com as the major players in the pay-for-play category. ? So let?s take a quick look at exactly what the terms of use of each of these three websites say they?ll allow a user to do.?

???????Citing Black?s Law Dictionary (posted 12 Jan 2012): The Legal Genealogist?s dream post ? a totally law-geeky dictionary, falling on my sword about citations? and still getting people to laugh. My idea of the perfect blog post.

Now? were there others that didn?t make the top 10 list that I wish had made it? Yup. Those that center on my family I?m saving for Saturday, but there are a couple that folks may have missed that might be worth a second look. My own personal top five, besides We paid in blood, are all from reader questions:

???????What?s in a name? (posted 12 Mar 2012): ?Reader Susan Clark wonders about the need for some sort of official legal process to change an immigrant?s name: ? Was any legal process even needed??

???????The lady and the Big Mistake (posted 30 Jan 2012): Reader Laurie Huey?s wonderful question that began: ?Shortly after Miss Ancestor married Mr. Big Mistake, Mr. Ancestor (Miss Ancestor?s father) traveled to an Indiana land office and purchased a tract of land in his daughter?s name?? ? looking at the concept of separate estate.

???????Getting hip on HIPAA (posted 9 Feb 2012): Reader Tanya found genealogical information in ?binders of documents that came from a funeral home that had gone out of business? but was concerned about a federal privacy law.

???????America?s first POW camps (posted 21 Feb 2012): ?Reader Fran Jackson is looking for any information or legal documents that might exist about a sixth great grandfather who served time and was later released and settled in Albemarle County, Virginia.?

Can?t wait to see what questions 2013 brings?

Source: http://www.legalgenealogist.com/blog/2012/12/31/looking-back-at-2012/

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Tribune Will Emerge From Bankruptcy Protection Today - Deadline ...

The biggest media industry bankruptcy ever will end today after four years with Tribune?s chief creditors ? Oaktree Capital Management, Angelo, Gordon & Co. and JPMorgan Chase & Co?? empowered to run the Chicago based broadcasting and newspaper power. The reorganization values the company at about $4.5B. The new management is expected to look for buyers for its assets which include?23 television stations and major metro dailies such as the?Los Angeles Times?and?Chicago Tribune. The company?will close on a $1.1B senior secured term loan, which will be used to pay off creditors, and a $300M asset based revolving credit facility to fund its operations. It also will have a new board that consists of CEO Eddy Hartenstein, Oaktree?s Bruce Karsh and Ken Liang, former Disney exec Peter Murphy, former Yahoo and News Corp exec Ross Levinsohn, lawyer Craig Jacobson, and former Fox and Discovery exec Peter Liguori. He?s widely believed to be in line to take the top job at Tribune. Today?s release says that the board will meet ?in the next several weeks? and Hartenstein ?will remain in his current role until that time.? The plan to emerge from bankruptcy ensures that creditors and vendors ?will be receiving payment in full?100% recovery of what they are owed,? Hartenstein says. ?These long-term relationships are very important to the company and we are pleased to be successfully resolving these obligations.? Tribune ran into trouble after 2007 when real estate mogul Sam Zell took on debt to finance his $8.2B acquisition. He found himself over his head the following year when the recession hit, and newspaper values plummeted.

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Source: http://www.deadline.com/2012/12/tribune-emerge-chapter-11-bankruptcy/

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