pearl's is on the loan agreement. they're still the guarantor for the loan. the property owner, as director mentioned, has provided collateral for that loan. so, those two entities are still responsible ~. now, it's true there is a new tenant in there. right. but i don't think it would be feasible to get a tenant if that was sort of one of the requirements for signing a lease that you had to take on, be a guarantor for a $400,000 loan. >> but essentially it's saying the loan will be forgivenif they're in business for i think they have three more years? >> i think the way to interpret it is the loan will be forgivenassuming there's continuous operations in the space for that amount of time ~. the property owner and pearl's are still on the hook to make sure that happens. >> i guess the only reason i'm asking this question is if pearl's is out of business and/or closing their location and the new restaurant comes in and for some reason in a year they find that they're not able to operate, will pearl's have kind of the financial wherewithal to repay the loan? >>

the gall family. pearl's also received at that time a $215,000 loan from the city central market cultural district loan fund. consistent with the program's stated goal of assuring continuous authorizations of the business during the term of the loan, the loan to pearl's is forgivable over five years as long as pearl's does not sell, close, or transfer the business and is not otherwise in default of the terms of the loan agreement. however, this loan agreement is a little bit different in that it allows pearl's to transfer ownership or operation of business to the property owner without triggering repayment of the loan. staff has interpreted this transfer provision to mean that the property owner must maintain a retail business at the site to [speaker not understood] triggering payment of the loan. [speaker not understood] was notified by pearl's that it was in negotiations to transfer operations to the property owner. under the proposed transfer, the property owner would find a new operator to continuously operate a restaurant business and pearl's would lease all of its furniture, fixtures, any equipme

. >> not under the provisions of the loan agreement. they're allowed to transfer the business to the property owner and that cancels the repayment provision. but the repayment provision will still apply if the new tenant closes or if the space is closed at all before the loan is forgiven, which christine said take 4 or 5 years. they still have a couple years to go before the loan is forgiven. if you new business by the poet owner closes, they'd still have to repay the loan. so, we're not for giving anything. we're allowing them to transfer the business to the property owner, which is allowed by the loan agreement. ~ forgiving it's not ideal. i understand what you're saying. it's not ideal. >> it's not. that's what i said. >> a good way -- a good way that i've thought about this, i think which might help, what what the purpose of the investment of the redevelopment agency at the time in this space. it wasn't necessarily for pearl's. it was to take a space that was abandoned, useless, not contributing anything to the neighborhood, and retu

education loan program and the federal direct loan program. in 2013 ms. johnson was appointed vice chair of the bicycling on student financial assistance which provides counsel to congress and the secretary of education on increasing college access for students from low and middle income families. she's a dual graduate of iowa state with a bunch of screwed in elementary education and home economics and a master's degree and counselor education. now i will turn to send alexander. >> thank you, mr. chairman. we welcome marian dill, director of financial aid at lee university in cleveland, tennessee. the only thing would've been better if you'd bought the lead singers with you. they did so well at the inauguration and i hope you'll give them our best wishes. she is membership chairman of the southern association of student financial aid administrators. she has an assistant director of financial aid at community college at tennessee wesleyan. in our state. and she is a first generation college student and recipient of title for aid, such as a broad

. >> the next item is 5d, authorizing a first amendment to the amended and restated ocii loan agreement with bayview supportive housing, llc, a california limited liability company, to reduce the interest rate from 3% to 1.46% and clarify the distribution of surplus cash, for the development of 120 very low-income senior rental housing units plus one manager's unit at 1751 carroll avenue (formerly known as 5800 third street, lot 3) (assessor's block 5431a, lot 042). discussion and action, resolution number 15-2014. madam director. >> commissioners, as you recall, 1500 third street or now owe officially known as dr. davis senior center, and a number of you, commissioner ellington, attended the groundbreaking. the commission in this particular action last fall approved an approximate $19 million loan to provide gap financing for this development. it really was a culmination of a series of actions of the former redevelopment agency acquiring land in order to aggregate it. then this commission stepping in, redevelopment dissolution, saving $20 million, $19 million from governor brown in the

which is analysis of the cash flow from the project that shows an ability for the project to repay the loan by year '35 5. the annual rent combined with the 3% interest rate will prohibit the project's ability to [speaker not understood] debt tax. therefore, i'm here before you today to ask for a reduction in the interest rate from 3% to 1.46%, which is just low enough to demonstrate repayment in year 55. the city's financial advisor reviewed the numbers and the requested interest rate ~ is determined that -- has determined that the 1.46% interest rate to be reasonable and not excessively low. this reduction in interest rate won't create any significant negative impact to the ocii loan and it won't change the nature of the enforceable obligation. additionally, the investor and tax attorney have requested that the terms regarding the distribution of surplus cash in the loan agreement are consistent with the ground lease. which has one-third of the surplus cash paid to the developer up to $50,000 and two-thirds paid to the city to pay down the ocii and [speaker not understood] cd loans. all o

this reduction in interest rate won't create any significant negative impact to the ocii loan and it won't change the nature of the enforceable obligation. additionally, the investor and tax attorney have requested that the terms regarding the distribution of surplus cash in the loan agreement are consistent with the ground lease. which has one-third of the surplus cash paid to the developer up to $50,000 and two-thirds paid to the city to pay down the ocii and [speaker not understood] cd loans. all of these technical clarifications are consistent with the city's underwriting guidelines and with 'your approval today, staff anticipates bond closing and construction in april. and that concludes my presentation. thank you. >> madam secretary, do we have any speaker cards on this item? >> i have no speaker cards. >> alrighty, i'm going to open it up to commissioners here for questions and comments. no questions? >> i move that. >> okay. i do have just a couple questions here. i guess the first is is this -- i was curious to know if this was typical of -- i guess we're in this case a lendi

the bank. this may lead to more expensive loans. does the world over. you can with a dough the kentucky participants say that tomorrow is out of the country to apply for bank will have to mind are those in other financial institutions. only seven clients out of these thirty can be categorized as having too many loans. tracy's has confirmed the long term issuer default rating of the european union and the price level trip with a short term rates would have one class and the stable outlook for both agreed to his granny just reports. this confirmation of life teaches you that contributions to the eu budget by eu member states will help to repay the debt. you kids out on emergency loans to certain countries including eu member countries and others. by the end of two thousand thirteen. the loans issued by the uk's total fifty five point eight billion years of civilization those issued to ireland and portugal become the largest share of this amount. according to the cia's assessment the volume of loans issued by the eu will start producing in two thousand fif

the loan value worth $14 billion to $18 billion. money needed to stop the country defaulting on its big debts. further loans could take the total sum to $27 billion over the next two years. all of this subject to an economic reform program. talks between the two sides concluded late on wednesday as ukraine announced it would increase gas prices for its domestic consumers, customers by 50%. now, by doing that, basically ukraine bowing to imf pressure to remove those subsidiesubsidi. great to have you in the studio with us. wow. a 50% price hike for consumers in gas. i can only imagine that's foggy to hurt. is it the whole point when you see the imf loans given out, they don't come free, they don't come cheap. >> they don't. they typically are across the board, not just energy but job losses, wage caps, as well as changes to the rules regarding the financial sector and a host of other different rules and conditions. >> so basically when the imf do this, we will give you the money but you have to get your house in order basically. the n

but i have trouble with the loan assistance in the sense that the loan assistance, i believe, will be a gift and a benefit to russia. ukrainians owe about $20-$30 billion to the russians, both private russian banks as well as a couple billion dollars to the gas entity in russia. bailing out russian indemnity in the ukraine i don't think is a way to punish the ukraine, i mean, the way to punish russia or send a signal. in fact, i think it sends the wrong signal. there are other questions you might ask the you're going to loan money to ukraine. i would ask for a show of hands of those who would personally bayou crane yang debt. ukrainian debt is rated ccc-. not one person in this room would buy it. there's no expectation they can pay it back. ukraine is rated as one of the least transparent nations in the world. what senator mccain has pointed out with corruption is precisely why the imf quit sending money to ukraine. so while i think we're in a big rush to send russia a signal, i think sending ukraine loan money that will go to russia is not a great signal, and i think sending money wi

i have trouble with the loan assistance in the sense that the loan assistance i believe will be a gift and a benefit to russia. ukrainians owe about $20 billion to $30 billion to the russians. both private russian banks, as well as a couple billion to the gas entity in russia. bailing out russian indemocrat knit to ukraine i don't think is a way to punish russia or send a signal. in fact, i think it sends the wrong signal. there are other questions you might ask if you are going to loan money to ukraine. i would ask for a show of hands of those who would personally bayou cranian debt. ukrainian debt is rated triple c minus. not one person in this room would buy it. in is not one expectation they can pay it back. ukraine is ranked as one of the most crument nations. corruption is one of the main reasons that the i.m.f. quit sending money to ukraine. i think sending ukraine loan money that will go to russia is not a great signal. and i think sending money without the precondition that we know this is a brand new government. this is a government that just came into existence with maybe ma

i have trouble with the loan assistance in the sense that the loan assistance i believe will be a gift and a benefit to russia. ukrainians owe about $20 billion to $30 billion to the russians. both private russian banks, as well as a couple billion to the gas entity in russia. bailing out russian indemocrat knit to ukraine i don't think is a way to punish russia or send a signal. in fact, i think it sends the wrong signal. there are other questions you might ask if you are going to loan money to ukraine. i would ask for a show of hands of those who would personally bayou cranian debt. ukrainian debt is rated triple c minus. not one person in this room would buy it. in is not one expectation they can pay it back. ukraine is ranked as one of the most crument nations. corruption is one of the main reasons that the i.m.f. quit sending money to ukraine. i think sending ukraine loan money that will go to russia is not a great signal. and i think sending money without the precondition that we know this is a brand new government. this is a government that just came into existence with maybe ma

be first up for a call if the loan is not paid. so there are a lot of questions i have here but primarily the question is, is when you loan money to ukraine, are you sending a signal to punish russia are you sending a gift to pay off russian creditors? so i am quite concerned about the loans and opposed that. my amendment would strike the loan guarantees and the imf. one of the reasons for striking the i'm f. reform is in the imf reform you would be giving russia and enhance to vote on the imf. their vote percentage will increase by 8%. you'll be giving russia more power within the imf is these imf reforms. i don't think that you are sending the signal you want to send by allowing russia to have a greater power within the body of the imf. really should be going in the opposite direction. moody's assessors 20-$30 billion owed by the ukraine to russia. i think we just need to think this through and i know the impetus is to hurry up and act and send a signal but i don't think we're sending the correct signal here by sending loan money

services and practices that are customary and properly regulate by the banking and particle the pay day loan practices which pneumawe supportive no to support anymore i can only support of the approval of this application if this applicant will focus on the remit services but drawback from the payday loan practices >> commissioner president wu do you mind in i audio a comment susan deputy city attorney. we received this letter at the same time from 9 commission. and in 2007 when our office was looking into this legislation for the supervisor it was clear that this area is very heavily rigid by the statistical state of california and where the city was reexempted from trying to regulate the business activities so while the area of land use regulation was clearly within our local jurisdiction there were some areas that were preexempted by state law. i'll urge the commission if you want to look at it this continue you'll give our office time to update our research and determine to what extent to ghosts a condition of approval limiting the financial certifies >> i a.m. am grateful we hear the si

and they would take the loan money and pocket it. >> the alleged scam utilized the front person. uy a used car. after getting a loan from the credit union, she wouldn't buy the car. instead, she'd split the money with wesley person and his partners. when the loan wasn't repaid, the credit union couldn't repossess the car for non-payment because no car had been purchased. the scam ruined the woman's credit rating, but wesley an his partners walked walked away unscathed. >> a lot of people in the banking community were giving out loans without a lot of background investigation. >> during a two-year persiod, wesley person and his two partners embezzled about $120,000. was it possible that a falling-out among the three scam artists was the motive for murder. >> disrespect always plays a part in a lot of murders in this community. if these guys were pure businessmen, they wouldn't have killed him. >> a background check of wesley's friends reveal an interesting coincidence. lawrence morrell was involved in the construction business. he'd buy distressed residential properties in harrisbu

the way the loan guarantee works is that the u.s. government guarantees the repayment of the principal and interest on the bond which would be issued by the ukrainian government head. the cost to the u.s., the way that it is calculated is that there is an assessment of the possibility of the ukraine government cannot repay the interest and principal in which the u.s. government would be irresponsible. that is how it is designed. now, the way we can mitigate the risk is to fold. one is that we make the loan guarantee conditional upon the existence of the nine math program which has strong conditionality in increases the probability of repayment. number two, we can use the proceeds from the loan guarantee to lessen the impact of those reforms and warmer will segments of the ukrainian society and therefore that makes reforming the success more likely. >> and in addition to the loan guarantee, what other aid is the administration considering and what other things can we do support that? >> i think you for your question i think that the r

what was about right now was the loan guarantees. it was about the sanctions to make sure that the russians and those within the ukraine understand that they are going to be subject to real consequences by virtue of corrupting the ukraine and undermining its territorial integrity, and then lastly having a long-term ability through the i.m.f. to achieve the goals of stabilizing the ukraine economically and also preparing for the next emergency. that's what was at stake tonight. now, we'll get there, but when you see movements of russian troops, when you see the circumstances that are unfolding, when i hear colleagues that say we're not doing enough and then just want to do a fraction of what is necessary to really help the ukraine, i begin to seriously wonder. so, madam president, i hope the majority leader will have this as the first order of business when we return. i think there is bipartisan support for the package the way it is. it's unfortunate that as our colleagues travel to the ukraine, they can't go with the final message tha

the way the u.s. loan works is the u.s.ernment guarantees the repayment of the principle and interest on a bond that would be issued by the ukraine government. okay, so the cost to the u.s., the way that it is calculated is that there's an assessment of the possibility that the ukraine government cannot repay the interest and principle, in which case the u.s. government would be responsible. and that is how it's designed. now the way we can mitigate the risk is twofold. ch one is we make the loan guarantee conditional upon the existence of an imf program, which increases the probability of repayment. and number two, we can use the proceeds from the loan guarantee to lessen the impact of those reforms on the most vulnerable segments of the ukrainian society. and therefore, that makes reforming, the success of it more likely. >> and what is the administration considering and what other things can with doe to support that? >> thank you for your question, mr. congressman. the reality is we've had a bilateral support program wit

because the philanthropies -- robin hood and the partners, have guaranteed the loan. so just a way of getting together, supporting the community trust, if you will, generalizing from that term -- getting money to nonprofit developers, to create the housing that we so desperately need in new york for low-income consumers. a lot of ways to do that and you don't have to necessarily build it yourself. there are ways to do that by using money in a particularly clever way to show you how clever this is, for robin hood we didn't spend a time. we just gave them a letter of credit. we told chase, we're good for it, and if the loan defaults, knock on our door. so they're really, easy, simple, creative ways to get help for low-income consumers, low-income renters itch you put your mind to it. >> go over here, i will try to get back here, we're short on time. >> two questions. what's the biggs issue that nonprofits -- biggest mistake nonprofits make, and where do you -- >> not taking economics. >> okay. and where do you personally put your charitable contributions? >> i'm going to

the homes. they sell those loans from fanny and freddy and take the money and issue new loans.anny and freddy hold on to those homes or package them as securities and sell them to investors. that money is then used to issue yet more loans. this system helps the housing market churn but it can fuel speculative bubbles like the one that tanked the housing market a few years ago. when that happened fanny and freddie were in the lurch, the federal government bailed them out to the tune of $188 billion. no one wants that to happen again. the this would force the lend tours take the first 10% of any mortgage losses. that way the banks will have more skin in the game and perhaps be more careful about whom they lend money. the legislation would require a 5% minimum down payment for almost all home buyers all except first time home buyers who may have to pay less. the details are still being debated in congress, but you should take heed with what your election thelected officials cah today because it may affect the way you buy a home in a few months. >>> the chief economist from trulia

it alleges that falsely percent of the loans by the security. -- rupp presented the loans down the security in the annual round of stress tests. the banks fail because of concerns about the quality of their capital plans will stop bank of america won approval for its first dividend increase since the financial crisis. we're just getting some figures out of the u.k. >> retail sales are incredibly strong for the month of february. the weather at that point was pretty poor. much stronger rate versus the dollar. the number came in at 1.7. the expectation was half of that. despite the weather, the brits were out shopping. >> they certainly were. a court in turkey has overturned the ban on twitter. our middle east editor has more. a little bit of a blow to the ruling party just days before local elections. >> yeah, it kind of is and it isn't. it is innocence it'll add ammunition to those criticizing the government for the last few days regarding its decision to it waswitter, saying ill-conceived and probably illegal from the very start. on the other hand, in practical terms, it hasn't actually ch

the loan guarantees is part of a package. as senator corker pointed out, it only becomes real under the imf plan, otherwise it doesn't become real. it's also not just the united states, it's europe, it is a coalition partnership that understand the importance of the ukraine. and, mr. chairman, this path, getting a country stable, is. so much more -- is so much more cost effective for the united states and the world community than the alternatives. and this is a relatively small investment to get the type of strategic partner, stable partner in that region which is important for u.s. interests. so i respect deeply senator paul's views on this, but i would urge my colleagues to reject the amendment. >> senator murphy. >> thank you very much, mr. chairman. just briefly building on senator cardin's comments, with all of the attention on crimea, what has been lost in this fog is the fact that only about two million of ukraine's residents live there, and the actions of russia have effectively predestined that the 43 million who live

david: let's first talk about whether we get our money back from the loan guaranties. ming vote and nothing but sympathy for the brave freedom fighters in ukraine however the country, victor yanukovych, the pro-russian leader, the country he left behind is in a mess. it is terribly corrupt, bureaucratic system. do you think that is a safe bet, that one billion dollars? >> oh, not as it stands in the sense that package or the loan guaranties are part of a much broader package of economic policy reforms being discussed right now by the imf staff team visiting kiev. for sure, the, ukraine, ukrainian economy has bright future with changed policies, they have lots of resources but it will take some important change what is being discussed right now. cheryl: john, one. things we found out this week, separate from ukraine, but with regards to the im. , under the president's budget 2015, fiscal budget is proposed there is proposal to switch fund away from the imf into the general budget. your reaction to that, something just at the imf so recently. >> there are a lot of technic

but he later agreed to regard the money as a loan for his campaign. the acknowledgment came after the former head and his son said that the loan was meant for use in the election campaign. inose corrected his campaign finance records on friday. prosecutors have decided not to seek a full trial considering that he has resigned as governor. inose could face a fine of up to $5,000. >>> japanese government officials have designated areas that need to bolster their preparations for possible major earthquakes and tsunami. prime minister shinzo abe made the designations based on advice from the government council on disaster prevention. the move is aimed at being ready in the event of major quakes. they're focusing on the possibilities of one hitting underneath tokyo, and the other along the nankai trough off central and western japan. >> translator: these earthquakes could have serious effect on the country's society and economy. they could impact the capital's key functions, and tsunami could cause widespread damage. the government will make a un

we have the title loan reimbursement. this was brought to the committee in january as well. this is the division where they've asked us to defer the payment into structure alone because they have not received the loan from the us navy. that's $2.9 million of revenue we like to increase into the budget. if you turn to page 52, we have approximately $111 million of expenditures we like to decrease. the pa joert of expenditures here listed are corresponding to the revenues i just mentioned so i'll go over the items that haven't been addressed in the revenues. we're looking at for the prop k capital project cost, we're looking at $108 million decrease for this line item. this is related to a hand full of projects. radio replacement project from smta, the central subway, the transbay transit center, phase 1 project with tjta, and the mini vehicles facilities and guide ways. all of these projects are either in project delays or have found other fundings to support it and the result doesn't need to obtain funding from prop k at this time. in relation to that, we have tsca and we're

toward the end of the loan that is when you make the dent in principle.h paying one additional mortgage payment each year we're trying to expedite this process. gerri: so you end up paying less interest to the bank and that is always good news for people out there who have a mortgage. we talked about before, if you don't get the bank in on your plan, you could be in trouble. why? >> this is because, the first payment of the month, if you're doing it twice per month is not going to be enough to cover the entire amount. so the bank will not necessarily know what to do with the money. a, they could put it towards interest, essentially give them free money and deem your payment as insufficient, in that case you would be late on your mortgage. so instead you want to call head and tell them to allocate this money, not only towards principle but to unapplied funds. this is the best way to make dent on principle. >> i love the idea. great stuff, scott, thanks for coming on. i think a lot of people will get ahold of loan officer next few days after hearing your st

it may be that the loan that he took out was more than the building could support. and so, now, after years of, you know, just barely being able to make his mortgage payments and, you know, so he was probably scrimping on doing repairs. and now it's in foreclosure, because he couldn't even make the mortgage payments. >> while the single-family foreclosure crisis has tapered off, apartments, especially in new york city, continue to enter foreclosure at an alarming rate. this is, in part, because of a dangerous new trend in investing by private equity firms. asher newman, that's faile street's current landlord, took out millions of dollars in mortgages from astoria federal, a bank based on long island, to invest in his building. but he had trouble paying astoria federal back, so the bank started to foreclose. that would have put the bank in charge of auctioning off the building. but before they finished the foreclosure, a new player entered the story, a private equity group called stabilis capital management. they bought the landlord's debt from the bank and paid off

the loan guarantee plus the imf reform and i salute that.think that was important and the hope that the house will come to an understanding of how important the reforms are. so, it is $600 million either way, and diplomacy and the economic cooperation that we have with ukraine and their leadership gives them leverage in their conversations should they take place. so the current would only be able to do a billion dollars which is a huge amount of money but imagine the difference of a billion at a time when economic issues are being able to meet the needs of the people. imagine what putin would say to the russians if the economy didn't have its best shot. so we have passed our bill and we are very proud of that on the loan guaranty. on the ominous bill and in the actions we have taken we don't have the imf. but i believe the evidence of why this makes a big difference are the countries that we really want to help and that hopefully this discussion will lead to passing the reform. >> [inaudible] >> i don't know. the senate hasn't acted. it depe

that's the average loan. the reason is the combination of higher sticker prices for new cars. they now average around 32 grand. rising rates for loans and people stretching out the loans to five or six, in some cases even seven years. >>> you won't find any cars at this year's conn ex-poe but you will see all the newest and largest constructions vehicles, farm gear and earth-moving equipment on the market. this comes as some heavy equipmentmakers like caterpillar see their shares close up on 52-week highs. jane wells has more on the outlook for sales of construction equipment and which markets are the hottest. >> reporter: big machines can tell you a lot about the big economic picture. so how's the global market? >> it's okay. >> reporter: that's the general feeling at the massive conn expo in las vegas. sales here signal what the year may look like. >> we're looking for the nonresidential psych tocycle to. >> reporter: while this sort of construction equipment is showing strength, sales of large farming equipment are not as the american farmers' buying binge has come to an end

they can ban the high loan rates but not all shadow banking. it's like gambling. g is bad in china, still many people do it. >> if the whole system collapses the best case is a government rescue. the worst case is it bankrupts the nation. either way there's a quiet men as lying just beneath the surface of china's impressive growth society. bbc news, beijing. >>> aaron is with us with the business news. it's not shadow banking but it is unregulated. >> i have a business idea. throw me some money and i'll give you a return on it. sounds good to me. hello there. chances are if you need a loan it's a bank. typically a bank is the first place you think of going to. given more than one in three people are turned down by banks, more and more are turning to this new way of lending called peer to peer lending or crowd funding. it is becoming so popular it is set to be regulated. how does it work? say i want to borrow $100,000 to open a restaurant by the beach. sounds good. i then apply to michigan bid in on a peer to peer lending website stating how much i want to raise and

policy. >> but the grad plus loans comes through the department of education through that loan program, right? >> correct. >> and we really tonight have a handle -- don't have a handle on how much is going out there and how much students are borrowing? i find that disturbing. because i have -- maybe some of it's anecdotal -- about, you know, there are 200,000 departments and things like that for kids what go to graduate school. and they have these huge debts. and they may not get jobs after that that really comport with that. maybe they're going into teaching, and they can't pay that back. am i missing something here? >> it would also be worthwhile looking at how much of that's grad school debt versus undergraduate debt, and sometimes in the report it totals, we're not able to disaggregate what belongs at the undergraduate level versus what's at the graduate level. but as i said before, it has been for the grad plus loan program that we have seen increases in the number of borrowers in that program. >> just a moment. w