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Decades ago, consumers who wanted to buy a home had to meet with their local banker, prove they had the income and assets required to purchase property and make a substantial down payment before obtaining approval for a home loan. Today's homebuyers may have the option of making a lower down payment, but they face a more complex mortgage-approval process. The No. 1 factor influencing mortgage qualification these days is the consumer credit score, also known as a FICO score, invented by the Fair Isaac Corp. While debt-to-income ratios and the availability of funds for a down payment and closing costs also have an impact on a loan decision, lenders use an automated underwriting system that depends heavily on consumer credit scores, which range from 350 to 850.
NEW HAVEN -- School administrators responded favorably in an anonymous survey about the performance and effectiveness of the district's Central Office, officials said in a statement Thursday. But respondents also said areas needing improvement include discipline policies, social services, and programs for remedial and high-achieving students. The New Haven Public Schools polls principals and assistant principals every year to rate the performance of the district's Central Office as part of the district's reform program. The district's principals and assistant principals were asked to complete the survey's 63 questions in April, and 74 submitted answers.
The retail vacancy rate in North and Central Jersey improved slightly in July, coming in at 8.06 percent, the lowest rate since January 2009, according to a report from Paramus-based commercial real estate brokerage The Goldstein Group. Chuck Lanyard, president of The Goldstein Group, said that while retail vacancy rates are likely to remain high due to the sluggish economy, "we are seeing some positive signs and an increase in activity" in leasing.
FRANKFURT, Germany - The European Central Bank raised its key interest rate Thursday for the first time in nearly three years as it signaled its determination to fight inflation, even as some euro member countries still struggle with debt crises and high unemployment. The quarter-point increase was widely expected and won't by itself hold back growth much. But Europe's increasingly two-speed recovery will be a challenge for the bank as it decides how high rates should go in coming months.
COMMERCE -- The Central Basin Municipal Water District's Board of Directors approved a $4 per acre foot rate increase on its surcharge for water sold. The surcharge will increase from $86 per acre foot to $90, beginning July 1. The entire rate, including the Metropolitan Water District charge, will increase from $855 per acre foot $859.
To: RETAILING EDITORS Contact: Richard J. Brunelli, R.J. Brunelli & Co., Inc., president, +1-732-721-5800; Bill Parness or Lisa Kreda, +1-732-290- 0121, parnespr@optonline.net, both of Parness & Associates Public Relations
Money market rate premiums have been high and volatile. The difference between money market rates and central bank key rates has been the widest since the international financial turbulence started in August last year. Norwegian money market rates increased sharply after international risk premiums spilled over into the Norwegian market. Foreign exchange markets have also been volatile. Investors have shown interest in the large and most liquid currencies. Growth is also slowing in the Norwegian economy. Household consumption has stagnated and house prices are falling. Monetary policy in Norway is oriented towards annual consumer price inflation of close to 2.5% over time. In recent years, inflation has on average been somewhat lower, but fairly close to 2.5%. A deep and protracted glob...
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