The US Senate Saturday approved 25 billion dollars in loan guarantees for the financially strapped US auto industry, intended to spark a wave of automotive innovation.
The loan guarantees were included in a continuing resolution that included funding for the US government and the wars in Iraq and Afghanistan.
President George W. Bush has indicated that he intends to sign the bill.
"We're very pleased Congress has chosen to act at this critical time," said Greg Martin, director of communications for General Motors Corp's Washington office.
GM had been subject of much speculation that it could be forced into bankruptcy.
The bill, which was approved by the House of Representatives on Wednesday, are the first loan guarantees for US carmakers since Congress approved a similar 675 million dollar measure for Chrysler Corp. in 1980.
Chrysler Chairman Robert Nardelli, however, said this week the loan guarantees should not be considered a rescue package for struggling carmakers. "This is not a bailout," he said.
Under provisions of the new legislation, not only US carmakers are eligible for the guarantees but also suppliers and foreign automakers with plants in the United States that are more than 20 years old -- Nissan and Honda's US operations qualify.
Martin said automakers could use the money for projects such as a new engine plant GM has announced it intends to build in Flint, Michigan.
GM Chairman Rick Wagoner spoke of plans to invest 370 million dollars in a new plant, which will be the exclusive site for production of the gasoline engine or "range extender" for the electric Chevrolet Volt, due out in November 2010.
Hacienda Matapalo, a 665 acre luxury gated community set in a Rainforest overlooking the Pacific Ocean has been hearing from clients that their IRA/401k investments have soured, and has decided to help those with an interest in Costa Rica Real Estate.
Fort Lauderdale, Fl (
In an effort to help accomplish this Hacienda Matapalo is instituting a Costa Rica Real Estate Rainforest Homesite purchase program effective immediately:
1. Current Price of 1.25 acre Rain Forest Homesite is $200,000
2. Hacienda Matapalo will credit a significant amount of the losses you have incurred in your
IRA/401k toward the purchase of 1.25 acre Rainforest Homesite
3. Clients can recoup up to $70,000 in recent IRA/401K losses immediately.
There is no waiting for the markets to turn around, no hoping for that long-
shot stock to pay off. A retirement fund that was worth $200,000 last
month and is now worth $130,000 today can immediately be worth
$200,000 or more, with Hacienda Matapalo's IRA / Qualified Retirement
Plan Bailout Program.
4. Full payment from your IRA/401k/Cash will be required for this prime
Costa Rica Real Estate
5. This offer is subject to availability and only a limited number are available.
About Hacienda Matapalo
Why is Hacienda Matapalo the best selling pre-Construction development in Costa Rica?
Located in a Rainforest on a Mountain overlooking the Pacific is the 665 acre Resort style community of Hacienda Matapalo. Just 800 meters from the ocean, with a Beach Club, Resort Clubhouse, Equestrian Center, Waterfalls, 125 acre nature preserve, and Retail center. Located "where the mountains meet the sea" on the Pacific Coast (Costenera) Highway, with easy access to a new airport, hospital, and marina.
Completely surrounded by lush forest, cascading waterfalls and breathtaking views of the Pacific Ocean is Costa Rica's extraordinary gated community of Hacienda Matapalo. With 665 private acres, Hacienda Matapalo offers a world of natural beauty and adventure.
Hacienda Matapalo is located just 800 meters (2,624.67 ft) off the beach and reaches back three kilometers into the primary forested mountains to an altitude of nearly 2,000 feet above sea level . With its 125 acre dedicated nature preserve, nature is and always will be an integral part of this unique community. Set amongst countless species of birds, butterflies, and wildlife Hacienda Matapalo offers 1.25+ acre home sites, single-family homes, town homes, villas and condominiums all equipped with state-of-the-art connectivity including satellite, Internet, telephone, and 24-hour security.
- Our Free eSeminar on Tuesday, September, 23rd at 7PM, will discuss this program in more detail.
If you would like to discuss this program immediately please contact us:
(800.281.4145), and ask for the special programs desk.
News of Lloyds TSB's takeover of HBOS will do little to help the thousands of people falling into mortgage arrears says Payment Protection Insurance lobbyist Sara-Ann Burgess from Burgesses.
Braintree, Essex (
She comments: "Whilst this £12.2bn takeover might relieve the pressure on HBOS, it will not ease the financial burden felt by hundreds of thousands of people faced with crippling debts and little support from their lender. More and more people are losing their jobs and struggling to make ends meet, but this is of little concern to these two organisations that collectively will become a 'super bank'."
According to the Council of Mortgage Lenders, at the end of the first half of this year, 155,600 households had arrears of three months or more. Many have contacted the National Debtline - the debt advice charity reports that 4,154 calls, in connection with first and second charge mortgages, were made during June, July and August this year, up from 2865 the previous year.
Sara-Ann asks: "Where are the lenders when their customers need them most? If they're calling Debtline it must be because they're getting little support from their mortgage company. The Charity has been recruiting to try and keep pace with the demand for its services - there are now 100 staff on hand to give advice, but I suspect this is the tip of the iceberg. The numbers of callers would double again if the capacity to help them increased."
There are also worries that LTSB and HBOS will hold a collective customer base of nearly one third of the UK's savings and mortgage market, creating a larger captive audience, for the marketing of its own-brand
Sara-Ann continues: "There's a general nervousness about the stability of jobs which means more people may consider purchasing PPI as a financial safety net. This is great news, but consumers should not buy cover that's offered by their lender - shop around, as much cheaper and more comprehensive policies can be sourced via independent providers."
She concludes: "I hope more support will be given to those struggling to make their mortgage repayments and customers will not be taken advantage of. I also urge people to purchase PPI - it provides some financial breathing space for those made redundant - something I hope the 40,000 or so employees, plus staff working in businesses that support LTSB and HBOS will get.