Finance Committee Holds Public Hearing on Proposed Merrimack Valley Casino

Obama to back mortgage finance reform to speed housing recovery

Jeff Morris,Director of Public Affairs at Penn National, said there were no plans for a hotel at this time and that Penn National would be partnering with hotels in Tewksbury to accommodate guests of the casino. “We met with some of thegeneral managers of thehotels in the area and found their capacity rates are 50 percent,” Morris said.”We do not feel it would be appropriate to take away business from them so we’ll be looking to partner with them to help drive them to 70 or75 percent occupancy rates.” Finance Committee memberDamin Sutherby asked the hours the facility would be serving alcohol, and if free drinks would be served to patrons of the facility. Morris said free drinks would be served on a limited basis, and alcohol would not be served later than other bars and restaurantsin Tewksbury serve. “We do not plan to serve alcohol other than the times otherbars do in town,” Morris said.”We don’t want to take any business away from them. We will serve some free drinks, but we won’t be serving themto anyone who steps into the casino. It would be done on a limited basis.” Town Manager Richard Montuori added that the alcohol license for the proposed slots-only casino would be issued by the Alcoholic Beverages Control Commission , and thus wouldn’t take away from the quota the town can issue.

Obama touts mortgage finance plan, highlights private sector role

The government would still play a role in housing markets by insuring or guaranteeing those securities – at a cost to investors. “Private capital should take a bigger role in the mortgage market. I know that sounds confusing to folks who call me a socialist,” Obama said, inserting a dig at political opponents who paint him as a left-leaning liberal. The United States was forced to prop up Fannie Mae and Freddie Mac when the two companies careened toward insolvency during the financial crisis, costing taxpayers $187.5 billion. The companies, which still dominate mortgage markets, have since returned to profitability, funneling about $132 billion in dividends back into government coffers.

Posted by William Rupp (Editor) , August 07, 2013 at 05:30 AM The deadline for applications is Friday, Aug. 23, at 4 pm. Here is the complete information about the position and the job description: Municipal Finance Advisor, City of East Providence The Department of Revenue is seeking qualified candidates for the position of Finance Advisor for the City of East Providence. The position of Municipal Finance Advisor was created by statute, and the duties and responsibilities are defined in Rhode Island General Law 45-9-10 as amended during the 2013 Legislative Session.

E.P. Finance Advisor Search Starts

The government’s role would be relegated to providing some form of insurance or guarantee, and to providing oversight, according to officials and a White House statement. Fannie Mae and Freddie Mac, originally chartered by Congress to expand mortgage finance, were taken over by the government in 2008 amid mounting losses in the financial crisis. Propping them up cost taxpayers $187.5 billion, although the firms have now returned to profitability. “We have to end Fannie and Freddie going forward and replace them with a commitment to the notion that private capital must be wiped out before the government pays on any form of catastrophic guarantee or reinsurance,” a senior administration official told reporters.

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