G7 Intervenes to Slow Appreciation of Japan's Yen – Market Update

G7 Intervenes to Slow Appreciation of Japan's Yen – Market Update

Treasuries and mortgage bonds are currently lower from yesterday’s close. There are no economic releases today, so the market will be focused on headlines. The G7 has decided to intervene in the currency markets to slow appreciation of the Yen. The concern is that further appreciation would hamper Japan’s recovery effort by making Japanese exports less competitive.

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U.S. Federal Court Jury Rules Quicken Loans Followed All Federal Laws In Compensating Its Loan Officers

U.S. Federal Court Jury Rules Quicken Loans Followed All Federal Laws In Compensating Its Loan Officers

- All plaintiff overtime claims rejected by jury – Detroit, Mich. – March 17, 2011 – After seven years of litigation, Quicken Loans Inc. was vindicated today by a U.S. Federal Court jury who found the company fully complied with all labor laws in its loan officer compensation plan. The jury unanimously rejected all claims that the plaintiffs were entitled to receive overtime compensation in addition to the salaries and commissions they were paid. The case was brought by Nichols Kaster, a Minneapolis-based law firm that specializes in recruiting financial services professionals to sue their former employers for overtime claims. The firm unsuccessfully attempted to apply a 1930s wage law, originally enacted to protect hard working blue-collar workers, to highly compensated white collar professionals. In response to today’s ruling, the company issued the following statement: Quicken Loans is pleased with the jury’s verdict, which validates what we have always maintained: Quicken Loans treats its team members fairly and has always remained in full compliance with all federal labor laws. We could have settled this lawsuit and avoided an expensive, drawn-out legal battle, but we knew if we fought for what is right that justice would ultimately prevail. Our hope is that today’s victory inspires other job-creating companies to defend against meritless lawsuits which drain wealth and productivity from our society. Our commitment to treating – and compensating – our team members fairly is a major reason why Quicken Loans has ranked in the “top-30” of FORTUNE Magazine’s list of the…

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3 Great Spring Cleaning Tips for Your Home

3 Great Spring Cleaning Tips for Your Home

Follow These 3 Spring Cleaning Tips to Battle Bugs, Germs and Mold in Your Home The sun starts peeking though the dreary gray sky.  The ice FINALLY starts to melt.  You start to remember what your grass looks like.  If you live in Michigan, I’m describing the month of May.  But for the rest of the country, spring is ALMOST here and I wanted to share 3 great spring cleaning tips!  However, there are areas of your home that have taken a beating while keeping you warm and safe through the course of the winter.  It’s time to give your home a little love as we approach the big thaw and protect your family from harmful germs as the season changes. Bug and Pest Removal Battle the Bugs: It’s time to put away the heavy quilts, blankets and bear-skin rugs for the spring.  Be sure to wash and thoroughly dry all bedding before storing.  Dirty bedding is a great way to attract moths and insects (appealing thought!).  Utilize zippered or vacuum-seal storage bags, it’ll save space and also protect you from the aforementioned bug friends. Protect Against Germs Germ Warfare: Replace your air filter!  Lovingly taking in all your exhaled germs, pet-hair, and anything else floating around your home in microscopic particles, with nary a gripe or grumble, your furnace has been diligently keeping you and your family from turning into popsicles all winter long.  Treat it (and yourself) to a new filter.  Check out the size you need and…

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Bank of Japan Adds Record Amount of Cash to Financial System; HARP Program Extended Through June 2012 – Market Update

Bank of Japan Adds Record Amount of Cash to Financial System; HARP Program Extended Through June 2012 – Market Update

Mortgage backed securities are up this morning on concern about the unfolding nuclear crisis in Japan. The bank of Japan added a record amount of cash into the financial system, $183 billion, in an attempt to stabilize their financial markets. In mortgage news, it was announced last Friday that the HARP program, which allows LTVs up to 125%, would be extended another year through June 2012.

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