Bank of America announces rescue plan for Countrywide borrowers
Mercury News ^ | 10/6/08 | Pete Carey
Posted on Monday, October 06, 2008 8:10:26 PM by NormsRevenge
A massive $8.4 billion homeowner rescue plan announced Monday by the Bank of America will provide some relief for an estimated 125,000 Californians who are having trouble making payments on sub-prime loans and other risky mortgages from Countrywide Home Loans.
Bank of America bought Countrywide for $4 billion July 1 after the Calabasas-based home loan giant, among the largest sub-prime lenders in the state, collapsed under the weight of mounting defaults and foreclosures.
The bank's "Home Ownership Retention Program for Countrywide Customers'' was devised by California and 10 other states to settle predatory lending lawsuits filed against Countrywide. The plan could also set a precedent for other banks whose books are weighed down by defaulting mortgages.
"This is going to help some families,'' said California Attorney General Jerry Brown, "but the overall economy is in hands of God at this point.'' Brown helped lead the settlement negotiations.
The program allocates up to $3.5 billion to help California Countrywide borrowers lower their interest rates, a figure that assumes every borrower participates. Nearly 400,000 customers of Countrywide will be eligible nationwide.
The bank said the program is for borrowers who are, or who are likely to fall seriously behind on their loans as the result of loan features such as interest rate resets or payment changes. For some borrowers, interest rates could go as low as 2.5 percent. The program includes suspension of foreclosures, reduced interest payments and for select borrowers, reduction of principal balances.
Friday, October 10, 2008
Tuesday, September 9, 2008
Lake Havasu Beach Front
Volunteers clean up Lake Havasu beaches
By TONY WAGGONER
Wednesday, September 3, 2008 10:54 PM MST
One man’s trash isn’t always another man’s treasure.
It would be nice if trash just picked itself up around Lake Havasu. It seems many people think that is what will happen when they dump barbecue grills, tires, dirty diapers, shade covers and old tables into and around the lake. It isn’t just wash run-off that can make the water uninhabitable.
The truth is this trash doesn’t take care of itself, and the monkey see, monkey do attitude of people who tend to think the lake would be much more beautiful with a bunch of unnecessary junk littered about has to be taken care of by somebody.
That somebody or some bodies were out on Lake Havasu Wednesday doing just that, loading up boatfuls of trash all along the lake and taking it to where it belongs — a dumpster.
Cleaning up the lake has become a monthly process for Lake Havasu Marine Association Executive Director Jim Salscheider, the Chemehuevi Tribe and other city volunteers. Volunteers like Mayor Mark Nexsen, Don Callahan, Dean Barlow, Tantrum Motor Sports, Lakeland Marine, the Lake Havasu Yacht Club and many others were out there Wednesday from 7:30-10:30 a.m., getting their hands dirty.
And, when they say dirty, they mean dirty. With a total of 17 boats, volunteers scoured both sides of the lake finding trash Salscheider says you would not believe. Many of the items they found appeared to have been out there for a long period of time, Salscheider said. If it had been there any longer, it may have needed to get an assigned address for taxation.
“If you haven’t actually done the work, It is hard to believe what we find,” Salscheider said. “That is why we have to be out there once a month.”
Wednesday’s clean up was one of the first times Salscheider says they had enough boats and volunteers to do some damage. Working with the Keep Havasu Beautiful organization, about 80 volunteers were actually able to address the garbage problem on the California side of the lake for the first time.
“We have just about scrubbed it clean,” Dan Remy from the Lake Havasu City Yacht Club said. “One more round and we should have the beaches where we want them.”
A sweep of the island revealed more trash than was expected, so volunteers will take another go at it next week, and Remy and Salscheider both said they are looking for help from the city.
Salscheider is hoping publicity would encourage residents to volunteer and patrons of the lake to think twice about using the beaches as a dumping ground.
“We need people to start paying attention,” he said. “That way we can get ahead.”
Prevention will begin with the Chemehuevi Tribe posting bags on the California side. There are dumpsters at the launch ramps and trashcans scattered all along the lake on the Arizona side. Lake patrons just need to make up their minds to use them, Salscheider believes.
A lot of the trash does float down river. Salscheider and the other volunteers realize this. Their goal is to address garbage from all angles, so the Lake Havasu water quality becomes as safe as possible for visitors and residents.
“Our goal is to make Lake Havasu the cleanest lake in the Colorado River,” Salscheider said. “We now have enough boats to do it.”
You may contact the reporter at twaggoner@havasunews.com.
By TONY WAGGONER
Wednesday, September 3, 2008 10:54 PM MST
One man’s trash isn’t always another man’s treasure.
It would be nice if trash just picked itself up around Lake Havasu. It seems many people think that is what will happen when they dump barbecue grills, tires, dirty diapers, shade covers and old tables into and around the lake. It isn’t just wash run-off that can make the water uninhabitable.
The truth is this trash doesn’t take care of itself, and the monkey see, monkey do attitude of people who tend to think the lake would be much more beautiful with a bunch of unnecessary junk littered about has to be taken care of by somebody.
That somebody or some bodies were out on Lake Havasu Wednesday doing just that, loading up boatfuls of trash all along the lake and taking it to where it belongs — a dumpster.
Cleaning up the lake has become a monthly process for Lake Havasu Marine Association Executive Director Jim Salscheider, the Chemehuevi Tribe and other city volunteers. Volunteers like Mayor Mark Nexsen, Don Callahan, Dean Barlow, Tantrum Motor Sports, Lakeland Marine, the Lake Havasu Yacht Club and many others were out there Wednesday from 7:30-10:30 a.m., getting their hands dirty.
And, when they say dirty, they mean dirty. With a total of 17 boats, volunteers scoured both sides of the lake finding trash Salscheider says you would not believe. Many of the items they found appeared to have been out there for a long period of time, Salscheider said. If it had been there any longer, it may have needed to get an assigned address for taxation.
“If you haven’t actually done the work, It is hard to believe what we find,” Salscheider said. “That is why we have to be out there once a month.”
Wednesday’s clean up was one of the first times Salscheider says they had enough boats and volunteers to do some damage. Working with the Keep Havasu Beautiful organization, about 80 volunteers were actually able to address the garbage problem on the California side of the lake for the first time.
“We have just about scrubbed it clean,” Dan Remy from the Lake Havasu City Yacht Club said. “One more round and we should have the beaches where we want them.”
A sweep of the island revealed more trash than was expected, so volunteers will take another go at it next week, and Remy and Salscheider both said they are looking for help from the city.
Salscheider is hoping publicity would encourage residents to volunteer and patrons of the lake to think twice about using the beaches as a dumping ground.
“We need people to start paying attention,” he said. “That way we can get ahead.”
Prevention will begin with the Chemehuevi Tribe posting bags on the California side. There are dumpsters at the launch ramps and trashcans scattered all along the lake on the Arizona side. Lake patrons just need to make up their minds to use them, Salscheider believes.
A lot of the trash does float down river. Salscheider and the other volunteers realize this. Their goal is to address garbage from all angles, so the Lake Havasu water quality becomes as safe as possible for visitors and residents.
“Our goal is to make Lake Havasu the cleanest lake in the Colorado River,” Salscheider said. “We now have enough boats to do it.”
You may contact the reporter at twaggoner@havasunews.com.
How the Fannie and Freddie takeover affects you
How the Fannie and Freddie takeover affects you
The feds want mortgages to remain available at good rates to creditworthy borrowers. That's good news. But don't expect easier jumbo mortgages or home equity loans.
By Bankrate.com
The government takeover of Fannie Mae and Freddie Mac is designed to put downward pressure on mortgage rates and to ensure that home loans remain available.
Those goals are made crystal clear in the statements made by public officials.
The primary mission of the two mortgage giants "now will be to proactively work to increase the availability of mortgage finance," says James Lockhart, who will temporarily govern Fannie and Freddie.
Lockhart, head of the Federal Housing Finance Agency, adds that his agency will examine Fannie's and Freddie's fees "with an eye toward mortgage affordability."
Treasury Secretary Henry Paulson says the government has three objectives: "market stability, mortgage availability and taxpayer protection." That's another signal that the government wants mortgages to remain available, at good rates, to borrowers with a low risk of default.
Jim Sahnger, a mortgage broker with Palm Beach Financial Network in Stuart, Fla., says, "The good news for the consumer is that money will still continue to flow, provided you have the ability to qualify."
Video: The impact on the housing market
Dean Baker, an economist with the Center for Economic and Policy Research, a think tank in Washington, D.C., says, "I think that the immediate impact will be somewhat positive. You'll see some drop in mortgage rates because it'll decrease the uncertainty" that had pushed mortgage rates up this summer.
Baker says he can imagine a drop in mortgage rates of around a quarter of a percentage point, give or take about 5 basis points. A basis point is one-hundredth of a percentage point. "It's something," he says. "It's not going to make a huge difference."
It's hard to guess the timing of such a rate decrease. Baker says it might happen as soon as today, but possibly later, as people in the mortgage industry scratch their heads and assess the federal government's plan. "Probably we're talking inside of two weeks," Baker says. Sahnger agrees that rates will fall soon. "There will be an immediate impact as far as rates," he says. "I think rates are going to improve modestly at the beginning."
Mortgage rates are expected to fall because the Treasury Department will buy mortgage-backed securities. Here's why rates would fall as a result of the Treasury buying mortgage-backed securities:
When investors buy bonds, they have a wealth of choices. They can buy U.S. Treasury bills and notes, or corporate debt, or bonds from state and local governments. Or they can buy mortgage-backed securities, which behave much like bonds. Mortgage-backed securities are known as MBS in industry shorthand.
Fannie and Freddie guarantee the mortgage-backed securities that they issue, and those securities are deemed quite safe as investments. Not as safe as Treasury notes, but relatively safe. Fannie and Freddie are government-sponsored enterprises, or GSEs, and for decades they had implicit government backing. That backing is now explicit.
Beneficial to some, but not all
In the past few months, investors have rushed to the safety of Treasury notes and haven't been as eager to buy mortgage-backed securities. The lessened demand caused the prices of mortgage-backed securities to go down. When bond prices fall, bond yields rise, and that's what happened with mortgage-backed securities. As yields went up, so did mortgage rates. The difference, or spread, widened between Treasury yields and mortgage-backed securities.
Now that the Treasury will buy mortgage-backed securities, their prices should rise because of the greater demand. (The same thing would happen if the federal government bought, say, boxcar loads of sugar. You would expect sugar prices to go up.) When bond prices rise, yields drop -- so mortgage rates should follow.
Lockhart, whose department will run Fannie and Freddie, describes this succinctly when he says, "As the GSEs have grappled with their difficulties, we've seen mortgage rate spreads to Treasurys widen, making mortgages less affordable for homebuyers. While the GSEs are expected to moderately increase the size of their portfolios over the next 15 months through prudent mortgage purchases, complementary government efforts can aid mortgage affordability. (The) Treasury will begin this new program later this month, investing in new GSE MBS."
The government's action will have a beneficial effect on some mortgages, but not all. It will have little or no impact on jumbo mortgages -- home loans for large amounts. (The definition of a jumbo loan varies, depending on house prices in each metro area. A jumbo is a loan of more than $417,000 in much of the country, and is higher in more expensive housing markets -- up to $729,750 in places such as Los Angeles.)
Because jumbo mortgages are perceived as riskier, their rates have been unusually high for the past year. Historically, jumbo rates had hovered about a quarter of a percentage point above the rates for mortgages backed by Fannie and Freddie. Now they're about a full percentage point higher, and that gap is unlikely to narrow soon.
The government's bailout of Fannie and Freddie won't affect rates on home equity loans or home equity lines of credit, either.
This article was reported and written by Holden Lewis for Bankrate.com.
The feds want mortgages to remain available at good rates to creditworthy borrowers. That's good news. But don't expect easier jumbo mortgages or home equity loans.
By Bankrate.com
The government takeover of Fannie Mae and Freddie Mac is designed to put downward pressure on mortgage rates and to ensure that home loans remain available.
Those goals are made crystal clear in the statements made by public officials.
The primary mission of the two mortgage giants "now will be to proactively work to increase the availability of mortgage finance," says James Lockhart, who will temporarily govern Fannie and Freddie.
Lockhart, head of the Federal Housing Finance Agency, adds that his agency will examine Fannie's and Freddie's fees "with an eye toward mortgage affordability."
Treasury Secretary Henry Paulson says the government has three objectives: "market stability, mortgage availability and taxpayer protection." That's another signal that the government wants mortgages to remain available, at good rates, to borrowers with a low risk of default.
Jim Sahnger, a mortgage broker with Palm Beach Financial Network in Stuart, Fla., says, "The good news for the consumer is that money will still continue to flow, provided you have the ability to qualify."
Video: The impact on the housing market
Dean Baker, an economist with the Center for Economic and Policy Research, a think tank in Washington, D.C., says, "I think that the immediate impact will be somewhat positive. You'll see some drop in mortgage rates because it'll decrease the uncertainty" that had pushed mortgage rates up this summer.
Baker says he can imagine a drop in mortgage rates of around a quarter of a percentage point, give or take about 5 basis points. A basis point is one-hundredth of a percentage point. "It's something," he says. "It's not going to make a huge difference."
It's hard to guess the timing of such a rate decrease. Baker says it might happen as soon as today, but possibly later, as people in the mortgage industry scratch their heads and assess the federal government's plan. "Probably we're talking inside of two weeks," Baker says. Sahnger agrees that rates will fall soon. "There will be an immediate impact as far as rates," he says. "I think rates are going to improve modestly at the beginning."
Mortgage rates are expected to fall because the Treasury Department will buy mortgage-backed securities. Here's why rates would fall as a result of the Treasury buying mortgage-backed securities:
When investors buy bonds, they have a wealth of choices. They can buy U.S. Treasury bills and notes, or corporate debt, or bonds from state and local governments. Or they can buy mortgage-backed securities, which behave much like bonds. Mortgage-backed securities are known as MBS in industry shorthand.
Fannie and Freddie guarantee the mortgage-backed securities that they issue, and those securities are deemed quite safe as investments. Not as safe as Treasury notes, but relatively safe. Fannie and Freddie are government-sponsored enterprises, or GSEs, and for decades they had implicit government backing. That backing is now explicit.
Beneficial to some, but not all
In the past few months, investors have rushed to the safety of Treasury notes and haven't been as eager to buy mortgage-backed securities. The lessened demand caused the prices of mortgage-backed securities to go down. When bond prices fall, bond yields rise, and that's what happened with mortgage-backed securities. As yields went up, so did mortgage rates. The difference, or spread, widened between Treasury yields and mortgage-backed securities.
Now that the Treasury will buy mortgage-backed securities, their prices should rise because of the greater demand. (The same thing would happen if the federal government bought, say, boxcar loads of sugar. You would expect sugar prices to go up.) When bond prices rise, yields drop -- so mortgage rates should follow.
Lockhart, whose department will run Fannie and Freddie, describes this succinctly when he says, "As the GSEs have grappled with their difficulties, we've seen mortgage rate spreads to Treasurys widen, making mortgages less affordable for homebuyers. While the GSEs are expected to moderately increase the size of their portfolios over the next 15 months through prudent mortgage purchases, complementary government efforts can aid mortgage affordability. (The) Treasury will begin this new program later this month, investing in new GSE MBS."
The government's action will have a beneficial effect on some mortgages, but not all. It will have little or no impact on jumbo mortgages -- home loans for large amounts. (The definition of a jumbo loan varies, depending on house prices in each metro area. A jumbo is a loan of more than $417,000 in much of the country, and is higher in more expensive housing markets -- up to $729,750 in places such as Los Angeles.)
Because jumbo mortgages are perceived as riskier, their rates have been unusually high for the past year. Historically, jumbo rates had hovered about a quarter of a percentage point above the rates for mortgages backed by Fannie and Freddie. Now they're about a full percentage point higher, and that gap is unlikely to narrow soon.
The government's bailout of Fannie and Freddie won't affect rates on home equity loans or home equity lines of credit, either.
This article was reported and written by Holden Lewis for Bankrate.com.
Monday, September 8, 2008
Fannie Mae and Freddie Mac
What rescue means for mortgage rates
Bailout of mortgage giants should result in lower mortgage costs and make credit more available. But lending standards will stay tight and risky borrowers will still pay extra fees.
By Tami Luhby, CNNMoney.com senior writer
Last Updated: September 8, 2008: 9:22 AM EDT
NEW YORK (CNNMoney.com) -- Mortgage applicants rejoice!
Sunday's federal takeover of Fannie Mae and Freddie Mac will likely translate into lower mortgage rates and greater availability of credit, experts said. Rates could drop by 1 percentage point from the stubbornly-high 6.39% for a 30-year fixed rate mortgage.
"This could be good for would-be homeowners," said Tom LaMalfa, managing director, Wholesale Access, a research and consulting firm. "It would reduce the cost of financing at the new and improved Fannie and Freddie."
The government bailout is aimed at making mortgages easier to obtain and afford. By shoring up the mortgage financing giants, they can continue buying mortgages from lenders and injecting much-needed cash into the system.
"Fannie Mae and Freddie Mac are crucial to turning the corner on housing," said Treasury Henry Paulson. "Therefore, the primary mission of these enterprises now will be to proactively work to increase the availability of mortgage finance. Our economy and our markets will not recover until the bulk of this housing correction is behind us."
But the news isn't all good. With Friday's report that foreclosures and delinquencies are at all-time highs, Fannie and Freddie are expected to maintain - if not ratchet up - tighter lending standards. And the fees they have introduced for borrowers with weaker credit histories won't go away anytime soon.
High borrowing costs
Mortgage rates borrowers pay are dependent on the yields that investors demand when buying mortgage-backed securities from Fannie and Freddie.
Investors' doubts about the companies' viability have sent interest rates on those securities soaring. Despite regulators' July promise that they would step in to save the mortgage companies, investors are still demanding rates of 2.25% to 2.45% above Treasuries, LaMalfa said. Historically, the spread has been 1.25%.
With the government now taking over the companies and minimizing the risk associated with their debt, investors may be willing to ease off their need for higher rates.
High borrowing costs have led, in part, to a decline in mortgage borrowing. Applications are down 27% from a year ago, according to the Mortgage Bankers Association.
Also Fannie (FNM, Fortune 500) and Freddie (FRE, Fortune 500) will likely reverse their recent pullback from the mortgage markets. In early August, when they reported just over $3 billion in combined second-quarter losses, both said they would scale back their purchases of mortgage securities to preserve their capital.
Tight standards and fees will remain
Borrowers, however, shouldn't expect the ever-tightening lending standards to ease. With defaults and delinquencies multiplying and home prices falling, Fannie and Freddie will likely keep a close eye on underwriting practices. Lenders are demanding credit scores above 700 these days, up from 620 in the past, and downpayments of 20%, up from zero in some cases, experts said.
The mortgage titans have also increased their fees in hopes of shoring up their finances. Just last month, Fannie Mae announced higher surcharges for loans to weaker borrowers. For instance, applicants with credit scores between 640 and 659 who are putting down 15% to 20% will pay an additional 2.25% charge.
The same borrower would pay 1.7 percentage points more because of higher fees and rates for the same loan today as he or she would have paid 18 months ago, LaMalfa said.
If the market continues to worsen, standards could further tighten and fees could rise more, he said.
"We may have more stringent standards over the next few weeks because of the continued deterioration," he said. "We don't know where the bottom is yet. It's a falling knife."
Also, while investors have initially cheered regulators' moves in the past, their confidence has been short-lived. It remains to be seen whether and for how long Sunday's action will placate them, said Kurt Eggert, law professor at the Chapman University School of Law. And if investors' spook again, rates will rise.
"If I were an investor, I'm not sure this would be enough to make me want to jump in with a lot of money," Eggert said.
First Published: September 7, 2008: 2:53 PM EDT
Bailout of mortgage giants should result in lower mortgage costs and make credit more available. But lending standards will stay tight and risky borrowers will still pay extra fees.
By Tami Luhby, CNNMoney.com senior writer
Last Updated: September 8, 2008: 9:22 AM EDT
NEW YORK (CNNMoney.com) -- Mortgage applicants rejoice!
Sunday's federal takeover of Fannie Mae and Freddie Mac will likely translate into lower mortgage rates and greater availability of credit, experts said. Rates could drop by 1 percentage point from the stubbornly-high 6.39% for a 30-year fixed rate mortgage.
"This could be good for would-be homeowners," said Tom LaMalfa, managing director, Wholesale Access, a research and consulting firm. "It would reduce the cost of financing at the new and improved Fannie and Freddie."
The government bailout is aimed at making mortgages easier to obtain and afford. By shoring up the mortgage financing giants, they can continue buying mortgages from lenders and injecting much-needed cash into the system.
"Fannie Mae and Freddie Mac are crucial to turning the corner on housing," said Treasury Henry Paulson. "Therefore, the primary mission of these enterprises now will be to proactively work to increase the availability of mortgage finance. Our economy and our markets will not recover until the bulk of this housing correction is behind us."
But the news isn't all good. With Friday's report that foreclosures and delinquencies are at all-time highs, Fannie and Freddie are expected to maintain - if not ratchet up - tighter lending standards. And the fees they have introduced for borrowers with weaker credit histories won't go away anytime soon.
High borrowing costs
Mortgage rates borrowers pay are dependent on the yields that investors demand when buying mortgage-backed securities from Fannie and Freddie.
Investors' doubts about the companies' viability have sent interest rates on those securities soaring. Despite regulators' July promise that they would step in to save the mortgage companies, investors are still demanding rates of 2.25% to 2.45% above Treasuries, LaMalfa said. Historically, the spread has been 1.25%.
With the government now taking over the companies and minimizing the risk associated with their debt, investors may be willing to ease off their need for higher rates.
High borrowing costs have led, in part, to a decline in mortgage borrowing. Applications are down 27% from a year ago, according to the Mortgage Bankers Association.
Also Fannie (FNM, Fortune 500) and Freddie (FRE, Fortune 500) will likely reverse their recent pullback from the mortgage markets. In early August, when they reported just over $3 billion in combined second-quarter losses, both said they would scale back their purchases of mortgage securities to preserve their capital.
Tight standards and fees will remain
Borrowers, however, shouldn't expect the ever-tightening lending standards to ease. With defaults and delinquencies multiplying and home prices falling, Fannie and Freddie will likely keep a close eye on underwriting practices. Lenders are demanding credit scores above 700 these days, up from 620 in the past, and downpayments of 20%, up from zero in some cases, experts said.
The mortgage titans have also increased their fees in hopes of shoring up their finances. Just last month, Fannie Mae announced higher surcharges for loans to weaker borrowers. For instance, applicants with credit scores between 640 and 659 who are putting down 15% to 20% will pay an additional 2.25% charge.
The same borrower would pay 1.7 percentage points more because of higher fees and rates for the same loan today as he or she would have paid 18 months ago, LaMalfa said.
If the market continues to worsen, standards could further tighten and fees could rise more, he said.
"We may have more stringent standards over the next few weeks because of the continued deterioration," he said. "We don't know where the bottom is yet. It's a falling knife."
Also, while investors have initially cheered regulators' moves in the past, their confidence has been short-lived. It remains to be seen whether and for how long Sunday's action will placate them, said Kurt Eggert, law professor at the Chapman University School of Law. And if investors' spook again, rates will rise.
"If I were an investor, I'm not sure this would be enough to make me want to jump in with a lot of money," Eggert said.
First Published: September 7, 2008: 2:53 PM EDT
Friday, September 5, 2008
Havasu Labor Weekend-Still Strong
Holiday revelry continues for third day
Hotels, restaurants, bars report brisk business
By Tony Waggoner
Sunday, August 31, 2008 8:57 PM MST
It was a battle for visitors to Lake Havasu City between the lake and the weather over the Labor Day weekend, and it appears the lake won.
The lure of the lake appeared to be too much for late night thunderstorms Friday and Saturday night, as visitors remained in the Lake Havasu City area, making Labor Day one of the busiest weekends of the year for boat renters, restaurants and hotels in the city.
It was the last hurrah of the summer, Sue Ballard, owner of Paradise on the Lake Boat Rentals said.
Ballard’s business was so busy that all of her boats were out Sunday. Ballard said she put out eight boats in an hour and a half Sunday, and all 17 of her pontoon boats were on the water. She was concerned because she only had three drivers to bring them all back in.
Much of her business Sunday came from walk-in renters, after many of her reservation renters left. She said three-quarters of her business was from California, as well.
Paul Thomas, Front Desk Manager for London Bridge Resort and Convention Center said thunderstorms Friday and Saturday night did cause some guests to leave early, but the resort was able to compensate with people staying over an extra night, which kept the resort near full capacity all three days over the weekend.
Gas prices were an obvious concern for many travelers, but Thomas believes vacationers to Lake Havasu are going to come no matter what.
“In my opinion, I don’t thing it affected travelers to Havasu,” he said. “The boating crowd is not really affected by gas prices.”
Labor Day weekend also marked the first weekend of the College Football season.
Mad Dogs Sports Bar & Grill and Indigo Joes Sports Pub & Restaurant both offered a wide variety of games Saturday.
Mad Dogs offered every ESPN, ABC and Fox Sports Network game Saturday. Bartender Kristin Jonker said they saw quite a few local patrons come in Saturday for the football games during the day and for music later on.
Indigo Joes manager Dara Lefkowitz said she had several requests early Saturday morning for games that weren’t available on regular television. Lefkowitz said the restaurant would often show games based upon requests from patrons. The only problem Saturday was they didn’t open until 11 a.m.
According to Lefkowitz, the restaurant also received a good turnout Sunday afternoon for a viewing of the Fuel TV program “Drive.” The program featured a segment about the efforts of the Tinnell Memorial Sports Park Committee, who worked to build a skate park in honor of fallen soldier Spec. Patrick Tinnell from Lake Havasu City. Lefkowitz said about 60 people showed up for the 4 p.m. showing. The restaurant donated $1 of every food order they had from a special menu.
Hotels, restaurants, bars report brisk business
By Tony Waggoner
Sunday, August 31, 2008 8:57 PM MST
It was a battle for visitors to Lake Havasu City between the lake and the weather over the Labor Day weekend, and it appears the lake won.
The lure of the lake appeared to be too much for late night thunderstorms Friday and Saturday night, as visitors remained in the Lake Havasu City area, making Labor Day one of the busiest weekends of the year for boat renters, restaurants and hotels in the city.
It was the last hurrah of the summer, Sue Ballard, owner of Paradise on the Lake Boat Rentals said.
Ballard’s business was so busy that all of her boats were out Sunday. Ballard said she put out eight boats in an hour and a half Sunday, and all 17 of her pontoon boats were on the water. She was concerned because she only had three drivers to bring them all back in.
Much of her business Sunday came from walk-in renters, after many of her reservation renters left. She said three-quarters of her business was from California, as well.
Paul Thomas, Front Desk Manager for London Bridge Resort and Convention Center said thunderstorms Friday and Saturday night did cause some guests to leave early, but the resort was able to compensate with people staying over an extra night, which kept the resort near full capacity all three days over the weekend.
Gas prices were an obvious concern for many travelers, but Thomas believes vacationers to Lake Havasu are going to come no matter what.
“In my opinion, I don’t thing it affected travelers to Havasu,” he said. “The boating crowd is not really affected by gas prices.”
Labor Day weekend also marked the first weekend of the College Football season.
Mad Dogs Sports Bar & Grill and Indigo Joes Sports Pub & Restaurant both offered a wide variety of games Saturday.
Mad Dogs offered every ESPN, ABC and Fox Sports Network game Saturday. Bartender Kristin Jonker said they saw quite a few local patrons come in Saturday for the football games during the day and for music later on.
Indigo Joes manager Dara Lefkowitz said she had several requests early Saturday morning for games that weren’t available on regular television. Lefkowitz said the restaurant would often show games based upon requests from patrons. The only problem Saturday was they didn’t open until 11 a.m.
According to Lefkowitz, the restaurant also received a good turnout Sunday afternoon for a viewing of the Fuel TV program “Drive.” The program featured a segment about the efforts of the Tinnell Memorial Sports Park Committee, who worked to build a skate park in honor of fallen soldier Spec. Patrick Tinnell from Lake Havasu City. Lefkowitz said about 60 people showed up for the 4 p.m. showing. The restaurant donated $1 of every food order they had from a special menu.
Tuesday, September 2, 2008
The Savvy Traveler's Guide to Planning an Affordable Autumn Getaway
The Savvy Traveler's Guide to Planning an Affordable Autumn Getaway
Sunday, August 17, 2008 10:00 PM MST
(ARA) - America's wavering economy along with swelling gas prices have tampered with vacationers' travel plans throughout the summer, leaving many travelers in the lurch. As wallets continue to tighten and stress levels rise, Americans are realizing just how much they need and deserve a vacation getaway that for now seems to be tossed on the backburner.
But despite fuel costs and financial worries, there is good news on the horizon for determined vacationers! As the seasons transition, Americans don't have to throw in the towel on travel for the rest of the year. Simply learn to travel smarter by taking extended weekend getaways during the autumn shoulder season.
There are many ways to cut costs and allow for a fabulous fall trip. Here are some insider tips that will help you de-stress and recharge, while getting the most for your travel dollar:
Structure a Budget
First and foremost, figure out what you can realistically afford for your next trip, and stick to your guns. Create budget estimates for each vacation day, from meals to attractions, and even highway tolls. By understanding how much you have available before leaving home, you'll save yourself the headache of ATM overdraws and never-ending credit card bills once you return from your trip.
Make a Smart Destination Choice and Create a Realistic Timeframe
Choose a destination that is close enough to reach quickly and cost-efficiently, but is a world away in ambiance. Do your homework and peruse through guidebooks, travel blogs, Web sites and newspaper and magazine reviews for destinations that provide climate-friendly options in which to spend a relaxing long weekend.
Choose the Right Accommodations
Select a hotel with an in-room kitchen efficiency so you don't have to eat every meal in restaurants (that gets expensive!), and find a nearby grocery store so you can stock up with a few provisions. You'll be amazed at how much money eating cereal for breakfast and packing cold cuts for lunch can save you each day. If you're traveling with a larger group or family, check out beach homes, condos, timeshares and villa rentals, which can turn out to be a much less expensive option, per person.
Now is the time to also look for deals and offerings such as free nights, complimentary parking, or special incentives (like gas cards). With fewer people traveling these days, many hotels are offering attractive deals to get visitors in the door.
Research Affordable Activities
Seek out a destination with lots of activities that are free or highly affordable. When researching things to do or see in a destination, find attractions that will stretch your dollar the farthest. Savvy travelers will also plan in advance to save money through online coupons and deals. As a bonus, you'll reduce stress while on vacation because your itinerary is already set.
By following the above tips, you'll surely find and enjoy a long weekend break that fits within your budget. One terrific place you might wish to consider when putting these tips to the test is the Myrtle Beach area of South Carolina. Known best as an affordable, budget-friendly vacation destination with a vast variety of accommodations, meals and attractions to suit every visitor, this is a great option for the smart traveler. Here's why:
Location and Weather
Boasting a mild climate and perpetually temperate weather, Myrtle Beach is a great destination choice year round, especially in the autumn. Its pristine coastline, affectionately called the Grand Strand, is the star attraction here. Stretching for 60 miles, travelers have access to all kinds of public beaches and oceanfront access, from state parks to picturesque waterways -- the perfect oasis away from the stress of everyday life.
Quality Accommodations with Perks
With a variety of accommodations from which to choose, including many updated and spacious beachfront condos with kitchens and additional seasonal promotions, Myrtle Beach offers great deals for saving money on food and lodging costs.
A Variety of Affordable Activities
Whether it's hitting Myrtle Beach State Park to enjoy the pristine beach for pennies or even popping a quick game of miniature golf -- Myrtle Beach is the Miniature Golf Capital of the World -- there are plenty of options to have fun on a budget in Myrtle Beach.
For further incentives, vacationers can get a great bang for their buck at Myrtle Beach's acclaimed attractions. At Brookgreen Gardens, a beautiful nature oasis on the site of four former rice plantations, your entry ticket is good for an entire week. And if you visit Hard Rock Park -- the world's first 140-acre, music-themed amusement park -- on the day of a big-name concert, you'll be admitted free to that evening's concert.
The moral of the story? If you're itching to use some of those precious vacation days for an extended weekend this fall, choose a destination that has it all within reach. With the right combination of budget-friendly activities, great weather, and a mix of fun and relaxation, you'll be sure to have an unforgettable and much-deserved getaway.
For more information visit www.visitmyrtlebeach.com or call (888) Myrtle1 (888-697-8531).
Sunday, August 17, 2008 10:00 PM MST
(ARA) - America's wavering economy along with swelling gas prices have tampered with vacationers' travel plans throughout the summer, leaving many travelers in the lurch. As wallets continue to tighten and stress levels rise, Americans are realizing just how much they need and deserve a vacation getaway that for now seems to be tossed on the backburner.
But despite fuel costs and financial worries, there is good news on the horizon for determined vacationers! As the seasons transition, Americans don't have to throw in the towel on travel for the rest of the year. Simply learn to travel smarter by taking extended weekend getaways during the autumn shoulder season.
There are many ways to cut costs and allow for a fabulous fall trip. Here are some insider tips that will help you de-stress and recharge, while getting the most for your travel dollar:
Structure a Budget
First and foremost, figure out what you can realistically afford for your next trip, and stick to your guns. Create budget estimates for each vacation day, from meals to attractions, and even highway tolls. By understanding how much you have available before leaving home, you'll save yourself the headache of ATM overdraws and never-ending credit card bills once you return from your trip.
Make a Smart Destination Choice and Create a Realistic Timeframe
Choose a destination that is close enough to reach quickly and cost-efficiently, but is a world away in ambiance. Do your homework and peruse through guidebooks, travel blogs, Web sites and newspaper and magazine reviews for destinations that provide climate-friendly options in which to spend a relaxing long weekend.
Choose the Right Accommodations
Select a hotel with an in-room kitchen efficiency so you don't have to eat every meal in restaurants (that gets expensive!), and find a nearby grocery store so you can stock up with a few provisions. You'll be amazed at how much money eating cereal for breakfast and packing cold cuts for lunch can save you each day. If you're traveling with a larger group or family, check out beach homes, condos, timeshares and villa rentals, which can turn out to be a much less expensive option, per person.
Now is the time to also look for deals and offerings such as free nights, complimentary parking, or special incentives (like gas cards). With fewer people traveling these days, many hotels are offering attractive deals to get visitors in the door.
Research Affordable Activities
Seek out a destination with lots of activities that are free or highly affordable. When researching things to do or see in a destination, find attractions that will stretch your dollar the farthest. Savvy travelers will also plan in advance to save money through online coupons and deals. As a bonus, you'll reduce stress while on vacation because your itinerary is already set.
By following the above tips, you'll surely find and enjoy a long weekend break that fits within your budget. One terrific place you might wish to consider when putting these tips to the test is the Myrtle Beach area of South Carolina. Known best as an affordable, budget-friendly vacation destination with a vast variety of accommodations, meals and attractions to suit every visitor, this is a great option for the smart traveler. Here's why:
Location and Weather
Boasting a mild climate and perpetually temperate weather, Myrtle Beach is a great destination choice year round, especially in the autumn. Its pristine coastline, affectionately called the Grand Strand, is the star attraction here. Stretching for 60 miles, travelers have access to all kinds of public beaches and oceanfront access, from state parks to picturesque waterways -- the perfect oasis away from the stress of everyday life.
Quality Accommodations with Perks
With a variety of accommodations from which to choose, including many updated and spacious beachfront condos with kitchens and additional seasonal promotions, Myrtle Beach offers great deals for saving money on food and lodging costs.
A Variety of Affordable Activities
Whether it's hitting Myrtle Beach State Park to enjoy the pristine beach for pennies or even popping a quick game of miniature golf -- Myrtle Beach is the Miniature Golf Capital of the World -- there are plenty of options to have fun on a budget in Myrtle Beach.
For further incentives, vacationers can get a great bang for their buck at Myrtle Beach's acclaimed attractions. At Brookgreen Gardens, a beautiful nature oasis on the site of four former rice plantations, your entry ticket is good for an entire week. And if you visit Hard Rock Park -- the world's first 140-acre, music-themed amusement park -- on the day of a big-name concert, you'll be admitted free to that evening's concert.
The moral of the story? If you're itching to use some of those precious vacation days for an extended weekend this fall, choose a destination that has it all within reach. With the right combination of budget-friendly activities, great weather, and a mix of fun and relaxation, you'll be sure to have an unforgettable and much-deserved getaway.
For more information visit www.visitmyrtlebeach.com or call (888) Myrtle1 (888-697-8531).
Thursday, August 28, 2008
Hospital Expands
Regional Medical expandsHospital to open 43 new rooms.
August 27, 2008 8:28 PM MST
Wait times for some patients in the emergency room at Havasu Regional Medical Center could become shorter with the completion of a 43-bed expansion on the hospital’s third floor. The rooms are expected to be open to patients in time for the arrival of snowbirds.Hospital officials hosted an open house Wednesday to announce the completion of the build-out, which will increase the hospital’s capacity by nearly a third.“What this has the potential of (doing) is eliminating or reducing ER wait times in the cases where patients are waiting in the ER for a bed,” Chief Operations Office Jim Geist said.The expansion completed a portion of the hospital’s third floor that was left unfinished when the building was constructed in 2001, Geist said.“You do that knowing you’ll have future capacity. We’ve finally gotten to the point with our volume where we needed that additional patient space,” he said.
The project to build out the 21,170-square-foot space began in January and cost $8 million to complete, Geist said. The hospital spent another $1 million to renovate 30 existing rooms on the first floor.Eight of the new beds will be part of a “step-down” unit, which provides higher-level, intermediate care, below intensive care, Geist said. The remaining beds will be available to the general medical/surgical patients.All the new beds employ telemetry to monitor patients via a wireless device they’ll wear around their necks, said Brian Hall, assistant director of the medical/surgical/telemetry unit.In addition to reducing ER wait times, the expansion gives the hospital the capacity needed to perform more cardiac surgeries, a goal with the arrival of cardiothoracic surgeon Christopher C. Kwon, said Judy Morgan, director of the intensive care and medical/surgical units. The hospital hasn’t been able to offer certain cardiac procedures, such as open-heart surgery, for about six months, Hall said.The new patient rooms, like all the rooms at the hospital, are private. They contain the latest in patient amenities, including special mattresses that reduce complications from lying long hours in bed.“We get patients with a lot of mobility issues. This is better for their skin,” Hall said.One striking feature of many of the rooms is the stunning, territorial views of Lake Havasu and the surrounding mountains.Eight of the rooms feature pullout sofa beds for family members to stay over.“We encourage family to stay with some patients, patients that feel calmer with family there,” Morgan said.
August 27, 2008 8:28 PM MST
Wait times for some patients in the emergency room at Havasu Regional Medical Center could become shorter with the completion of a 43-bed expansion on the hospital’s third floor. The rooms are expected to be open to patients in time for the arrival of snowbirds.Hospital officials hosted an open house Wednesday to announce the completion of the build-out, which will increase the hospital’s capacity by nearly a third.“What this has the potential of (doing) is eliminating or reducing ER wait times in the cases where patients are waiting in the ER for a bed,” Chief Operations Office Jim Geist said.The expansion completed a portion of the hospital’s third floor that was left unfinished when the building was constructed in 2001, Geist said.“You do that knowing you’ll have future capacity. We’ve finally gotten to the point with our volume where we needed that additional patient space,” he said.
The project to build out the 21,170-square-foot space began in January and cost $8 million to complete, Geist said. The hospital spent another $1 million to renovate 30 existing rooms on the first floor.Eight of the new beds will be part of a “step-down” unit, which provides higher-level, intermediate care, below intensive care, Geist said. The remaining beds will be available to the general medical/surgical patients.All the new beds employ telemetry to monitor patients via a wireless device they’ll wear around their necks, said Brian Hall, assistant director of the medical/surgical/telemetry unit.In addition to reducing ER wait times, the expansion gives the hospital the capacity needed to perform more cardiac surgeries, a goal with the arrival of cardiothoracic surgeon Christopher C. Kwon, said Judy Morgan, director of the intensive care and medical/surgical units. The hospital hasn’t been able to offer certain cardiac procedures, such as open-heart surgery, for about six months, Hall said.The new patient rooms, like all the rooms at the hospital, are private. They contain the latest in patient amenities, including special mattresses that reduce complications from lying long hours in bed.“We get patients with a lot of mobility issues. This is better for their skin,” Hall said.One striking feature of many of the rooms is the stunning, territorial views of Lake Havasu and the surrounding mountains.Eight of the rooms feature pullout sofa beds for family members to stay over.“We encourage family to stay with some patients, patients that feel calmer with family there,” Morgan said.
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