Vermont still better than most, but 7 million distressed mortgages drag on US

first_imgThe Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE: LPS), a leading provider of mortgage performance data and analytics, indicates that signs of stabilization in the nation’s home loan delinquency and foreclosure rates remain largely neutralized by the more than 7 million loans in distress.According to the Mortgage Monitor report, the number of loans 90 or more days delinquent (including pre-sale foreclosure) declined 112,184 from 4,186,627 to 4,074,443 between March and April, with the total number of non-current U.S. loans plus REO (Real Estate Owned by banks, etc) just over 7.3 million (extrapolated to represent total mortgage market).Conversely, deterioration ratios remain high, with two loans rolling to a “worse” status for every one loan that has improved and the overall volume of loans moving from delinquent to current status declined to a three-month low supported primarily by “artificial cures” associated with HAMP modifications. In addition, newly delinquent loans (current at year-end and 60 or more days delinquent as of April) have declined from the 2009 levels but still remain extremely high from a historical perspective, particularly within prime product.Other key results from LPS’ latest Mortgage Monitor report include:Total U.S. loan delinquency rate: 8.99 percentTotal U.S. foreclosure inventory rate: 3.18 percentTotal U.S. non-current* loan rate: 12.17 percentStates with most non-current* loans:Florida, Nevada, Mississippi, Arizona, Georgia, California, Illinois, New Jersey, Michigan and Rhode IslandStates with the fewest non-current* loans:North Dakota, South Dakota, Wyoming, Alaska, Montana, Nebraska, Vermont, Colorado, Iowa and Minnesota*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.Note: Totals based on LPS Applied Analytics’ loan-level database of mortgage assets.LPS manages the nation’s leading repository of loan-level residential mortgage data and performance information from nearly 40 million loans across the spectrum of credit products. The company’s research experts carefully analyze this data to produce dozens of charts and graphs that reflect trend and point-in-time observations for LPS’ monthly Mortgage Monitor Report.To review the full report, listen to a presentation of the report or access an executive summary, visit http://www.lpsvcs.com/NEWSROOM/INDUSTRYDATA/Pages/default.aspx(link is external).About Lender Processing ServicesLender Processing Services, Inc. (LPS) is a leading provider of integrated technology and services to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (Desktop), portfolio retention and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS’ Mortgage Servicing Package (MSP). LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit www.lpsvcs.com(link is external).SOURCE Lender Processing Services, Inc. JACKSONVILLE, Fla., June 1, 2010 /PRNewswire-FirstCall/last_img read more

Joanne Chan, IPPWORLD: The most important thing for Chinese tourists is the authentic experience. They want to see how local people live, work and have fun

first_imgConsider that the Chinese can procure absolutely everything that is produced in their country. That is why, for example, the feeling they have from the message “I bought sandals in a shop in Zagreb” is less attractive than “I visited a small shop in Split and bought handmade sandals made of local wood”. Yes, Chinese tourists have taken the lead on the global scene and since 2012 they have become the country from which most tourists come. And interestingly, only 10% of the Chinese population has a passport? So, what is quite clear, we can expect global dominance and a struggle for Chinese tourists. What are the first steps for tourist destinations that want to attract Chinese tourists through advertising, how should they proceed? What marketing programs should be implemented to attract as many Chinese tourists as possible? REPORT / Marketing towards the Chinese outbound tourism market – Inside view / Marketing To Chinga Outbound Travelers – An Insider’s Perspective ” He comes from Shanghai as the main lecturer Joanne Chan of IPPWORLDwhich will give a lecture Profile of the Chinese market – an inside look at these key strategies for selling in the Chinese market and give concrete first-hand advice on the Chinese market. Before the conference, we bring you an interview with Joanne Chan from IPPWORLD. For the Chinese, online payment is their daily activity, so accept Chinese credit cards and mobile digital wallets. In many surveys, as many as 93 percent of respondents said they wanted to use their cell phone to pay for services. It is therefore wise to include online transactions of Chinese payment channels such as Union Pay, Alipay or WeChat Pay. For Chinese tourists, the most important thing is the authentic experience. They want to see how local people live, how they work or how they have fun. Organize visits to farms, plantations, vineyards, etc. Create a series of tourist packages for day and night trips, educational tours, etc. Croatia is known for having over a thousand islands. Use this potential and organize excursions with accompanying facilities. Joanne Chan, IPPWORLD “My initial answer is definitely yes.In order to understand the travel consciousness of the continental Chinese, we need to look at their past, even from the dynasty era.At that time, emperors would pay homage to gods and goddesses who were believed to live in distant lands. Each emperor would be accompanied by a large retinue consisting of his followers, the army, scientists, philosophers, servants, etc. While ordinary people traveled to distant lands to make pilgrimages and visit tombs, temples and shrines. In later years, the Chinese government built monuments and historical sites to commemorate Communist Party leaders. People were encouraged to visit these places as a sign of patriotism and respect. During Chinese cultural festivals, masses of people visited their relatives and close friends. It was quickly dubbed “Red Tourism” because it resembled the exodus of millions across the country. The government saw this form of domestic tourism as an opportunity to liberalize domestic consumption and raise living standards. As the wealth of the local population and economy began to grow, the government continued to encourage local businesses to invest in infrastructure, transport, shopping, entertainment, etc. began to give in to the issuance of passports and visas, which are still strictly regulated today due to the communist regime. “I would say that consumer behavior in China is changing much faster than in other countries. For the Chinese, going on vacation means relaxing with family and close friends. As many as 70 percent of them travel because they want to experience the destination to the fullest. But due to limited time, they can only walk around and take photos and videos. For example, a typical European tour lasts between 10 to 14 days. They stay for two or three nights at each location and then move on to the next. Travel advisers have recognized that Chinese tourists have more purchasing power than most others. In recent research, it has been observed that prices are no longer their primary motivator but usability, practicality and taste. On average, each person spends between $ 5.000 and $ 6.000 to travel. Also, there was an increase in passengers of the so-called “Y generation”, ie people in their twenties to mid-thirties. They have much more developed skills in digital communication and technology than their ancestors. It is estimated that there are more than 400 million such tourists. During their travels, they like to experience tourist adventures as well as local culture and cuisine. For them, safety is extremely important, given that they travel to a completely different cultural environment. With the advent of the internet and social networks, Chinese consumers have even more sources for reviews and opinions on virtually any type of product or service. We have been in this business since 1994 and with our local knowledge of China, many years of experience working with client hoteliers, we know what Chinese tourists want. We can help Croatian tourism companies in what ways to attract, connect and include the Chinese tourism market ” concludes Chan. On the other hand, it is a huge market, only one of the 31 regions in China has a population of more than one million, and so the province of Guangdong alone, according to Statistics from 2017, has over 111 million inhabitants. Just imagine how difficult it is to market the market of just one region in China, let alone the whole of China. Also, what is most important is the market and the profile of the guests, which is totally different, very specific, and completely different values ​​and way and culture of living. If a business cares about its international markets, it will need much more than a machine translation system or a student translator. It will need transcription, or creative translation, to make sure that the original content is effectively localized in the language you want to communicate. transcending linguistic and cultural boundaries. Build an emotional connection with your brand in the same way you would write something in your own language. And that’s exactly what we’re working on in IPPWORLD. We help clients localize and transform their brands and marketing content.Says Chan. Joanne Chan, IPPWORLD: The most important thing for Chinese tourists is the authentic experience. They want to see how local people live, work and have fun SIGN UP HERE Nowadays, artificial intelligence is making great strides in many areas. For example, to translate documents, people can turn to online translators such as Google or Microsoft. Given that you are a language service provider, how do you view these translation systems? In your opinion, could these systems replace human translation? How important is a Chinese translation when it comes to promotional materials and a website?  Therefore, it would be wise for hoteliers and other companies promoting travel-related services to link their websites, translated into Chinese, to Chinese social networks. The Chinese use their smartphones for practically everything. From buying airline tickets, booking a hotel, paying bills, taking a taxi, reading about a destination, checking the weather, etc. The strategy is to adapt as many services as possible to mobile devices. In order to effectively target the Chinese market, we can present our business on Chinese media platforms such as Baidu, WeChat, Mobile QQ, Momo, Wangxin, Youni, Toutiao, Meitu, etc. It is important to show the brand on all Chinese applications to Chinese consumers could review, discuss and evaluate. Unfortunately, all Western mobile apps or internet platforms used internationally are banned or censored in China. We have published an extensive list of things that should and should not be done in the article “Marketing To Chinga Outbound Travelers – An Insider’s Perspective”. These references take into account the typical norms and practices of the Chinese. Whether it is a customer in a local store or a hotel guest. I believe that adhering to these rules would greatly improve interaction with Chinese customers. ” Chan points out, adding that he believes that adhering to these basic rules would greatly improve interaction with Chinese customers. That is why it is extremely important to educate yourself and get to know the market as well as possible, because Chinese tourists are extremely prone to word-of-mouth marketing, ie oral presentation is the most important thing for them. In order to better understand the market, it is organized The first regional conference on the Chinese market – key solutions to access the largest market in the world, which will take place March 14, 2019 at the Academia Hotel in Zagreb. “To begin with, Croatian hoteliers or local companies must first internally study existing marketing materials and operations. Then take that information and localize it in Chinese. Remember that marketing saying, “If I can’t read, I won’t buy.” This means that all your marketing and nonfiction literature must be translated into Chinese. But all that content would have to be checked by a professional translator. Next, it should be borne in mind that the marketing strategy used on domestic or travelers of other nationalities does not necessarily mean that it will be equally effective or appropriate for the Chinese market.  Every tourist has their own unique preferences about what they want to see and do. How would you describe the average Chinese tourist? What should Croatian hoteliers and local institutions consider in order to meet their expectations? ATTACHMENT: This is the only such report produced and published since 2001 since China joined the WTO, which only adds to the importance of the same. Did you know that less than 10 percent of the Chinese population has a passport? Since 2012, Chinese passengers are the most in the world, and by 2015, the numbers had risen 105 percent, to 117 million trips. In 2016, the UNWTO announced that Chinese tourists had spent over $ 261 billion. To conclude, in my opinion, the number of Chinese tourists traveling abroad, as well as their total consumption in the next few years will remain high.”Chan points out.  The Chinese Institute for Tourism Research (COTRI) predicts that by 2030 that number will reach 400 million. Chinese tristas are in everyone’s focus and we constantly read through the media about the large number of Chinese tourists who come to Croatia and travel the world. Some still wonder if it’s a matter of trends or whims. Do you think Chinese outbound tourism will continue such phenomenal growth in, say, three or five years from today? The first regional conference on the Chinese market – key solutions on how to access the largest market in the world, which will be held March 14, 2019 at the Academia Hotel in Zagreb, is a great opportunity to learn everything first hand about the profile of the Chinese market. When registering, put #HrTurizam in the subject of the message and get a 10% discount. “Machine translation systems appeared more than 60 years ago. Many IT companies have invested a lot of time and resources in trying to create a system that can translate just as well as man. But these systems are not designed to decipher emotional expressions or analyze whether a sentence is funny or serious. Also, the system will not recognize different dialects. In other words, the translation will be imbued with unnatural sentence structures or meaningless phrases. I would rather say that these systems were created as an aid to professional translators. It will not replace or make translators redundant. Some words have multiple meanings, and the machine will not be able to understand their differences. Only people can detect if there are errors or inconsistencies in the original text. last_img read more

South Africa’s 2010 World Cup tarnished by findings

first_imgA hearing into “shameful” collusion by construction companies that led to bid rigging and price fixing on 2010 World Cup projects opened on Wednesday, tarnishing the legacy of South Africa’s historic tournament that was initially praised as a glowing success.A tribunal is being asked to confirm fines totalling 1.46 billion rand ($147 million) for 15 companies which agreed to “rigged” projects in the general construction industry in South Africa between 2006 and 2011.Work on World Cup stadiums is included in the findings by the Competition Commission, which revealed wrongdoing by the country’s biggest building firms.A lawyer representing the commission said there was “a shameful pattern of collusion” by the companies, leading to inflated prices on projects like the $730 million Cape Town Stadium.last_img read more