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Daily Archives: November 24, 2010

JTS & Co. launches Reverse Mortgage Office

By Ted Carter Columbus-based JTS & Co. Mortgage Brokers has opened a Reverse Mortgage Department headed by Ken Freshwater. The firm is offering homeowners 62 years and older an opportunity to use the equity in their primary residence. They agree to cede ownership of the house in exchange for regular payments that continue until their deaths. The arrangement gives seniors ...

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Plan would expand Vicksburg military park

VICKSBURG — Mississippi Sens. Thad Cochran and Roger Wicker have proposed expanding the Vicksburg National Military Park to add the battles of Champion Hill, Port Gibson and Raymond. A bill by the two Republicans would allow the National Park Service to acquire about 10,000 acres to preserve the Civil War battlefields. The proposal includes three parcels: the Port Gibson Unit ...

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Metrocenter mall could face foreclosure

JACKSON — Jackson’s Metrocenter mall faces foreclosure unless its owners catch up on mortgage payments. It’s is the largest shopping mall in Mississippi, at 1.1 million square feet. It opened in 1978 but has been struggling as other, more upscale shopping areas have opened. The Clarion-Ledger reports that a legal advertisement says the mall’s Texas-based owner, Jackson Metrocenter Mall Ltd., ...

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Navistar Defense filling 120 jobs in West Point

WEST POINT — Navistar Defense has started hiring 120 workers at its plant in West Point, Miss. The company announced this week that it had received a $253 million contract from the U.S. Marine Corps Systems Command to build 250 International MaxxPro Recovery vehicles. Navistar Defense will assemble the mine-resistant vehicles at its West Point plant. Company spokeswoman Elissa Koc ...

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Miss. casino revenue up from last year

JACKSON – Mississippi’s state-licensed casinos reported revenue of $191.5 million in October, down about $2 million from the same month last year. The casinos reported revenues of $193.5 million in September 2009. However, the take from gamblers was up from the $191.2 million that the 30 casinos along the Gulf Coast and the Mississippi River won from players in August. ...

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Eaton sees rebound in aerospace aftermarket

JACKSON — Eaton Corp. , parent of Eaton Aerospace, whose plant in Jackson employs more than 500 people, had a strong third quarter. The Cleveland, Ohio, power management company reported earnings per share of $1.57 for the quarter, an increase of 38 percent from net income per share of $1.14 in the third quarter of 2009. Sales in the quarter ...

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Dodd-Frank: Credit risk will stay after sale

If it’s toxic, you’re vested in it. That’s the rule shaping up as part of the Dodd-Frank reform law. The measure mandates that regulators develop rules requiring any securitizer to retain at least 5 percent of the credit risk for any asset that is securitized and sold, transferred, or conveyed to a third party. The FDIC, says Chairman Sheila Bair, ...

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Miss. unemployment rate down a bit in Oct.

JACKSON — Mississippi’s unemployment rate fell by one-tenth of a percent to 9.7 percent in October. The jobless rate in September was 9.8 percent. The Mississippi Department of Employment Security reported Tuesday that Rankin County posted the lowest unemployment rate for October at 6.3 percent, followed by DeSoto and Madison counties at 7 percent. Noxubee County posted the highest unemployment ...

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Experts say rail lines to increase business

COLUMBUS — Restoration of the Columbus and Greenville Railway line could have far-reaching and long-lasting results, not just for the areas it touches directly but also for the entire nation. “A lot of freight movers are trying to switch from truck to rail,” said Jody Holland, postdoctoral associate at Mississippi State University’s Geosystems Research Institute. And should a natural disaster ...

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Feinberg to lay out details on BP claims

NEW ORLEANS — The deadline to make an emergency Gulf of Mexico oil spill claim is over and the administrator of the $20 billion fund is laying out more details about what happens next. Kenneth R. Feinberg is going to talk to reporters Wednesday about how the process will move forward from initial emergency payments to interim and final claims. ...

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