New York To Sue Wells Fargo Over Alleged Mortgage Pact Violation

FHA to get $1.7 billion in its first taxpayer-funded bailout

Prices topped $400 a megawatt-hour in Manhattan and more than $1,300 in the western most part of the grid operated by the New York Independent System Operator Inc. Power demand in the state rose 4.6 percent at 2:35 p.m. from a day earlier amid transmission bottlenecks. Spot on-peak prices in the West traded at an average premium of $135.03 to New York City at 2 p.m., the most in grid data compiled by Bloomberg going back to 2005. The high temperature in Midtown Manhattan today may be 79 degrees Fahrenheit (26 Celsius), 10 above normal, and Buffalo may be 7 higher than average at 65 degrees, according to ACcuWeather Inc. in State College , Pennsylvania. Things are always kind of odd this time of the year when you get warmer-than-normal weather, said Kate Trischitta, director of trading at Consolidated Edison Inc.s wholesale energy trading unit in Valhalla, New York. You have a lot of generators taking their annual outages for maintenance as well as transmission outages. Spot power for New York City jumped $163.71 to average $196.67 a megawatt-hour during the hour ended at 2 p.m. from the same time yesterday, the grid data show. The NYISOs West zone, which includes Buffalo, prices surged $484.93 to $515.23 a megawatt-hour. Coal Plant A 650-megawatt coal-fired unit at the Homer City Generating Station in Indiana County, Pennsylvania , is offline for planned maintenance, said Matthew Oatway, a Boston-based analyst with Genscape Inc., which tracks power data. The plant is operated and maintained by NRG Energy Corp., according to its website . Reduced supplies from Homer City, which sends power into the NYISOs West zone via the Stolle Road high-voltage line, and the outage of a small-area generating unit, are curtailing imports at times, Oatway said. Its a very local issue thats spilling over to the rest of the grid. West zone prices started to swing to a premium to New York City at times this year after NRG mothballed its Dunkirk coal-fired units late last year. The plant provided voltage support to the grid that helped facilitate the flow of power from the west to the east, Oatway said.

New York mayoral hopeful discusses father’s suicide

New York City Democratic mayoral nominee Bill de Blasio speaks after receiving the endorsement of former mayoral candidate and City Council Speaker Christine Quinn during a press conference at City Hall in New York September 17, 2013. REUTERS/Shannon Stapleton

In a separate action also planned for Wednesday, the monitor for the national mortgage settlement was to impose four new testing standards designed to address complaints about the handling of customers. The standards were hashed out by the monitor, Joseph A. Smith Jr., and a committee made up of representatives from 11 state attorneys general, including California Atty. Gen. Kamala D. Harris. The chief new test is designed to force the banks to do a better job of telling borrowers exactly what information was needed for them to complete their application for a loan modification, said UC Irvine law professor Katherine Porter, who is Harris’ official monitor for the settlement. Other new rules aim to provide borrowers with clearer explanations of denied modifications; to improve communication between borrowers and the “single point of contact” bank employees assigned to help them get modifications; and to improve billing accuracy, Smith said. The Schneiderman settlement with Bank of America was said to parallel those revisions and to impose some new twists, including a requirement that the Charlotte, N.C., bank assign employees to work one-on-one with housing counselors representing troubled borrowers. Although the Schneiderman agreement is binding only in New York, Bank of America said it would apply its provisions to the handling of troubled borrowers across the country. “We’re pleased to resolve without litigation the matters brought forward by the New York attorney general related to loan modifications,” BofA said in a statement late Tuesday. “Together with the broader work of the National Mortgage Settlement Monitoring Committee, these enhancements will continue to improve the experience for our eligible customers and groups working on their behalf, including housing counselors.” Wells Fargo said that over the last four years it has completed more than 26,000 loan modifications for borrowers in New York six modifications for every foreclosure sale in the state.

Western New York Power at Record Premium to NYC on Supply Drop

The tech and information industry which includes Internet startups and app developers, as well as old media companies like Time Warner and Viacom was responsible for a third of the jobs created in the city since 2007, according to a new report commissioned by Bloomberg Philanthropies. After the financial collapse of 2008, it was predicted that New York . . . was going to have a deep recession and a weaker recovery than the national economy, said Michael Mandel, chief economic strategist for the Progressive Policy Institute and the author of the report. The big surprise here is it has outperformed the national economy by a significant amount. Social media news aggregator Digg was launched in 2004 and is headquartered in New York City. Private-sector employment declined by 3% nationally between 2007 and 2012, but it increased by 4% in New York City, Mandel said. And the growth of the tech industry in Brooklyn has outpaced the rate in tech hubs such as Austin, Tex.; Seattle; Cambridge, Mass., and Silicon Valley, according to the study, Building a Digital City. RELATED: NYC AIR IS THE CLEANEST AMONG AMERICAN CITIES In addition, the tech sector which employed 262,000 people in 2012, or 8% of the citys workforce comprises well-paying jobs. The $30 billion in wages earned by New York techies constitutes 11% of the citys private-sector income. Chris Hondros/Getty Images Viacom, also headquartered in New York, is the fourth-largest media conglomerate in the world. San Francisco and Silicon Valley were the birthplace of the industry with West Coast universities serving as midwives but New York City has the creative capital to feed the next phase of the tech boom, experts said. RELATED: IPHONE 5S RELEASE: HACKERS TRY TO CRACK SMARTPHONE’S NEW SECURITY SYSTEM The first boom in the last decade was essentially infrastructure companies, explained Andrew McLaughlin, CEO of Digg and Instapaper. (But) now, people want to create content, which requires more creativity and communication and New York is well-situated to dominate that wave.

New York City’s tech industry saved it from worst damage of 2008 financial collapse: Bloomberg Philanthropies

The government branches and services affected by the shutdown. Slideshow New York City Democratic mayoral nominee Bill de Blasio speaks after receiving the endorsement of former mayoral candidate and City Council Speaker Christine Quinn during a press conference at City Hall in New York September 17, 2013. Credit: Reuters/Shannon Stapleton NEW YORK | Mon Sep 30, 2013 7:38pm EDT NEW YORK (Reuters) – New York City Democratic mayoral candidate Bill de Blasio revealed on Monday that his father took his own life in 1979 after a long struggle with alcoholism and late-stage cancer. Speaking about a difficult personal situation weeks before the November 5 general election, de Blasio, who has a wide lead in the race to follow Mayor Michael Bloomberg in City Hall, said he had learned “very powerful personal lessons” from his father’s demise but that it was “tough stuff to make sense of to this day.” De Blasio, the city’s public advocate, issued a statement about his father’s death to pre-empt a New York Post article about the suicide, which was published soon after. He gave a long interview to New York’s public radio station afterwards. “We knew his life was going to come to an end. We didn’t expect it to be this way,” he said. “And there had been such sorrow around it.” De Blasio said he did not intend to discuss it further. “I think some things still need to be respected about families and I think it’s fair that I that I would answer these questions for one person and explain the situation for one person,” he said. “But after that I don’t have any intention to talk about it any more.” “This particular piece is just particularly painful and difficult and wasn’t something I felt real comfortable talking about,” he said. De Blasio is due to face Republican Joe Lhota, a former deputy under Mayor Rudolph Giuliani. Recent polls show that de Blasio is favored by about two-thirds of city voters. De Blasio’s father, Warren Wilhelm, volunteered to fight in World War Two and was at Okinawa, one of the war’s bloodiest episodes. De Blasio said he saw little of his father after his parents separated and described his father’s drunkenness as a “consistent reality.” Wilhelm, 61 and sick with late-stage cancer, shot himself in a Connecticut hotel in 1979. De Blasio was 18 and had just finished high school. (Reporting by Edith Honan; Editing by Lisa Shumaker)