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Revealed! All 32 new Champions League kits ranked from worst to first – where does your club finish?

first_img 22. Galatasaray – click the yellow arrow to see more Champions League kits ranked – We’re not keen on this half and half number and prefer their striped strip from last year. 20. Barcelona – click the yellow arrow to see more Champions League kits ranked – It’s not the worst kit we’ve ever seen but we don’t like the break from the traditional stripes. 11. Gent – click the yellow arrow to see more Champions League kits ranked – The two shades of blue in this strip look quality. 15. Benfica – click the yellow arrow to see more Champions League kits ranked – Simple yet effective. 1. Bayer Leverkusen – Their black and red horizontal stripes look superb when paired with black shorts. 32 18. Arsenal – click the yellow arrow to see more Champions League kits ranked – We’re not convinced about the white on the shoulders but it does stand out above the competition. 10. Juventus – click the yellow arrow to see more Champions League kits ranked – A classic kit but the thinner stripes improve on last year’s effort from adidas. 23. Real Madrid – click the yellow arrow to see more Champions League kits ranked – The silver trim makes this a better kit than the adidas efforts for Valencia and Dynamo Kiev. 32 7. Roma – click the yellow arrow to see more Champions League kits ranked – The Italian side are famed for their classy strip but it’s not as good as usual due to the darker colour on the shoulders and sleeves. 32 32 32 32. Wolfsburg – click the yellow arrow to see more Champions League kits ranked – Blue and green should never be seen without anything in between. 32 25. Dynamo Kiev – click the yellow arrow to see more Champions League kits ranked – … and the same goes for this. 6. Malmo – click the yellow arrow to see more Champions League kits ranked – The sky blue shirt and white shorts look magnificent. Very slick. 24. BATE Borisov – click the yellow arrow to see more Champions League kits ranked – The blue with yellow trim looks quite nice in this strip from Joma. 17. Shakhtar Donetsk – click the yellow arrow to see more Champions League kits ranked – It shouldn’t work but it does. 32 27. Olympakos – click the yellow arrow to see more Champions League kits ranked – The colour of the Unicef logo doesn’t quite fit this red and white shirt. 32 32 19. Borussia Moenchengladbach – click the yellow arrow to see more Champions League kits ranked – A decent enough effort from the German side. A new season means new kits and the 32 Champions League clubs have released their home shirts for 2015/16, we’ve ranked them from worst to first.Of course, beauty is in the eye of the beholder, so take a look at our top 32 and let us know which shirts you love and which ones you loathe by leaving a comment below.The new Champions League campaign kicks off on Tuesday, with PSV Eindhoven v Manchester United live on talkSPORT from 7pm. 32 13. Zenit St Petersburg – click the yellow arrow to see more Champions League kits ranked – It’s maybe a little bright but it’s a good look from the Russians. 21. Astana – click the yellow arrow to see more Champions League kits ranked – We’re liking this unique light blue and light yellow kit from adidas. 32 30. Maccabi Tel Aviv – click the yellow arrow to see more Champions League kits ranked – The Israeli side’s bright yellow and blue shirt will ensure it’s hard to miss their players under the floodlights. 32 32 2. Atletico Madrid – click the yellow arrow to see more Champions League kits ranked – It’s another classy number from Nike. 32 32 3. Manchester City – click the yellow arrow to see more Champions League kits ranked – One of the best in the Premier League and it makes the step up to a top four finish in Europe too. 32 5. Lyon – click the yellow arrow to see more Champions League kits ranked – An excellent and unique kit, as usual, from the French outfit. It stands out despite being mostly white. 32 32 32 12. Dinamo Zagreb – click the yellow arrow to see more Champions League kits ranked – No sponsor on this Puma designed strip gives it a stylish look. 32 32 32 32 32 32 26. Valencia – click the yellow arrow to see more Champions League kits ranked – This shirt is just far too plain… 8. Manchester United – click the yellow arrow to see more Champions League kits ranked – This kit from adidas is an excellent start to their new deal with the Red Devils. 31. Sevilla – click the yellow arrow to see more Champions League kits ranked – This effort from New Balance is pretty average. 32 32 32 29. PSV Eindhoven – click the yellow arrow to see more Champions League kits ranked – The collar really lets down this classic kit. 9. Paris Saint-Germain – click the yellow arrow to see more Champions League kits ranked – The French side have a pretty unique kit and this variation of their home shirt is a winner. 32 4. CSKA Moscow – click the yellow arrow to see more Champions League kits ranked – The red shirt and blue collar is a great look and adidas pull it off brilliantly. 28. Porto – click the yellow arrow to see more Champions League kits ranked – Another New Balance kit which fails to impress. 32 14. Chelsea – click the yellow arrow to see more Champions League kits ranked – That Yokohama Tyres logo is far too high up the top but its simple design makes it a good shirt. 16. Bayern Munich – click the yellow arrow to see more Champions League kits ranked – We preferred last year’s shirt but this effort is stylish enough. 32 32last_img read more

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Chelsea star to retire, Man United want Bayern attacker, Everton takeover talk and Spurs January bid

first_img1 Transfer rumours and paper review Here is a selection of stories from Sunday’s newspapers and newspaper websites…Chelsea want to sign Atletico Madrid’s Antoine Griezmann and will bid £40m for the French attacker. (Sunday Express)  Jose Mourinho wants to end Radamel Falcao’s loan at Chelsea and the Blues will try to reach an agreement with Monaco. (Sun on Sunday) Chelsea are open to selling Diego Costa in January and are looking at bringing in two new strikers. (Sunday Mirror)Chelsea’s Nemanja Matic has threatened to retire from international football because of the attitude of his Serbia team-mates. (Evening Standard) Manchester United are keeping tabs on the situation with Arjen Robben, who has fallen out with Bayern Munich team-mate Robert Lewandowski. (Sunday Mirror)  Everton look likely to become the sixth US-owned Premier League. (Daily Star Sunday)Tottenham are pondering a £7m move for 26-year-old Dynamo Kiev defender Domagoj Vida. (Daily Star Sunday)Newcastle United are will make a bid to sign £20m-rated West Brom striker Saido Berahino in the January transfer window. (Sun on Sunday) Suspended FIFA president Sepp Blatter and UEFA’s Michel Platini could be banned from football for six years over a payment made to Platini in 2011. Both men deny wrongdoing. (Mail on Sunday)last_img read more

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Video: Arsenal fans loved it when this happened at the Emirates…

first_imgExactly four years ago (09/01/12) Thierry Henry made a triumphant return to the Emirates when he scored a late winner against Leeds in the FA Cup.The striker, on loan for two months from New York Red Bulls, was back in Arsenal colours for the first time since he left for Barcelona in 2007 and his goal was his 227th goal for the club.With just 12 minutes remaining, it was a dream return for Henry, who had only been on the pitch for 10 minutes and Gooners inside the stadium certainly enjoyed it.Watch the video above.last_img read more

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Putin undermines democracy in Russia

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREChargers go winless in AFC West with season-ending loss in Kansas CityThat might have been a strength following the tumultuous (President Boris) Yeltsin era but can only weaken Russia’s international position now. – Jyllands-Posten Aarhus, Denmark Russia has had a hard time with democracy ever since the Soviet Union collapsed, and during his nearly eight years as president, Vladimir Putin has made no effort to push development in that direction, although it has been his declared ambition to create a strong, modern and internationally respected Russia. None of these ambitions has been met, least of all the international respect, which has been further eroded by Putin’s decision to remain the central figure in the Kremlin. Quite true, he doesn’t want to be president but in the autocratic structure that he created, Russia’s next president can be the puppet of a strong prime minister. Should the next president fail to stay the course, the constitution says the presidency should be taken over by ? the prime minister. Russia today is ruled by the circle (of people) around Putin who all, by and large, have a past in the KGB, and consequently are trained to think and act uniformly. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

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College offers McCain-Feingold 101

first_imgThe speech policeman’s lot is not a happy one, as the University of Montana at Missoula is learning. Herewith a tale about the mess that institution has made by regulating political speech. Perhaps the university noticed the praise that speech rationers in Washington receive when, in the name of combating corruption or the appearance thereof, they regulate, as with the McCain-Feingold campaign finance law, the timing, quantity and content of political speech. In any case, the university has a rule that limits candidates for student government offices to spending a maximum of $100 when campaigning among the university’s 10,000 students. Restrictions on freedoms, and especially freedoms as fundamental as those of the First Amendment, require serious justifications. So the question is: To what pressing problem did the university’s $100 limit respond? Or is it merely another manifestation of the regnant liberalism common on most campuses – the itch to boss people around? Again, what caused the university to so severely circumscribe the spending necessary to disseminate political advocacy? Was it big-money corruption, or the appearance of it, in student politics and government? Not exactly. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGame Center: Chargers at Kansas City Chiefs, Sunday, 10 a.m.The Associated Students of the University of Montana (ASUM) allocates student activity fees, which are public funds, and lobbies students, the university administration and the state Legislature on policy matters. In April 2004, Aaron Flint ran for the student senate. During the campaign, a large number of posters critical of him appeared around the campus. He believes they were placed by the University of Montana College Democrats and the liberal Montana Public Interest Research Group. Neither group is subject to the expenditure limits applied to candidates. To counter this opposition, Flint spent $214.69 of his own money on professionally made posters and pizza for his campaign workers. He won. But because he spent an impermissible $114.69 – enough to buy seven large Domino’s pepperoni pizzas – in order to respond to unregulated speech, ASUM removed him from office. Flint took the university to court, charging that his rights of political speech and association had been violated. A district court, genuflecting before the university’s academic autonomy, declared the $100 limit a reasonable measure to “ensure all students enjoy equal access to the educational benefits available through student elections and governance.” Now, that is a novel argument: Equal “access” to the educational benefits of student politics would be diminished if more political advocacy were permitted. Unpersuaded, Flint appealed, but his appeal took him to the epicenter of novel argumentation, the reliably liberal and frequently reversed 9th U.S. Circuit Court of Appeals. It ruled against Flint, arguing that the university’s limits on political speech are reasonably related to two permissible institutional objectives – providing “student candidates a valuable educational experience” and maintaining the election process “as an educational tool, rather than an ordinary political exercise.” Two things were unexplained: What is the nifty educational value of an election process that is not an ordinary political process? And: How does severely limiting political speech serve “a valuable educational experience”? Anyway, last summer the U.S. Supreme Court, while upholding the right of a high school to restrict speech advocating the use of illegal drugs, stressed that students’ rights are greatest with respect to political speech and ideological speech. And Justice Sam Alito, joined by Justice Anthony Kennedy, stressed that the ruling “provides no support for any restriction of speech that can plausibly be interpreted as commenting on any political or social issue.” Courts have spun a complex tangle of law distinguishing different degrees of permissible regulation of speech depending on which kind of “forum” it occurs in – a “limited public forum,” a “designated public forum,” even a “metaphysical” forum (it is not physical). In this case, the forum is neither mysterious nor small nor the university’s property: The $100 limit covered an individual’s political advocacy not just on campus but on public sidewalks and streets throughout Missoula, where many students live. If the Supreme Court takes Flint’s appeal, it will see that the University of Montana is indeed teaching students a lesson about politics – the pernicious lesson that politics should be conducted under tight restrictions on advocacy. The university is preventing students from learning such essential civic skills as how to raise and allocate political money for advertising and organizing. Thus do the grossly anti-constitutional premises of McCain-Feingold seep through society, poisoning the practice of democracy at all levels. George Will’s e-mail address is georgewill@washpost.com. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

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Police, fire first council issues

first_imgHe and Salazar, 67, got more than double the votes garnered by the incumbents. Lopez-Reid, 53, who was first elected to the council in 1999, and Bagwell, 67, who was elected in 2003, did not return calls seeking comment. “The community has spoken very decisively,” Molinari said. “One cannot say it’s anything but a mandate.” He agreed the fire initiative was the key issue for the win he called “unprecedented.” However, both Salazar, a former Montebello mayor, and Urteaga, who was a field representative for former Los Angeles Mayor Richard Riordan, said the people’s message of change was not lost on them. “I’m humbled by the victory, but I also know the community is demanding change,” Urteaga said. “I don’t see it as a mandate.” Still, Molinari said he was surprised at the margin of victory, about 1,300 votes. “I thought it was going to be a lot closer race.” Siccama, 46, said the fire and police issue was distorted during the campaign. “It was blown out of proportion,” he said. Siccama, who is facing a recall election Dec. 18 based on the same issue, said opponents misrepresented the issue because the three only wanted a report on the cost of making the switch. It was a fact-finding mission on possible cost savings, he said. “It’s sad to see two good people who did good things for the city not re-elected,” said Siccama, who pointed out that under their leadership, the city’s budget went from a $1.6 million deficit to a $1.2million surplus. Irene Lopez, co-chairperson of Montebello Citizens for Open Government, which supported Bagwell and Lopez-Reid, said the election turned on the issue. “It was only a study, but Molinari and (Councilwoman Rosie) Vasquez put it out that it was a done deal to go county.” Urteaga said it wasn’t the only issue on the minds of voters. “They are tired of a contentious council,” he said. “I hope to bring back civility to the meetings.” Urteaga, whose brother, Armando, is on the East Whittier City School District board, denied rumors he is using the seat as a stepping stone for higher office. “I am going to put my 12 years in, then retire with, by then, my wife and kids,” said Urteaga, who is single with no children. Another challenge facing the council, Urteaga said, is finding a permanent city administrator. Randy Narramore was appointed interim city administrator in April, a month after the majority fired Richard Torres after 18 years on the job. “Our goal should be to interview for an administrator as soon possible,” Salazar said. “I think we need to name someone right away to restore our credibility and reputation,” Molinari said. “We have a lot of opportunities to move the city along, and I believe this new council is up to the task.” sandra.molina@sgvn.com (562) 698-0955, Ext. 3028 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! MONTEBELLO – Council members-elect Robert Urteaga and Kathy Salazar say their first order of business is to give voters the power to decide whether the Fire and Police departments should be under city or county control. The issue was a hot topic before and after Tuesday’s election, in which voters rejected a second term for Councilman Bob Bagwell and a third term for Mayor Norma Lopez-Reid. “The community saw them, and rightfully so, behind blocking the issue going before the voters,” said Salazar, who has not decided whether to drop an appeal of her rejected lawsuit against the city. Salazar filed suit last December to force the initiative on a ballot. A judge ruled against her in August. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREStriving toward a more perfect me: Doug McIntyre Earlier this year the council majority – Bagwell, Lopez-Reid and Councilman Jeff Siccama – voted against putting an initiative mandating the City Council go before voters on whether or not to consolidate with Los Angeles County concerning fire and police services. The three argued the proponents of the initiative, Montebello Citizens for Honest Government, failed to adhere to all the requirements of public notice. “The petition was rejected on a technicality,” said Councilman Bill Molinari, who insisted their decision led to the challengers’ victory. “The voters rejected their sense of arrogance,” he said. “The residents spoke and said they want immediate change,” said Urteaga, 32, who received the most votes – 2,556. last_img read more

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MINISTER TO HEAR DESPERATE PLIGHT OF SMALL BUSINESS OWNERS IN DONEGAL

first_imgDozens of small business owners from Letterkenny and across Co Donegal are to be given the chance to explain their difficulties to Minister of State Brian Hayes tomorrow.The Minister for Public Service reform is inviting business owners to meet with him when he visits Browne Printers in the Cathedral Town for a special event.The aim of the event is so the Minister can hear how such businesses have had to adapt and review in the current economic climate. Browne Printers is a small family business employing 14 people.They have been in business for just over 21years supplying, Print, Design, Signage and Office Supplies for customers nationwide.Like all small businesses currently they are working hard to market their business to ensure secure employment for their staff and for the future of the business.Letterkenny Chamber President John Watson said “The Ministers area of responsibility is of particular relevance to many of our members. “This event is an opportunity for us to tell the Minister of State directly about the issues that are affecting us, to help him understand what it is like to be running a business in the current climate and to hear from him what measures the government are implementing to support the small business sector.”In Donegal 95% of companies employ less than 10 employees so any measures that can support their future stability and that of all employers and self employed people might help in giving them the confidence to move forward.“There are some key issues in terms of regulation, bureaucracy, finance and procurement that are putting pressure on small businesses and we hope to use this meeting as an opportunity to voice these concerns directly,” added Mr Watson.The meeting will take place on Tuesday 29th May at 3pm in Browne Printers, Port Road, Letterkenny.Places will be limited so preference will be given to Letterkenny Chamber members. MINISTER TO HEAR DESPERATE PLIGHT OF SMALL BUSINESS OWNERS IN DONEGAL was last modified: May 28th, 2012 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:BROWNE PRINTERSJOhn WatsonLetterkenny ChamberMINISTER BRIAN HAYESlast_img read more

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DONEGAL BUSINESSES TOLD FUNDING AVAILABLE FOR LOCAL FOOD AND ARTISAN MARKETS

first_imgChef Anthony Armstrong pictured with Michael Tunney, Head of Enterprise, Donegal Local Enterprise Office (centre) and Martin Lynch of The Food Coast, Donegal, Steering Committee.The organisers of food and artisan markets in Donegal have been encouraged to apply for new Government funding.Deputy Dinny McGinley said the announcement is a great boost for community based markets across Donegal.The scheme is open to all rural towns and villages with populations of up to 10,000 and offers potential funding of between €5,000-10,000 for development of existing or start-up local food and artisan markets. “Those who are producing food and artisan products within their local communities deserve our support. This is the type of project which supports rural development in a very practical way, as it helps stimulate commercial and retail activity in rural high streets. It also helps to develop a strong sense of community involvement and achievement.“Other parties talk up the demise of rural Ireland. Fine Gael doesn’t buy into this. We want to ‘change the conversation’ about rural Ireland. Rural Ireland is alive and we want to support and celebrate all that is good about rural Ireland by putting a spotlight on the great spirit, drive and passion of rural communities all over the country. That’s why Fine Gael is ‘Standing up for Rural Ireland’.“Under this Fine Gael led government, the agricultural and tourism sectors are booming. Almost 200,000 people are employed in tourism and 8,000 additional jobs will be created in 2015. This Government has also overseen a 40% increase in food and beverage exports since 2009, supporting 170,000 jobs many of which are in rural areas.“I would encourage anyone who’s interested in this funding scheme for local food and artisan markets to contact the Department of Agriculture. Application forms and fuller schemes details can be found on www.agriculture.gov.ie/CEDRA/localfoodmarkets. The closing date is 14 August 2015.” DONEGAL BUSINESSES TOLD FUNDING AVAILABLE FOR LOCAL FOOD AND ARTISAN MARKETS was last modified: July 10th, 2015 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:donegalfood marketsgrantslast_img read more

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PSG want Arsenal star to replace Zlatan, Bayern Munich chasing Spurs midfielder?

first_imgHere are the top transfer-related stories in Thursday’s newspapers and online…Zlatan Ibrahimovic’s agent has revealed that the footballer is still keen to play Champions League football. The Sweden striker’s future is uncertain with his contract at French champions PSG due to expire this summer. Manchester United are one of a number of clubs said to be interested in him but they are in real danger of missing out on a Champions League place, meaning Ibrahimovic may not want to move to Old Trafford. (Manchester Evening News)Paris Saint-Germain have identified Arsenal star Alexis Sanchez as a possible replacement for Zlatan Ibrahimovic, according to reports in Chile. With the Swedish striker out of contract at the end of the season and expected to leave the Parc des Princes, the Ligue 1 champions will be keen to make a big splash in the transfer market. And manager Laurent Blanc is a huge fan of the 27-year-old Gunner. (AS)Bayern Munich are targeting Tottenham midfielder Eric Dier as a replacement for 34-year-old Xabi Alonso. (Bild)Bayern Munich are bracing themselves for a summer wrangle with Chelsea over Arturo Vidal after Antonio Conte moved the midfield kingpin near the top of his wanted list. (Daily Mail)Chelsea’s young defender Andreas Christensen is set to spend another season on loan at Borussia Monchengladbach, according to the German side’s sporting director Max Eberl. (London Evening Standard)Liverpool are trying to clinch a deal for Holland Under-16 international Abdallah Aberkane. Anfield scouts have watched the 15-year-old Ado Den Haag defender extensively this season and are working on a deal. (Daily Mail)Leicester expect to lose one of Riyad Mahrez and N’Golo Kante this summer. The Foxes fear they won’t be able to hang onto all of the key players who have inspired them to the brink of a historic first top-flight title. Winger Mahrez, 25, has attracted interest from Manchester United, Tottenham and Spain’s European champions Barcelona. Kante, meanwhile, is a target for Chelsea, Arsenal, Spurs and Italian champions Juventus. (Daily Mirror)Aston Villa starlet Andre Green is wanted by four of the Premier League’s big guns. Tottenham, Arsenal, Manchester City and Liverpool are all keeping tabs on the 17-year-old winger. And they sent their top scouts to watch the pacy wide man in action for Villa’s under-21s against West Brom this week. (Daily Mirror)Manuel Pellegrini has opened talks with Valencia about succeeding Gary Neville. Neville was axed last week after just four months in charge of the club, with Pellegrini their preferred candidate to take over next season. And the outgoing Manchester City boss has now outlined his conditions for taking the job. (Daily Star)Tony Pulis will be offered a new contract this summer after guiding West Bromwich Albion to Premier League safety, as he closes in on 1,000 games in management. Pulis is in line for an extension to his current £2 million-a-year deal and is plotting major changes as he bids to make further progress at the Hawthorns. (Daily Telegraph)Southend’s Jack Payne is attracting interest from further up the Football League ladder, with Barclays Premier League clubs among those who have been left impressed by the 21-year-old. (Daily Mail)And here are the latest talkSPORT.com headlines…?Could Neil Warnock be the next Aston Villa boss? ‘I won’t rule out anything’, he tells talkSPORT‘It’s just the start’– Manager Mark Warburton on Rangers’ return to Scottish top flightRay Parlour on Wilshere story: ‘I had seven stitches in my head after a night out with Lamps at Cafe de Paris…no one cared!’Manchester City transfer news: Turkish wonderkid targeted as potential long-term Joe Hart replacementLiverpool transfer report: Reds star Philippe Coutinho wanted by BarcelonaNew Chelsea boss Antonio Conte tells club to KEEP outcast winger Juan CuadradoTottenham transfer news: Roma ready to fight Spurs for £25m-rated Belgian starTransfer report: Chelsea and Real Madrid on alert as Roma ready to sell Miralem Pjanic‘It’s not true!’ – Barcelona goalkeeper Marc-Andre ter Stegen denies Manchester City agreementTRANSFER BATTLE! Juventus join Chelsea and Manchester United in chase for frustrated Real Madrid star James RodriguezEverton eyeing £6m Nani as former Manchester United winger targets Premier League returnTransfer report: Manchester City in battle with Roma and Bayern Munich to land French starletlast_img read more

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Federal subprime mortgage bailout offers little for California

first_imgWell, that didn’t take long. Last Sunday we asked for a little help with the housing mess. The Big Daddy of All Lifelines arrived on Thursday, courtesy of big government teaming with big lenders so more than 1 million homeowners can keep their heads above roiling financial waters. It was damage control from the nation’s capital for about 1.2 million homeowners with subprime loans that may turn into foreclosures. The main talking point (Washington loves these) is that these homeowners would have their mortgage rates frozen for five years. For example, the administration bailout came on the same day that the Mortgage Bankers Association reported that a record number of homeowners entered the foreclosure process in the third quarter. As those numbers mount, prices tend to fall. “If we can forestall a large part of these foreclosures, it would take a lot of pressure off these prices in some of the hardest hit areas,” Ratcliff said. But great deals don’t abound in the Los Angeles area, at least not yet. Prices here remain at an unaffordable level. Robert Kleinhenz, deputy chief economist at the California Association of Realtors, doesn’t think that the bailout will boost sales, either. Since about 1980, sales here of existing homes have averaged about 410,000 per year. This year the market is on track for 260,000 sales and that could fall by 9 percent next year. Unclear still is what happens to mortgage lenders and the investors who bought huge numbers of mortgage-backed securities and were counting on an increased revenue stream once those adjustable rates reset. Since the housing market began its plummet, the investment banking sector has been battered by billions of dollars in losses. When the liquidity crisis exploded in August, some observers thought it would last for two months. We’re in the fifth month and nothing much has changed. And that includes the fact that neither Ratcliff nor Kleinhenz believe that this housing market collapse will drag the nation, state or region into recession. The Big Daddy Bailout will likely have some unwilling participants, too. Like those investors in mortgage-backed securities. “When you sell your loans as a mortgage-backed security, you’re representing that the bond holders will be getting this particular payment in this particular time and this (interest rate) will reset at this particular payment at this particular time,” Ratcliff explained. The bailout takes away the last part of that promise for at least five years. There is still a market for conforming loans, those up to $417,000 that can be packaged and bought by Fannie Mae and Freddie Mac. Not much help for California here, either. Kleinhenz notes that less that 50 percent of the home loans in California are at the conforming level. To get this market moving again the buyers of jumbo loans (those above the conforming limit) have to get back into the game. And the bailout plan doesn’t seem to have addressed this issue. Yet.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWhicker: Clemson demonstrates that it’s tough to knock out the champThe concept is simple, the execution won’t be. These homeowners are the only clear winners so far and what else is going to happen remains fuzzy. Ryan Ratcliff, an economist at UCLA’s Anderson Forecast, calls this bailout plan “cutting through the Gordian knot with a sword kind of approach.” One of the plan’s consequences might be support for housing prices, which have been falling in areas where the foreclosure problems are most severe. This likely won’t be very good news for potential buyers who are waiting for deeply discounted resale prices as the foreclosure numbers mount. last_img read more