| How subprime lending all started in O.C.
A clear plastic plaque on William Komperda's desk memorializes a 1990 deal that helped launch the made-in-Orange County subprime lending bonanza. Komperda, a former investment banker now living in Connecticut, calls the plaque a "tombstone," financial speak for a securities offering notice. But the "tombstone" symbolizes an industry that rocked financial markets around the world in 2007. Dated June 28, 1990, the plaque commemorates $70,732,555 of bonds underwritten by Komperda's Connecticut-based firm, Greenwich Capital. It was the first time his client, Long Beach Savings F.S.B., publicly placed securities backed by subprime mortgages. Long Beach Savings was the father of Ameriquest Mortgage Corp., the Orange-based lender that became the nation's largest originator of subprime loans.
FTSE closes on 6576.3
Vodafone provided a boost to the FTSE 100 Index, which closed up 94.3 points on 6576.3. The Telecoms giant saw shares soar to a six-year high, helping lift the wider London market by 1.5 per cent. The group advanced 6 per cent after better-than-expected third quarter figures from rival France Telecom and news of a deal with Carphone Warehouse inspired investors. The FTSE also benefited from hopes of a cut in US interest rates, which had seen a recovery on Wall Street, providing continuing support for the London market throughout the session. Vodafone's new partner Carphone Warehouse also gained 13p to 349.25p on vague bid speculation after announcing the agreement with Vodafone to use part of its network.
Work Continues on Newport Beach and Golf Resort Community
The 18-hole layout, named Newport Dunes, is part of the first phase of construction at the coastal destination, which will ultimately boast residential villages, multiple hotels, a marina, tennis and beach clubs, two golf courses and recreational amenities on Mustang Island, located on the south end of Port Aransas. .
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