Wednesday 09-01-10

Good news for the good guy's in the next two articles (at least for now).
EPA Surrenders to NRA on Gun Control Issue
In a swift and unexpected decision, the Environmental Protection Agency today rejected a petition from environmental groups to ban the use of lead in bullets and shotgun shells, claiming it doesn't have jurisdiction to weigh on the controversial Second Amendment issue. The decision came just hours after the Drudge Report posted stories from Washington Whispers and the Weekly Standard about how gun groups were fighting the lead bullet ban.


The EPA had planned to solicit public responses to the petition for two months, but this afternoon issued a statement rejecting a 100-page request from the Center for Biological Diversity, the American Bird Conservancy, and three other groups for a ban on lead bullets, shot, and fishing sinkers. The agency is still considering what to do about sinkers.

The decision was a huge victory for the National Rifle Association which just seven days ago asked that the EPA reject the petition, suggesting that it was a back door attempt to limit hunting and impose gun control. It also was a politically savvy move to take gun control off the table as the Democrats
ready for a very difficult midterm election.

The NRA has spent two years tracking down rumors that the Obama administration wants to impose gun and ammo bans on the public, but hasn't found anything credible. While the lead ban was viewed initially as a substantial chance for the administration to move into challenging the Second Amendment, the swift rejection by the EPA settled concerns inside NRA headquarters today.

Here is what the EPA just sent Washington Whispers:

EPA Denies Petition Calling for Lead Ammunition Ban

WASHINGTON - The U.S. Environmental Protection Agency today denied a petition calling for a ban on the production and distribution of lead hunting ammunition. EPA sent a letter to the petitioners explaining the rejection – that letter can be found here: http://www.epa.gov/oppt/chemtest/pubs/sect21.html

Steve Owens, EPA assistant administrator for the Office of Chemical Safety and Pollution Prevention, issued the following statement on the agency's decision:

"EPA today denied a petition submitted by several outside groups for the agency to implement a ban on the production and distribution of lead hunting ammunition. EPA reached this decision because the agency does not have the legal authority to regulate this type of product under the Toxic Substances Control Act (TSCA) – nor is the agency seeking such authority.

"This petition, which was submitted to EPA at the beginning of this month, is one of hundreds of petitions submitted to EPA by outside groups each year. This petition was filed under TSCA, which requires the agency to review and respond within 90 days.

"EPA is taking action on many fronts to address major sources of lead in our society, such as eliminating childhood exposures to lead; however, EPA was not and is not considering taking action on whether the lead content in hunting ammunition poses an undue threat to wildlife.

"As there are no similar jurisdictional issues relating to the agency's authority over fishing sinkers, EPA – as required by law – will continue formally reviewing a second part the petition related to lead fishing sinkers.

"Those wishing to comment specifically on the fishing tackle issue can do so by visiting http://www.regulations.gov. EPA will consider comments that are submitted by September 15."

http://politics.usnews.com/news/washington-whispers/articles/2010/08/27/epa-surrenders-to-nra-on-gun-control-issue-epa-rejects-attempt-to-regulate-lead-in-bullets-after-nra-protests.html

69-year-old Ala. woman shoots home intruder
DECATUR, Ala. (AP) - A pistol-packing 69-year-old woman in northern Alabama believes intruders will think twice before messing with her again.

Police say Ethel Jones shot an 18-year-old man in the stomach when she found him inside her bedroom at her home in Decatur.

Jones says she sleeps with her gun under a pillow next to her. She says she grabbed it after hearing a door rattle shortly before 3 a.m. Monday.

Police say the suspect removed a window air conditioner to get inside the home. He is in the hospital and faces a charge of second-degree burglary.

___

Information from: The Decatur Daily, http://www.decaturdaily.com/decaturdaily/index.shtml


What to sell more homes make it easier to do it, not harder.
Survey: Mortgage closing costs 37% higher
new federal rule this year requiring mortgage lenders to give borrowers reliable estimates of closing costs appears to be working — whether it's also costing borrowers more money is uncertain.
A recent survey by Bankrate.com found that, on average, origination and third-party fees on a $200,000 purchase mortgage added up to $3,741 — a 37% jump over last year's average of $2,739.

The fees can include appraisals, credit reports, a closing or settlement attorney and surveys.

Some housing experts say costs are rising because lenders have had to hire more staff to comply with the requirements of the Jan. 1 rule. That includes auditors, inspection experts and others who make sure estimates are accurate.

"Lenders have had to hire compliance people," David Leoncavallo, president of GFEazy, a Salt Lake City provider of compliance and other data for lenders. "To go up from $2,700 to $3,700 overnight is insane. Consumers should be upset."

But others say closing costs haven't gone up. Rather, they say, the estimates simply seem higher because they more accurately reflect actual costs that buyers pay.

"Before, it wasn't an accurate assessment of closing costs," says Tim Dwyer, president of Entitle Direct, a direct-to-consumer title insurance service. "Now, it's a more accurate portrayal. Actual closing costs have not increased. The estimates have gotten closer to the actual costs."

The good-faith estimates also are aimed at protecting consumers by ensuring that lenders don't lowball the numbers, says Vicki Bott, deputy assistant director of the Department of Housing and Urban Development.

"Consumers get more accurate estimates upfront," she says. "It's not an increase in closing costs."

One reason lenders are ensuring accurate estimates is that, in many cases, they must now make up the difference between the estimate provided and the actual total.

Denis Orloff, a sales associate with Rhodes Van Note & Co. Realtors, says fees have risen because more people are needed to process the same number of loans.

He estimates borrowers pay $800 to $1,500 more than two years ago to have their mortgage application processed.

Bob Davis, executive vice president at the American Bankers Association, says some costs have gone up because it takes more time for lenders to comply with the estimates.

He also says new estimates have to be issued if, for example, the terms of a loan change.

"It's true the new requirements are more complicated and take more time to comply with," Davis says. "Anything that takes more time and effort adds an element of cost, but it's not significant."

http://www.usatoday.com/money/economy/housing/2010-08-31-closingcosts31_ST_N.htm

Deere sells wind energy business for $900M
MOLINE — Deere & Co. will sell its wind energy business to a subsidiary of Exelon for $900 million, the company said Tuesday, potentially signaling an active merger and acquisition period ahead for the power industry.

With energy prices persistently low due to a grinding economic recovery, stakes in the power industry have begun to shift.

Earlier this month, Blackstone Group paid $542.7 million to take Houston's Dynegy Inc. private. In a three-way deal, Dynegy also sold four power plants to NRG Energy Inc. for $1.36 billion in cash.

Deere said in February it was reviewing options for John Deere Renewables. It saw the wind business as an extention of its agricultural work, with projects located in rural areas.

Deere was involved in project management and financing, buying much of the hardware used in the wind projects from India's Suzlon Energy, one of the biggest suppliers in the world. Deere invested $1 billion over the past five years in the financing, development and ownership of wind energy projects.

On Tuesday, Deere said the sale will allow it to get back to what it does best, which is manufacturing farm equipment.

But the wind business is new to Exelon, the nation's largest operator of nuclear power plants.

Exelon has been a wholesale marketer of wind energy in Illinois, Pennsylvania and West Virginia.

The Deere business brings with it a physical infrastructure that includes 36 completed projects in eight states with an operational capacity of 735 megawatts. The projects, which will be operated by subsidiary Exelon Generation Co., could power nearly 184,000 homes, according to Energy Department figures.

The deal comes during a challenging time for the wind power industry in particular. Government stimulus money that helped expand capacity last year is running out. While many states have adopted standards requiring that a certain amount of energy come from renewable sources, Congress has yet to enact a nationwide standard.

Advocates say that is why wind energy has not reached its potential.

Exelon, however, is well positioned to ride out the economic downturn and potentially capitalize on alternative energy assets in the future.

The Chicago company reported profits of $2.7 billion last year.

"Whether harmful emissions are priced or regulated, our combined capacity of nearly 19,000 megawatts of zero-emission wind, solar, hydro, landfill gas and nuclear power remains a clear competitive advantage that will only become more valuable," said Exelon Chairman and CEO John Rowe.

Exelon expects the acquisition to add to earnings in 2012 and to cash flows in 2013. It is funding the deal with Exelon Generation debt.

Deere said it will record a $25 million after-tax charge in the fourth-quarter. The sale was not reflected in the company's $375 million fourth-quarter earnings estimate from earlier this month.

The initial acquisition is valued at $860 million. Deere gets the remaining $40 million when construction begins on projects that are already planned.

The transaction is expected to close by the end of the year.

Shares of Exelon Corp. fell 19 cents to $40.33 Tuesday morning. Deere rose 55 cents to $63.53.
http://www.sj-r.com/breaking/x833264297/Deere-sells-wind-energy-business-for-900M