And those are very difficult and challenging things. Its not a large solution to every piece of it. They want to continue to address some of the challenges. I think theres more to be done there. Moving to a different servicer affords a different opportunity and some other tools to be able to move it. There is work to be done there, and nsi extension was certainly part of that, the neighborhood stabilization. And i think its also about treating different buckets of delinquent loans even differently. Selling off decent condition notes is very different than selling a bunch of vacants. We havent seen real different treatment from the bulk sales programs. Going forward, maybe we do trstop that a little bit more. If your fha and servicers cant, or you dont want to do principal reduction, there is this idea that the note buyers getting a discount will be in a better position than economically incentive to do principal reduction. But right now we dont have a requirement that they do that. Sim
The wrong time . In todays cover story, from the port to the picket lines. An east coast port strike threatens to rattle the economy. After years of cutting out credit card use, why shoppers are getting back into the swipe of things. Plus, could a tumble off the fiscal cliff hurt the markets . One trader says dont fall for the hype. First business starts now. Youre watching First Business financial news, analysis, and todays investment ideas. Good morning. Its friday, december 28th. Im angela miles. In todays first look watch your neck. The market is a headturner. Yesterday the dow dropped more than 100 points on word out of washington a resolution to the fiscal cliff was unlikely. But president obama returned early from vacation and is said to have a new proposal to offer congress, sparking a rally that left the dow down just 19 points. Reports are swirling apple is moving production of its Mac Mini Computers to foxconn plants in the u. S. Apple may also be working on a smart watch. A
Business. With a deal like this, looks like he was a good learner of all this. Well talk much more about this potential deal in just a few minutes. Immediately people are saying apple never paid for a brand, it was always its own brand. Beats, at first i didnt understand it. It was totally overpriced. My kids both have a couple of pairs. Theyre plastic. I dont know whether the sound is better. I know kids want them. I remember a couple of kids were looking at them. I wonder, are those knockoffs, are there real . Theres a cache around it. Theres the music business. Thats fledgling. Thats what apple really wants. For a couple of years, downloading itunes was growing and growing. Now its down 6 or something, yearoveryear for those tunes. I was amazed that sales of beats is like 1. 2 billion in revenue. I was thinking about that. Everybody who wants a pair has them. But they break. At least the ones my kids have had, that weve had to replace. If you drop them. 3 billion, 1. 2 billion in sa
The chinese consulate because he had been hearing voices in chinese. The documents say phang placed three containers filled with gasoline near the consulate entrance last wednesday night, then ignited them with a lighter. There are no indications at that time to suggest it was motivated by terrorism, politics or civil rights issues. Reporter a spokesperson for the chinese consulate reacted to the arrest by issuing a statement saying in part, quote, we urge the u. S. Side to learn lessons from this incident, take effective measures to ensure the safety, security and dignity of chinese diplomatic and Missions Staff in the u. S. And prevent the recurrence of similar incidents, unquote. Tonight, police appear to be doing just that as they continue to stand guard outside the consulate. The 24hour presence will remain until were absolutely positive that this is what it appears to be, and thats an isolated incident. Reporter and youre looking at some of the charred damage that remains outside
From our studios in new york city, this is charlie rose. The Supreme Court issued several anticipated rulings. Affecting everything from how we watch television to when the police can search your cell phone. Joining us from washington to talk about the high courts ruling is adam liptak. Characterize this day and these decisions. On one level the Supreme Court confronted two big technological issues and you would not think they would be particularly good at this but they were fairly savvy in both cases. The bigger, more surprising one was a sweeping privacy ruling saying the police have to get a warrant before they search the cell phones of anyone they arrest. 12 Million People are arrested and the search is a routine so that is a big pushback from a court that is not often sympathetic to arrested people and criminal defendants but they seem to think that the digital age is different and we need different Fourth Amendment rules in the era of big data. It was a 90 decision . 90 and i got