Proposed budget could cut deeply into Holy Cross Feb 27, 2010
With bad debt or uncollected bills hovering between five percent and 10 percent, these cuts would imperil CHNs mission in Nogales, said Wanona Fritz, the chief executive officer for Holy Cross ... With about 41 percent of its patients in Nogales dependant on Medicaid from AHCCCS and bad debt or uncollected bills hovering between five percent and 10 percent, these cuts would imperil CHN s mission in Nogales, said Wanona Fritz, the chief executive officer for Holy Cross. (Nogales International, AZ)
ANZ earnings rise on lower debt charges Feb 27, 2010
While they joined others in pointing the peak of the bad debts, net interest margin improvement was positive, Paul Xiradis, chief executive at fund manager Ausbil Dexia said ... ANZ surprised investors with a sharp fall in bad debt charges and rise in interest margins as it reported a A$1 ... The bank joined its rivals Westpac Banking Group and Commonwealth Bank of Australia in playing down the significance of sharply lower bad debt charges, warning that full-year charges could be slightly... (The Star Online, Malaysia -- Business)
Low credit demand hurts big SA banks Feb 26, 2010
These analysts said the big four banks would report poor earnings for past year and the first half of this year as heavy bad debt charges continued to bite the banks. Mduduzi Ndlovu, a portfolio manager at Argon Asset Management, said the operating environment would continue to be tough for banks this year. (Business Report, South Africa)
Lloyds posts 6.3 bln stg 2009 loss, bad debts soar Feb 26, 2010
3 bln stg 2009 loss, bad debts soar ... 3 bln stg 2009 loss, bad debts soar ... The bank said bad debt losses will improve this year, however, it said impairments fell 21 percent fall in the second half of last year from the first half, and it expects to see "a similar pace of half yearly improvement throughout 2010". (Business Report, South Africa)
Jackson's Health loss worse than expected Feb 26, 2010
Categorizing patient bills as uncollectable, or bad debt, has caused the financial adjustments that have the hospital suffering financial woes. According to the audit, JHS was hit with a $50 million accounting adjustment to reflect shortfalls in cash collections of old bills plus a 6 percent increase in non-paying patients during the year. (South Florida Business Journal, FL)
XETA Technologies, Inc. Reports First Quarter Financial Results Feb 26, 2010
Reserve for Bad Debt (Net of Tax) ... EPS Impact of Reserve for Bad Debt, Net of Tax. (Primezone Releases)
AMP needs helping hand to nab AXA Feb 26, 2010
ANZ Bank shares jump after it posts a 16 per cent rise in cash profit as bad debt charges fell and interest margins expanded. The autumn/winter collections from Burberry, Hardy Amies and more, as shown at London Fashion Week. (Sydney Morning Herald -- Business)
ANZ upbeat after cash profit jump Feb 26, 2010
ANZ has issued an upbeat outlook on bad debts, saying provisions are likely to fall away from recent highs as the banking giant reported an underlying profit after tax of $1 ... ANZ Bank shares jump after it posts a 16 per cent rise in cash profit as bad debt charges fell and interest margins expanded. (Sydney Morning Herald -- Business)
RBS Has Narrower-Than-Estimated $5.5 Billion Annual Loss as Bad Loans Peak Feb 25, 2010
RBS today said impairments on bad debt rose sharply to 13. 9 billion pounds. (Bloomberg -- UK)
Local nonprofit becomes nationally recognized (4) Feb 25, 2010
Bad Debt, to teach students about credit and how it works. That section of the course includes details about interest rates, carrying a balance and payback periods. (McKinney Courier-Gazette, TX)
Hospital starts charging for trips to the ER Feb 25, 2010
Published: Wednesday, February 24, 2010 12:48 PM CST Like so many other hospitals in the country, DeWitt Hospital has a mounting problem with bad debt. A new policy is meant to try to address one cause of this bad debt by imposing a $50 fee on all emergency room visits ... In 2008, the hospital wrote off $821,544 in bad debt and $152,000 to charity. (DeWitt Era-Enterprise, AR)
Royal Bank of Scotland Has Narrower-Than-Estimated $5.5 Billion 2009 Loss Feb 25, 2010
Impairments on bad debt rose sharply to 13. 9 billion pounds, almost matching the median estimate of 14. (Bloomberg -- Europe)
CAPREIT Announces Solid Fourth Quarter 2009 Results Feb 25, 2010
4% on a stabilized portfolio basis), respectively - NOI margin, occupancy levels and bad debt levels remained stable despite the soft economic environment - Generated sixteenth consecutive quarter of stable or improved year-over- year NOI growth for stabilized properties Operating Performance - Fourth quarter NFFO increased by 5. 1% and on a per Unit basis increased by 4. (CCNMatthews Press Releases)
RBS Loss Shrinks, Calls Bad Debt Peak Feb 25, 2010
2 billion pounds, still one of the largest European banking losses for the year, despite a jump in bad debts which the bank says may now have peaked. That compares to a loss of 6. (ABC News -- Business)
PNM earnings improved in 2009 Feb 24, 2010
First Choice Power, a PNM subsidiary in Texas, performed much better last year than in 2008, when it was straddled with bad debt. The subsidiary had $40. (New Mexico Business Weekly, NM)
Retail bust: Shopping center construction slows to a crawl in the Triad Feb 24, 2010
Banks say the money was flowing too freely a few years ago, and they are now paying the price as their books mount with often millions in bad debt. But, they say, they are still interested in deals that make sense. (Business Journal of the Greater Triad Area)
Credit Card Write-Offs Top 11 Percent in January Feb 24, 2010
The rate at which credit card companies wrote off bad debt jumped in January, but the number of payments two or three months late fell, which may be a positive sign for the months to come. The rate at which card issuers who securitize their lending wrote off balances as uncollectable rose to 11. (ABC News -- Wire)
Bitter winter puts Mongolia in bind over mining Feb 22, 2010
In the 1990s, herders were encouraged to apply for cheap loans to expand their herds, but few had the wherewithal or experience to sustain those herds through the brutal winters, leaving the country's banks with a mountain of bad debt. Furthermore, the marginal land could not sustain the expanding livestock, explained Tungalag Buyan-Ulzii of the Mongolian Red Cross. (Scientific American)
Apollo Group Inc. Feb 20, 2010
Apollo, parent of the University of Phoenix, fell after the company said second-quarter profits would be lower than expected because of a rise in bad debt ... Apollo blamed the rise in bad debt on the recession and a shift in the university s enrollment to students seeking two-year degrees. (Boston Globe)
NAB turns in flat result for December quarter Feb 20, 2010
Both banks reported large falls in bad debt as lending grew, led by the housing market. NAB's bad debts were also down, with sour loans dropping $202 million since September 30 ... NAB said its total revenue and net interest margins remained broadly stable compared with the second half of 2009 when the effects of the GFC and an accompanying rise in bad debts were at their highest. (Sydney Morning Herald -- Business)
White Maps Out DirecTV's Game Plan Feb 19, 2010
Doyle said that the decline in new customers also was impacted by tighter credit policies, which were more focused on attracting a higher-end customer than reducing bad debt. Those customers are also more likely to buy advanced services and Doyle said the company added 50% more HD and DVR customers in the quarter than its closest competitor. (Multichannel News)
The Building Bubble in China Feb 19, 2010
Its mission: selling bad debt from banks. Forsythe is a reporter for Bloomberg News. (BusinessWeek)
National Australia Bank Flat Quarterly Profit of $986 Million Lags Rivals Feb 19, 2010
Earnings included a bad debt charge of A$739 million, compared with A$824 million a year ago. The stock fell as Chief Executive Officer said loan growth was muted and increased competition and higher funding costs squeezed margins. (Bloomberg -- Australia & New Zealand)
Short Sale Transaction a Tall Order Feb 18, 2010
It can be a win-win scenario -- the bank reduces a portion of "bad debt," avoids foreclosure costs and keeps the home occupied, while you shed a housing payment you can't afford. "If done right, the short sale is a winning proposition for all, including the lender because the costs involved are certainly lower than that of foreclosing," said Nancy Osborne, chief operating officer of , a Santa Clara, CA-based financial information publisher and interest rate tracker. (RealtyTimes)
The brighter side Feb 18, 2010
Bad debts are peaking and pay falling at Europe s banks ... While the view of some forecasters, including the IMF, has been that European banks were sitting on a bad debt time-bomb, the evidence from fourth-quarter results is that the pace at which loans are souring has peaked ... In almost all cases banks bosses made soothing sounds about bad debts reaching a peak in 2009. (The Economist)
Creating A Successful Loan Modification Process for all Parties Feb 18, 2010
Diamond: I would say overall at the end of the year, your building is probably negative cash flow because of vacancies, bad debt, repairs and maintenance, right. You can probably make the mortgage payment with the amount you re receiving each month, but that s about it. (RealtyTimes)
BNP Paribas beats Q4 forecasts on lower charges Feb 17, 2010
France's biggest listed bank BNP Paribas took fewer bad debt provisions than expected in the fourth quarter, helping it beat profit forecasts, and said these charges would be lower again in 2010. BNP struck a relatively confident note despite the economic uncertainty clouding the banking industry. (Business Report, South Africa)
Westpac sees measured pace of loan recovery Feb 17, 2010
While bad debt numbers are not going to be as good for the remaining quarters, the year-end number is still going to better-than expected, said Mark Nathan, portfolio manager at Fortis Investment Partners. Westpac said bad debt charges had halved in the first quarter to A$400mil boosting earnings but its chief financial officer Philip Coffey said it was too early to say if the trend would continue. (The Star Online, Malaysia -- Business)
What is prescription? Feb 17, 2010
It would seem that debt collection agencies have cottoned onto the fact that if they buy bad debt from companies they can often bully unsuspecting clients into handing over cash for jam. So what do you do if one of these opportunists contacts you. (iAfrica.com)
Florida Court Decision Could Impact Builders and Bank Foreclosure Processes Feb 17, 2010
Attorney Ben Solomon of Association Law Group explains, "ALG s reverse foreclosure procedure will finally help associations force banks to take title to financially upside down units much faster than ever before. This innovative new legal strategy holds banks accountable for paying their fair share of assessments and significantly reduces the amount of bad debt incurred by such associations." ALG s new reverse foreclosure procedure cuts down on the bank s opportunity to stall such foreclosure... (RealtyTimes)
Southern discomfort Feb 16, 2010
" The title character of "Betty's Bein' Bad" threatens her man with a loaded .45 when she discovers he's been fooling around, while "Bad Debt" refers to the lazy lout who, horrors, hasn't taken out the garbage. When these women aren't angry, they're demanding. That, at least, seems to be the message of one number about a "greedy girl" that features this feel-good refrain: "Gimme, gimme, gimme, gimme everything/All I want is everything/On a silver platter in a champagne glass ... 45 when she... (New York Post -- Entertainment)
A perfect storm for shared ownership communities Feb 16, 2010
But many owners, hit hard by the financial crisis, have chosen not to make these maintenance payments, pushing the responsibility for this "bad debt" onto their neighbors. As a result, maintenance costs in some neighborhoods have doubled or even tripled, forcing a small, hard-hit cadre of residents to cover the costs of operating an entire community. (NJ.com -- Times)
Investors cheer Westpac Feb 16, 2010
Mr Potter said Westpacs bad debt figure probably meant that estimates for the normalisation of the bad debt cycle could be brought forward by six months ... However, Westpac chief financial officer Phil Coffee said bad debts had fallen faster than expected and he cautioned against basing a full-year estimate on that ... Westpacs strong performance was expected after CBA reported earlier this month that its first-half cash profit surged 54 per cent on lower bad debts and strong... (Sydney Morning Herald -- Business)
SW Fla. banks cut bad debt by half Feb 13, 2010
banks cut bad debt by half ... The numbers came down in part because some lenders made inroads into their bad debt, but the improvement was largely at the expense of some bank failures brought on by a major run-up in real estate-backed debt ... Of those remaining, none has the huge amount of bad debt that sank less-solvent institutions. (The News-Press -- Business)
Beijing Seen Vacant for 50% of Commercial Space as Chanos Predicts a Crash Feb 13, 2010
Of course there will be a lot of bad debts ... The companys mission: selling bad debt from banks. (Bloomberg)
Europe's PIGS Feb 12, 2010
It has pumped 7bn euros into its two biggest banks, Allied Irish Banks and Bank of Ireland, and created a state-run agency to handle their bad debt. The Irish economy emerged from recession last year, but there was widespread public anger at the level of public spending cuts that have been made. (BBC News -- Business)
PSC to Ameren: Give discounts Feb 12, 2010
This way, people can keep their lights on, Ameren can reduce the amount of bad debt it carries because some of it is uncollectible, and through a discounted rate, we can assist the very lowest-income folks. The proposed rate hike would increase the average household s bill by $15 a month, or $180 a year. (St. Louis Business Journal, MO)
Negotiating When Debts are in Colle... Feb 12, 2010
Now, it is their job to try and collect on the bad debt. Tactics to collect can include harassment, intimidation, and embarrassment. (Suite101.com)
Barclays May Double Earnings, Posting Europe's Biggest Bank Profit in 2009 Feb 12, 2010
Profit at other divisions, including retail banking, is likely to improve in 2010, with bad debt provisions peaking last year, according to analysts including at Keefe, Bruyette & Woods Ltd. in London who has an outperform rating on the stock. The table below shows analyst estimates for 2009 in millions of pounds, unless otherwise stated. (Bloomberg -- UK)
Individual insurance policies vulnerable Feb 11, 2010
Most of their hospital bills go unpaid, and that bad debt indirectly gets passed on to insured patients through higher charges for medical services. Rates in the individual insurance market tend to be more volatile than those for large-group, employer-provided health plans. (San Diego Union-Tribune)
China Digital TV Announces Unaudited Fourth Quarter and Full Year 2009 Results Feb 11, 2010
The year-over-year decrease was mainly due to a decrease in bad debt expense recorded in the fourth quarter of 2009 and a decrease in professional service fees. The quarter-over-quarter increase was mainly due to a higher bad debt expense ... The decrease was primarily due to lower bad debt expenses and professional costs. (Yahoo! Wire -- Entertainment News)
The Walt Disney Company Reports First Quarter Earnings Feb 10, 2010
Operating income at Broadcasting increased $42 million to $180 million for the quarter primarily due to the absence of a bad debt charge in connection with the bankruptcy of a syndication customer in the prior-year quarter and higher revenues from ABC Studios productions driven by increased third party network license fees and international sales of Criminal Minds ... At Disney Interactive Studios, lower unit sales of self-published video games, driven by fewer releases, were more than offset by... (Yahoo! Wire -- Entertainment News)
CBA shares drop on dividend disappointment Feb 10, 2010
CBA shares had opened higher this morning after Australias largest lender reported a 54 per cent jump in first half cash profit on a decline in bad debt charges and strong volume growth across the business. But CBA disappointed investors with an announcement it will pay an interim dividend of $1. (Sydney Morning Herald -- Business)
Kaiser Permanente HMO gets top marks in survey Feb 10, 2010
Encores business centers on buying written-off bad debt for pennies on the dollar and then trying to collect. It posted net income for the fourth quarter of $8. (San Diego Union-Tribune)
Pizza Inn, Inc. Reports Results for Second Quarter Fiscal Year 2010 Feb 10, 2010
Accounts receivable, less allowance for bad debts of $117 and $203, respectively ... Provision for bad debts. (Primezone Releases)
China's financial system: Red mist Feb 8, 2010
But none has the freedom of their peers in the West, not even those managing state-infested firms like Citigroup and RBS. Perhaps the only Western equivalents of a Chinese bank are the two American housing agencies, Fannie Mae and Freddie Mac vast institutions with political mandates to expand credit, and protection from the consequences of their role in fostering bad debt. Big credit decisions in China are not advanced by any one bank, nor any one banker. (The Economist)
DBS CEO under pressure Feb 6, 2010
Analysts were mostly unimpressed with the result because a tax writeback contributed to the earnings boost and bad debt charges surged 43% from a year earlier ... DBS took S$384mil in bad debt charges, but did not specify how much of that loss came from loans linked to Dubai World ... The outlook for Singapore banks in 2010 has improved on the back of an economic rebound in Asia, feverish capital market activity and likely decline in bad debt charges. (The Star Online, Malaysia -- Business)
Number of uninsured Minnesotans is up Feb 6, 2010
Uncompensated care is made up of charity care and bad debt from care that patients never pay for. In 2008, Minnesota hospitals gave away $268 million in uncompensated care. (Twin Cities Business Journal, MN)
Santander Fourth-Quarter Net Rose 13% to $3.1 Billion, Beating Forecasts Feb 4, 2010
Santander Profit Gains as Brazil Offsets Bad Loans (Update1) - Bloomberg. Updated: New York, Feb 04 04:54 London, Feb 04 09:54 Tokyo, Feb 04 18:54. (Bloomberg -- Europe)
Landlords on hook for tenants bills? Feb 3, 2010
cbc wrote on Feb 2, 2010 9:47 AM:" Why is it, when problems occur it becomes someone else's responsibility to fix it? This is the city's problem and the city should fix it. If the renter destroys the property when leaving the rental, does the city fix it. Absolutely not. If the city were to compare their bad debt with the property owners, they might find both have been left in the red. " ... Erin wrote on Feb 2, 2010 7:45 AM:" Actually this is not an uncommon practice. In other places I've lived... (Cody Enterprise, WY)
Fresno-based bank company's profit falls Feb 3, 2010
National Penn Bancshares Inc. said Thursday it posted a wider fourth-quarter loss as the bank holding company booked a hefty charge and set aside more money to cover bad debt. National Penn also announced that it has named Scott Fainor president and chief executive to replace Glenn Moyer, who is retiring. (Fresno Bee -- Business)
Navarre Corporation Reports Financial Results for Third Quarter of Fiscal Year 2010 Feb 2, 2010
"market" : {"NAME" : "U.S.", "ID" : "us_market", "TZ" : "ET", "TZOFFSET" : "-18000", "open" : "1265121029", "close" : "1265144429", "flags" : {}} , "STREAMER_SERVER" : "http://streamerapi.finance.yahoo.com","arrowAsChangeSign" : false,"throttleInterval": "1000". Search for share prices. (Primezone Releases)
Silicon Motion Announces Results for the Period Ended December 31, 2009 Feb 2, 2010
1 million bad debt reserve, largely attributed to accounts receivable relating to our ETC business. Stock-based compensation was US$7. (Primezone Releases)
Immokalee-based Florida Community Bank fails Jan 31, 2010
3 million in bad debt as of Sept. 30. The bank had been under regulatory supervision of the Florida Office of Financial Regulation since early 2007, with stricter orders to improve lending practices and capital since late 2008. (The News-Press -- Business)
South Korean Banks Trim Combined Bad-Loan Ratio to 1.22% After Writedowns Jan 31, 2010
7 trillion won of non- performing loans last year, more than double the 14 trillion won of bad debt reduced in 2008, the regulator said ... 5 trillion won of bad debt in the fourth quarter alone, it said. (Bloomberg -- Asia)
Concerns raised over bank access Jan 31, 2010
They should be an option for people who do not qualify for a current account because they have a history of bad debt. But Gordon Wilson, from Glasgow, told Money Box he has been refused a basic account at RBS, Natwest and the Bank of Scotland, on exactly these grounds. (BBC News -- UK)
* THE LIBERTY TIMES EDITORIAL: Chinese QDII an opiate, not savior Jan 29, 2010
Once these financial operators have racked up bad debt in China, all Taiwanese will have to foot the bill. Sadly, the inking of the MOU has been packaged and marketed by the government, certain media outlets and pro-China businesspeople as a panacea capable of reviving Taiwans economy, which they then hype to the stock market. (Taipei Times, Taiwan -- Business)
AmeriCredit Corp. posts a $46M profit Jan 29, 2010
In terms of bad loans that were written off as part of the company s receivables, AmeriCredit defined bad debt as 8. 9 percent of its average receivables, down from 9. (Dallas Business Journal, TX)
Mizuho Has $428 Million Quarterly Profit on Lending Gains, Fewer Bad Debts Jan 29, 2010
Mizuho Profit Beats Estimates as Bad Debt Decline (Update2) - Bloomberg ... Mizuho Profit Beats Estimates as Bad Debt Decline (Update2) ... Signs of recovery in the Japanese economy, which added 130,000 jobs in December, is helping Mizuho and smaller rivals Resona Holdings Inc. and Aozora Bank Ltd. cut bad debt charges. (Bloomberg -- Japan)
American River Bank earnings fall Jan 28, 2010
The company also charged off as bad debt $6. 5 million during 2009, and it ended the year with loan loss reserves of $7. (Sacramento Business Journal, CA)
Bassett Announces Profit for Fourth Quarter of 2009 Jan 28, 2010
Selling, general and administrative expenses, excluding bad debt and notes receivable valuation charges, decreased $2 ... 2 million of bad debt and notes receivable valuation charges during the fourth quarter of 2009 as compared to $5 ... " Wholesale Segment Net sales for the wholesale segment were $44.8 million for the fourth quarter of 2009 as compared to $51.3 million for the fourth quarter of 2008, a decrease of 12.7%. Approximately 50% of wholesale shipments during the fourth quarter of... (Primezone Releases)
Miami judge grants reverse foreclosure Jan 26, 2010
for free extra services. Monday, January 25, 2010, 4:04pm EST. (South Florida Business Journal, FL)
Fate of MMC's CEO in hands of lawyers Jan 26, 2010
outsider wrote on Jan 24, 2010 10:07 PM:" Pro-MMC Again I agree with part of what you say, but I disagree with your overgeneralization of the services and their interconnectivity. Firstly, the government does not just pay a hospital money. The hospital may have critical access status but that just means they get reimbursed 101% of cost for medicare patients. This does not mean the same thing for medicaid, and it has no bearing on any services rendered without pay.I agree that it would appear... (Port Lavaca Wave, TX)
Cabdrivers' 'gold' medallions Jan 24, 2010
The company repossessed the $750,000 medallion, which more than covered the bad debt. Melrose loan-department supervisor Larry Fisher expects another 10 percent jump in medallion equity loans this year as the taxi-ownership business is in the middle of a bull market. (New York Post -- Business)
Roubini: Growth Will Slow to Crawl in Second Half Jan 23, 2010
And Roubini expects strong growth in emerging markets, which aren t burdened with bad debt like their more developed brethren. Many experts agree with Roubini s inflation outlook. (Newsmax)