Money Odds & Ends

LoanSifter wins state technology zone tax credits
LoanSifter, a Little Chute-based technology firm that specializes in software for the mortgage industry, was recently awarded $160,000 in Wisconsin Technology Zone Tax Credits, in exchange for creating 34 jobs over the next three years.  One of LoanSifter’s products is LoanSifter Prime, a customizable search engine for mortgage professionals. For more, visit www.loansifter.com.

First Choice Mortgage awarded by Fannie Mae
First Choice Mortgage recognized by Fannie Mae as a 2007 Gold Performer of Desktop Originator in recognition of its use of Desktop Originator. To qualify for the Gold Performer status, First Choice Mortgage had to run between 200-400 DU findings per month for the 2007 calendar year.

Time Warner to spin off its cable division
Time Warner Inc. recently announced plans to spin off its Time Warner Cable Inc. subsidiary into an independent company. The respective boards of directors of the companies have approved an agreement that will result in their complete legal and structural separation. With the spinoff, the parent company will receive a dividend payment of $9.25 billion. Time Warner president and chief executive officer Jeff Bewkes said, "This is the right step for Time Warner and Time Warner Cable stockholders. After the transaction, each company will have greater strategic, financial and operational flexibility and will be better positioned to compete. Separating the two companies also will help their management teams focus on realizing the full potential of the respective businesses and will provide investors with greater choice in how they own this portfolio of assets. We’re bullish on Time Warner Cable’s prospects, but its strategic goals and capital needs are increasingly different from those of our other businesses." Time Warner Cable is the second-largest cable operator in the nation. Its service territory includes southeastern Wisconsin, New York State (including New York City), the Carolinas, Ohio, southern California (including Los Angeles) and Texas.

Cudahy law firm files class action suit against MGIC
Ademi & O’Reilly LLP, a Cudahy law firm that specializes in class action law suits involving securities, has filed a class action suit against Milwaukee-based MGIC Investment Corp. The suit alleges MGIC’s leadership team violated terms of the Securities Exchange Act of 1934 by issuing a series of misrepresentations to the market that led the artificial inflation of the company’s stock price. Investors who bought MGIC stock between Feb. 6, 2007, and Feb. 12, 2008, may be eligible to join the class action suit.

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