Mortgage Holders Warned of "Adjustments"

Indiana Secretary of State Todd Rokita and Department of Financial Institutions Director Judith Ripley have issuing a warning urging homeowners with adjustable rate mortgages – especially those with nontraditional mortgages – to plan now for the scheduled “recasts” or “resets” of interest rates in the year ahead.   Borrowers are advised to seek information on the characteristics of your mortgage; budget accordingly; contact your servicer for assistance, if needed; inquire about the terms of any prepayment penalty; and ask about possible solutions if payments are past due.  Nontraditional mortgage loans and many subprime loans frequently feature a recast (or reset) with a significant payment increase.

No Fireworks Injuries Reported in Madison County

With all the July 4 fireworks going off over the past few nights, your neighborhood may have sounded a lot like a war zone, but according to local fire and police departments, there have been no explosive-related injuries reported. Dan Ingram, Alexandria’s assistant fire chief reported no fireworks injuries.  Ingram’s surprise was echoed across Madison county. The Anderson Fire Department had no fireworks-related calls, and neither did Chesterfield, Elwood or Pendleton.

Department of Workforce Development launches new program

A pilot program is being launched by the Indiana Department of Workforce Development this week in two of its regions.  Inside Indiana Business says that region one in Northwest Indiana and region three in the Northeast part of the state will start having Work-One employees “cross-function” to tell clients about various the programs that are available.

Fort Wayne teen charged in Muncie

A Fort Wayne teenager is facing drug charges in Muncie. 17-year-old Darnelle Jones is facing two counts of dealing in cocaine. He was arrested by the Muncie-Delaware County Drug Task Force last Friday at his girlfriend’s home on Macedonia. Authorities say Jones has lived at the location for the last two months.

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Yield signs replaced with stop signs

Yield signs will be replaced with stop signs later today at an intersection where two collisions involving children took place in the last two months.  Delaware County Commissioners ordered the change be made at County Road 900-East and Windsor Road.  Delaware County Highway Engineer Michael Denton says stop signs get the attention of drivers more than yield signs because you have to make a complete stop.

Residents look to file lawsuits against CAFO's

Residents from 14 Indiana counties are looking at ways to limit concentrated animal feeding operations or CAFO’s.  Lawsuits have become more common across the state as citizens are fighting dairy, pork, calf and chicken CAFO’s that are the focus of air and water pollution complaints.  Five ECI counties were represented at last night’s meeting in Hartford City.

Democrats want overhaul of education bill

Democratic presidential hopefuls say the No Child Left Behind Act needs an overhaul. Speaking at the annual convention of the National Education Association in Philadelphia yesterday, the NEA says the law is forcing teachers to take too much time to prepare for tests instead of other forms of instruction.   Senator Chris Dodd of Connecticut says the program needs to have higher funding levels to make the law right.

Putin wants missle defense system in Russia

Russian President Vladimir Putin met with President Bush yesterday in an effort to swat down U.S. plans to build a missile defense shield in Eastern Europe.  Putin is proposing that the system rather be expanded and primarily based in Russia.  However, Mr. Bush and his aides did not give a definitive reaction to the Russian president’s idea, further sending U.S.-Russian relations into a downward spiral.

President Bush commutes former aide's sentence

Former White House aide Scooter Libby will not spend 2.5 years in prison thanks to President Bush.  The president said the sentence handed down for his involvement in the CIA leak investigation case was too harsh.  Bush says the ruling was excessive and that he would commute the portion of Libby’s sentence that required him to spend 30 months in prison.

Holiday travel expected to set record

Planning to travel over the mid-week holiday? A report says that over 41-million Americans will travel at least 50 miles from their homes sometime during the week.  That’s a new record for Fourth-of-July travel, even though security around the world has been increased due to the failed car bombings in Britain.  About 34.7 million people will travel by car, while approximately 4.7 million will go by air.