CALGARY , Feb. 21, 2012 /CNW/ – Boxxer Gold Corp. (TSXV: BXX.V – News) (OTC Other:
BXXRF) (“Boxxer or the Company“) is very pleased to provide the analytical results for three of the
four drill holes from its recently completed diamond drilling program
on its 100% owned Boss porphyry copper-gold Boss project in Nevada.

Highlights:

Boxxer’s President and CEO, Elmer B. Stewart, explained; “I am very
pleased with the results from the recently completed drilling program.
The results support the exploration model used by Boxxer for the Boss
project. The enhanced metal values and mineralization indicate that a
large volume of heated solution altered the original limestone to skarn
and deposited the copper-gold-silver.  The multiple styles of
mineralization and the large metasomatic skarn is interpreted to have
been caused by an intrusive which is in line with our exploration
strategy and exploration model being used by Boxxer to explore the Boss
project”.

Analytical results for the mineralized intervals are presented below. 
The assays for the lower portion of DDH-10A-2012 are pending.

The above mineralized intervals are not true width

Geochemistry:
The drilling on the Boss Extension intersected a sequence of skarn,
marble and limestone that exhibit gradational contacts. The original
limestone has been altered to skarn and marble by the circulation of
heated solution carrying metals which has significantly increased the
copper and gold concentration in the skarn and marble.  The changes in
metal concentrations between the various rock types and individual
drill holes are being as an exploration tool to locate the source of
the metals.

In DDH-07-2011, the average copper and gold concentrations are 6.5 times
and 20 times higher in the skarn than in the skarn/marble and 14 times
and 2 times higher than in the limestone.

The In DDH-08-2011, the average copper and gold concentrations are 6.3
times and 30 times higher in the skarn than in the skarn/marble and 27
times and 45 times higher than in the limestone.   

In DDH-09-2011, the average copper and gold concentrations are 2 times
higher and 50% lower in the skarn than in the skarn/marble and both
metals are 4 times higher than in the limestone.

Diamond Drilling Results:
DDH-08-2011 is an inclined HQ diameter hole that was completed to a
depth of 439.3m.  Interlayered Pyroxene skarn and marble was
intersected to a depth of 295.0m at which point the skarn shows a
gradational contact to recrystallized limestone and then limestone at
the bottom of the hole. In addition to the copper-gold-silver
mineralization, this hole contains a 78.9m section that averages
0.020g/t gold with gold values ranging from 0.01 g/t to 0.143g/t gold

DDH-09-2011 is a vertical HQ diameter hole that was completed to a depth
of 273.6m.  Interlayered Pyroxene skarn and marble was intersected to a
depth of 239.0m at which point the skarn shows a gradational contact to
recrystallized limestone and then limestone at the bottom of the hole.
In addition to the copper-gold-silver mineralization, this hole
contains a 106.5m section that averages 0.05g/t gold with gold values
ranging from 0.01 g/t to 0.28g/t gold.

The analytical results for the upper part of DDH-10A-2012 have been
received (see table above). This inclined HQ diameter hole that was
completed to a depth of 245.5m and intersected two intervals of visible
copper mineralization and silicified and recrystallized limestone to a
depth of 184.0m below which recrystallized limestone and limestone
occurs. Copper mineralization (malachite and azurite) was observed over
the core interval from surface to 14.0m and from 151.3m to 170.4m.

Future Boss Drilling Plans:
Boxxer has completed its current drilling program on the Boss project
and is preparing to continue diamond drilling on receipt of BLM
approval for additional drilling sites.

East Breccia Property:
Boxxer is reviewing a diamond drill contract for its East Breccia
property. Discussions with the First Nations group are underway with
the view of obtaining a permit related to the proposed diamond drilling
program. On receipt of the permit, the drilling is schedule to
commence.  Contingent on observations in the cores, additional holes
may be drilled.

About Boxxer Gold Corp.
Boxxer is a Canadian junior resource company involved in the exploration
of the Boss and Buena Vista copper projects in the state of Nevada, the
DOK copper-gold porphyry property in Northwest B.C., the East Breccia
copper-silver-molybdenum property in Ontario.  Boxxer also has the
Crescent Peak gold-silver project in Nevada and the Gordon Lake gold
project located 110 kilometres north of Yellowknife NWT, Canada .

Elmer B. Stewart, MSc. P. Geol., President of Boxxer Gold, is the
Company’s nominated Qualified Person pursuant to National Instrument
43-101, Standards for Disclosure for Mineral Projects, has reviewed the
technical information disclosed in this news release.

On behalf of the Board of Directors

Elmer B. Stewart P. Geol. MSc.
President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact,
are forward-looking information and such information involves various
risks and uncertainties. There can be no assurance that such
information will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
information.  There is no certainty that either the geochemistry or the
copper mineralization intersected in the three drill holes mentions in
the news release would yield additional significant grades of either
copper or gold.  For any forward-looking information given, Management
has assumed that the results it has received and the interpretation
thereof are reliable, and has applied geological and geophysical
interpretation methodologies which are consistent with industry
standards. Although Management has a reasonable basis for the
conclusions drawn, actual results may differ materially from those
currently anticipated in such statements. A description of assumptions
used to develop such forward-looking information and a description of
risk factors that may cause actual results to differ materially from
forward-looking information can be found in Boxxer’s disclosure
documents on the SEDAR website at www.sedar.com.   Boxxer does not undertake to update any forward-looking information
except in accordance with applicable securities laws.

Article source: http://finance.yahoo.com/news/boxxer-intersects-significant-copper-gold-110000951.html

Greg McCoach: I think we’ve been very accurate in that we’d see additional quantitative easing (QE) events. I remember saying when QE1 came out that they’d be doing QE2 and QE3. Of course the Fed denied that and the media said that’s not going to happen. Well, it has and we are now at QE3. I believe we’re going to see QE events indefinitely until the whole system implodes. So, on that part I feel we’ve been very accurate. But, on other parts we haven’t been so accurate.

The junior mining share market certainly hasn’t participated with the higher metals prices that we hit last year at $1,900/ounce (oz) gold and $49/oz silver. The juniors performed very poorly relative to those metals prices, particularly into the latter part of 2011 when the market really tanked. Tax-loss selling varies from year to year but last year was brutal, and even the best-of-class companies took a hit. But, I’m bullish for the long term.

Short-term debacles are a great buying opportunity for me. I believe this secular bull market in precious metals is going to continue for many years to come. My mantra is to buy on dips. I do believe we’re going to see a great influx into the junior mining shares at some point. Right now the precious metal prices seem to be leading the equation, which isn’t always the case. But, I expect these junior miners to catch up and do very, very well when the fiat currency scam finally comes to an end.

TGR: You’ve been pretty bullish all along on the prospects for gold. And, you’ve talked in the past about an eventual target price around $6,500/oz. So, where do you think we are relative to that at this point?

GM: I think in the immediate term it’s very difficult to predict, but before year-end we’re going to run to the next new highs in gold and silver. I would expect gold to be well above the $2,100/oz level in this next run with silver pushing toward $70/oz. The driver for this will be QE3 and the stoppage of the manipulation game in New York on the Comex. That game has been played for a long time now, over 15 years in my opinion, but will soon be vacated by the shorts due to horrendous losses as other big players-Russia and China-fight against them.

In the longer term, the end game for all this debt and fiat currency insanity will take gold to a minimum of $6,500/oz. In reality, it will probably go much higher than that as governments topple and civil unrest unfolds. As an example, if you took all the current debts known to the world in the system right now and had to cover those debts with gold, it would take a price of $19,500/oz to do so! Of course, this is just one methodology of trying to figure out just how high gold could go, but I think you get the picture. What I am trying to say is that my $6,500/oz number is probably very conservative. How long is it going to take to get there? I don’t have a crystal ball. Those prices would happen as the world financial system hits systemic collapse.

In this next run higher for this year, gold could easily hit $2,500/oz to $3,000/oz, depending on how much QE3 is injected into the system. The more QE3 that is done, the higher the precious metals prices would go. Also, the vacating short situation on the Comex could be a big swing factor. Silver could easily see $70, $75, even $80/oz if these events occur this year as I expect. That’s also going to lift our junior mining shares and get them going once again.

With that being said in the short term, however, we need to be aware of extreme volatility in either direction in short bursts. We may experience a violent downdraft in precious metals prices based on some supposed or concocted solution to the problems that ail the world. This, of course, would be total hogwash, but we should expect to hear a lot of this type of nonsense that could affect us to the downside in a very short-term situation. These would be your key buying moments if they happen. Have absolutely no fear that fiscal responsibility will take hold and all the financial problems of the world can be solved. That simply cannot happen based on the absolutely ridiculous levels of debt that must now be dealt with. Buy the precious metals on any dips with great confidence.

TGR: Last time you also talked about having a substantial position in silver. Are you still that bullish on silver?

GM: Yes! I’ve owned AmeriGold.com for 14 years and we have zero clients who are not in the money. I own both gold and silver. But, I believe that silver is going to far outperform gold, even though I think gold’s going to $6,000-10,000/oz. From where we are right now, gold performance will pale in comparison to what silver’s going to do. Eventually, I think silver could be priced at maybe $400-500/oz. If gold goes to $10,000/oz and we’re at a 15:1 or 10:1 ratio, silver could be $700, $800, or even $900/oz.

So, there’s a lot of explosive upside in silver and when you understand how tight the silver market is right now, and all the game-playing that’s been going on and the monster short position that exists, there’s not enough physical metal in the world to cover this. There’s such a total disconnect in that market that, at some point, when it is allowed to become a free market, I think silver’s going to run like crazy and I see that coming very soon.

In saying this, however, I also need to caution readers to understand that the silver market will be more volatile than gold. In other words, if you think the ride on the gold bull’s back has been tough this past decade, the silver bull ride is going to be a lot worse moving forward. If you can handle that kind of volatility, the reward will be worth it.

TGR: You touched briefly on the junior mining stocks and their lack of performance during the last couple of years, relative to the metals. When do you think the turning point is going to come and what will be the catalyst to make these things finally take off?

GM: Retail investors in this sector were hit pretty hard in 2008, and again this past fall and into tax-loss selling season. So, they’re not too quick to want to jump back in without seeing some solid evidence that the market is going to perform as we expect it will. All markets are volatile at this point. We’ve never seen the kind of volatility in day-to-day events we’re now witnessing around the globe.

The junior mining space has always been more volatile than the regular markets. I like volatility because, if I just wait long enough and have enough cash on hand, that volatility allows us to buy good companies, again, cheaply. But, we haven’t had a good, long upside period in the last few years that has really cemented our position with more mainstream investors. The day is coming, however, when the masses are going to flood into the precious metals and mining stocks. And, it’s going to take some shocking events to wake them up to the difficult situation in which we now find ourselves.

I believe it’s going to start in Europe but we’re temporarily getting the benefit from the downward slide of the euro. People are still turning to the dollar as protection, instead of going to gold and silver as the historic safe-haven currency. Ultimately they’re going to find gold and silver, and that day is probably closer than most people realize.

TGR: Let’s talk about some of the companies you follow in your Mining Speculator newsletter. What are some of the hugely undervalued situations you see right now?

GM: Since tax-loss selling ended, we’ve seen a little bit of a rebound in the best-of-class stocks, but many of the junior miners are doing nothing. On a selective basis, where you see real value, like a company trading below its cash value, that’s a no brainer. You’re going to be a winner at some point. Just take a position, sit tight and wait for the market to go your way. I can’t tell you exactly when. But, I do think QE3 is a big catalyst to have another big run for the metal prices and the junior mining shares, particularly if we get the Comex situation resolved.

TGR: You have a Top 10 list of stocks in your newsletter and website. Can you tell us a little bit more about some of the ones you consider favorites on that list?

GM: I have two newsletters. One is The Mining Speculator, which is the base newsletter you can get involved with for a very low price. I have a higher priced newsletter called the Insider Alert. I’ve been writing The Mining Speculator now for 12 years and Insider Alert for five years. Within those newsletters I like to highlight the companies that I feel have the greatest chance of success in the shortest time possible. In the Top 10 Mining Speculator stocks right now, I would say there are two companies I’d like to highlight. Orko Silver Corp. (OK:TSX.V) has been waiting for a buyout from Pan American Silver Corp. (PAA:TSX; PAAS: NASDAQ). I think now we’re very close to that decision coming. Two other suitors are waiting in the wings if Pan American doesn’t get its act together. But, I think this is $4 to $5/share in the buyout and pretty much a no-brainer. You can still buy the stock at $1.65 in the open market. Pan American is technically going to be in default because by mid-April it has to bring a full feasibility study to the table as its end of the bargain. There’s no way it’s going to be able to accomplish that within that timeframe. So, that means it could be in default if it doesn’t buy Orko out by that time.

Pan American Silver just purchased Minefinders Corp. (MFL:TSX; MFN:NYSE) and I know for a fact that Pan American Silver absolutely needs to have those ounces at La Preciosa, Orko’s flagship project, on their books. These mining majors are in trouble. They’re producing their reserves and not replenishing them. Pan American has the cash and needs the ounces now. I can’t see it losing its investment and just walking away with nothing. So, I do think you’re going to see a push to buy Orko Silver here. That’s a good play to get a quick double or triple on your money from here, although I don’t know exactly where the buyout price would be. It would be helpful if the silver price and our market recovered as it goes into these negotiations. I expect to hear some news on negotiations that should be finalized by that April date. So, Orko is number one because I think it’ll have the quickest and biggest payback in such a short period.

I break my newsletter recommendations into exploration stocks, development stocks and producers, to help new subscribers pick which area suits them best. There’s more risk in the exploration stocks but also a higher reward if things work out. The development and production stories have less risk but the upside potential also goes down. The big upside in exploration stocks is there because the risk is higher. So, I like playing in that sector and have done very well over the years.

Another geographic area that I’m very bullish on is the Yukon. The Klondike gold rush started in 1898 and now we have the second Klondike gold rush. That’s because a prospector named Shawn Ryan has a prospecting technique that allowed two companies to make major discoveries.

The clear leader up there now is one of those discoveries called Kaminak Gold Corp. (KAM:TSX.V). I think it’s a very good play right now at a very cheap price. I see them as an absolute buyout in the near future with an upcoming NI 43-101 calculation somewhere in the neighborhood of 4-6 million ounces (Moz) gold. There are infrastructure and seasonality issues up there and it’s very difficult to work year-round. But, again, it’s in an area where a lot of big gold discoveries are being made. I think Kaminak is definitely the clear leader and will be rewarded for its big discovery with a buyout from a major.

The second company is what I’m calling “Kaminak Junior.” I think Ethos Capital Corp. (ECC:TSX.V; ETHOF:OTCQX) is poised to be the next big discovery up in the Yukon. You can buy the shares for less than $1/share right now. The exploration drilling this summer should prove that it has made another big gold discovery similar to Kaminak’s. Ethos’ mineralized area is on the same big geological trend as Kaminak. These trends produce the mineralized systems that come up in economic quantities near surface, where they can be mined. I’ve been on both projects in the last few years. I can tell you the rocks coming out of the ground, in trenching, are identical quartz rocks that have high-grade gold in them. And, I’m very excited for what can happen for Ethos.

TGR: Are there some other ones that you’d like to talk about?

GM: Orex Minerals Inc. (REX:TSX.V) is another company I like. It has projects in Mexico. A very nice joint venture deal called Coneto is with Fresnillo Plc (FRES:LSE), one of the world majors. I think that, given enough time and money spent, there could be a big discovery at Coneto. More immediately, Orex’s flagship deal over in Sweden is an advanced-stage gold project it picked up from another company for cents on the dollar. I think Orex’s excellent management team is going to be able to take it to the next level. What is now probably a 1 Moz gold resource could soon become a 2 Moz gold resource, with very economic numbers. That could get Orex going in the right direction in a hurry. At $0.70-$0.75/share, it’s really a low-risk play with a high-potential reward.

TGR: Do you have any preference between gold and silver equities?

GM: No. I like owning the combination of physical gold and silver along with the quality junior mining shares that have the people with the right management track records, in the right areas, doing the right thing for the right reasons. They raise money and put it in the ground to build resources and deposits and make investors money. It’s hard to believe this secular bull market for precious metals is now going into its 12th year. All the naysayers have not only been wrong, they’ve been way off in their expectations that gold would never last this long. I remember people telling me gold would never get over $400/oz. Then, when it did they would say, “Well, gold’s never going over $500/oz.” I kept saying gold’s going into the thousands. And, people looked at me as if I was some kind of lunatic.

To directly answer your question though, I like both gold and silver equities but only if we have the right set of circumstances. There are so many companies in the gold and silver equity space that you don’t want to touch with a 10-foot pole. Management is the key.

TGR: Investors will be all over gold when it hits $2,000/oz and $3,000/oz, saying it’s the best investment in the world.

GM: Absolutely. I’m super bullish on it. But, I can’t tell you the exact timeframe on how things are going to work out. My mantra is “buy the physical metals as your ultimate bank account.” I call it the “Bank of McCoach.” It’s the safest bank account in the world and will pay the best returns. Don’t worry that it doesn’t pay you any interest. What bank is paying any interest anyway at this point? Own the physical metal. Take delivery of it. Buy the metals and then buy quality mining shares for big leverage. And be smart enough to take profits, because paper still has to trade on a market. The world is just drowning in debt and we keep funding this through creating money out of thin air.

It’s amazing to me that 80% of the people have no idea this is happening and the wakeup call is going to be ugly for them. They don’t have any understanding of it and they’re going to get wiped out. Stick with the precious metals and you’ll be on the better side of the equation.

TGR: Well, I think that’s a good point to close on. You’ve given us a good, broad picture of what the situation looks like. It sounds like the believers are going to do much better than the latecomers.

GM: I tell everybody that I’m an optimist by nature, but I have to deal with reality. And, I believe that once we deal head-to-head with our problems and the masses wake up, it will take years for us to get through all this. It’s going to be ugly. But, once we do, I think we can get to a level of prosperity, liberty and freedom previously unknown to the world.

TGR: We appreciate your time and insights.

Greg McCoach is an entrepreneur who has successfully started and run several businesses over the past 22 years. For the last seven of these years, he has been involved with the precious metals industry as a bullion dealer, investor and newsletter writer. McCoach’s years of business experience and extensive personal contacts in the mining industry provide unique insights that have generated an impressive track record for The Mining Speculator since its inception in 2001. He further spreads his vast knowledge of the precious metals markets in his Insider Alert service. McCoach is also the president of AmeriGold, a gold bullion dealer.

Want to read more exclusive Gold Report interviews like this? Sign up for our free e-newsletter, and you’ll learn when new articles have been published. To see a list of recent interviews with industry analysts and commentators, visit our Exclusive Interviews page.

DISCLOSURE:
1) Zig Lambo of The Gold Report conducted this interview. He personally and/or his family own shares of the following companies mentioned in this interview: None.
2) The following companies mentioned in the interview are sponsors of The Gold Report: Minefinders Corp., Ethos Capital Corp., Orex Minerals Inc. Streetwise Reports does not accept stock in exchange for services.
3) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles on the site, may have a long or short position in securities mentioned and may make purchases and/or sales of those securities in the open market or otherwise.

Streetwise – The Gold Report is Copyright © 2012 by Streetwise Reports LLC. All rights are reserved. Streetwise Reports LLC hereby grants an unrestricted license to use or disseminate this copyrighted material (i) only in whole (and always including this disclaimer), but (ii) never in part.

The Gold Report does not render general or specific investment advice and does not endorse or recommend the business, products, services or securities of any industry or company mentioned in this report.

From time to time, Streetwise Reports LLC and its  directors, officers, employees or members of their families, as well as persons interviewed for articles on the site, may have a long or short position in securities mentioned and may make purchases and/or sales of those securities in the open market or otherwise.

Streetwise Reports LLC does not guarantee the accuracy or thoroughness of the information reported.

Streetwise Reports LLC receives a fee from companies that are listed on the home page in the In This Issue section. Their sponsor pages may be considered advertising for the purposes of 18 U.S.C. 1734.

Participating companies provide the logos used in The Gold Report. These logos are trademarks and are the property of the individual companies.

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Article source: http://www.ibtimes.com/articles/302391/20120221/gold-silver-precious-metals.htm

Why Warren Buffett Doesn’t Get Gold

In his most recent letter to shareholders of his holding company, Berkshire Hathaway, Warren Buffett was critical of gold as an investment. Here’s a rebuttal that politely suggests Buffett doesn’t understand gold’s benefits.

Inflation-Deflation Consternation

A look at what global investing data going back to 1900 tells us about the behaviour of bonds, stocks, gold and residential real estate in periods of deflation and inflation. As good an argument for diversification as you’ll find.

Grab Those CPP Benefits At 60, Or Wait?

Wondering whether to start your Canada Pension Plan benefits at 60 instead of waiting until 65? Here are some charts that show how the dollar benefits of waiting versus taking the money early. There’s data for 2012-2016 here.

Student Debt…Owed By Parents?

In the United States, student loan debt taken out by parents is growing faster than loans set up by students. While helping their kids, parents are endangering their own retirement.

More On Money

Check out my Facebook personal finance page for talk about personal finance and investing. By the way, I’m also on Twitter.

Follow us on Twitter: @globemoney

Editor’s note: If you don’t receive Rob Carrick’s newsletter twice weekly by email, you can sign up to get it for free at The Globe and Mail. All you need to do is register for the site, or if you’ve already registered, log in and go to your profile at the top of the homepage. Once you’re in your profile, look under Newsletters and Alerts and look for the Personal Finance Reader and other newsletters. Other financial newsletters include: Business Ticker, a summary of the day’s top business stories; Berman’s Market Update, a summary of the markets at the open, noon and close; and All-Star Investors, a monthly collection of articles exploring an investing trend or theme.

Article source: http://www.theglobeandmail.com/globe-investor/personal-finance/personal-finance-reader/rob-carricks-reader-why-warren-buffett-doesnt-get-gold/article2345987/?utm_medium=Feeds%3A%20RSS%2FAtom&utm_source=Report%20On%20Business&utm_content=2345987

SUNNYVALE, Calif., Feb. 22, 2012 /PRNewswire/ – Today, CreditSesame.com, the popular personal finance and credit education resource site, announced the launch of its interactive mortgage comparison and visualization tool designed to help consumers quickly and easily identify their best loan options visually.   

Comparing mortgage loans can be an overwhelming task. With multivariable options at play—such as mortgage types, rates, APRs, closing costs, points, fees and different amortization schedules—it is often difficult to answer simple questions—e.g., which loan could cost you the least, or which loan may save you the most money in refinance.  Credit Sesame’s Mortgage Value Map is a sophisticated tool that simplifies the complex task of comparing mortgage loan options and, for the first time, clearly displays how various loan options from top national mortgage providers compare and could impact your finances.

“If we had this map before the mortgage crisis, many people would have been able to make smarter decisions and evaluate the potential risk and rewards of their choices much more clearly,” said Credit Sesame founder and CEO, Adrian Nazari.

Whether looking to refinance or purchase a new home, the Credit Sesame interactive mortgage comparison map lets you instantly analyze today’s mortgage rates and visually compare top loan offers.  Users benefit from having access to custom rate quotes from top national lenders and visual analytics to evaluate which options may cost you the least, or save you the most money over the life of the loan.

Credit Sesame’s visual mortgage comparison tool lets you…

• Anonymously shop products, rates and fees brought to you by national lenders in real time
• Quickly analyze the multivariable options (mortgage type, rate, APR, monthly payment, closing costs and fees) that impact the total cost of your loan
• Rank and compare loans using your preferences and unbiased financial analysis
• Save time and money and stay in the know at a glance as the market changes

Credit Sesame’s patent-pending mortgage analytics was developed by Stanford University scientists and vetted by members of the top 10 banks.  The mortgage visualization tool is the latest innovation from Credit Sesame, whose mission is to make the complicated world of personal finance simple for consumers.  The company gives consumers free access to bank-level analytics to give them an edge on leveraging their credit and loans to make smarter decisions in their financial lives.

About Credit Sesame

Credit Sesame brings the power of bank analytics to you.  It is a personal finance tool that provides a free credit score and insightful information and analysis to  save money. With our powerful financial technology—comparable to what banks use to optimize profits on their lending products—you can see how lenders see you, understand how to improve your credit and know what options are truly available.  Once you sign up, Credit Sesame proactively monitors market changes and your financial picture to bring just in time alerts and recommendations that are important to you and maximize your savings.  You will always get free, unbiased, personalized recommendations so that you can get control of your finances, save money, borrow smarter and monitor your credit and debt online.

For more information visit www.creditsesame.com and stay connected by following us on Twitter (@creditsesame), liking us on Facebook (http://www.facebook.com/creditsesame), getting the latest expert tips from our personal finance blog (http://www.creditsesame.com/blog/) and staying with us on the go through our free mobile app (http://tiny.cc/credit_sesame_itunes)

Article source: http://finance.yahoo.com/news/credit-sesame-launches-industrys-first-140000124.html

Enlarge image

Citigroup ‘Defrauded’ Fannie, Freddie, Whistle-Blower Claims

A CitiBank sign is reflected in a window, in New York. Robert Caplin/Bloomberg

A CitiBank sign is reflected in a window, in New York. Robert Caplin/Bloomberg

Citigroup Inc. (C), which last week
admitted breaking Federal Housing Administration rules and paid
a fine, also violated regulations for home loans sold to Fannie
Mae (FNM) and Freddie Mac (FRE), according to a whistle-blower’s complaint.

The bank “defrauded, falsified information or misled
federal government entities” by selling or securing insurance
for mortgages with defects such as improper appraisals and not
reporting them as required, Sherry Hunt, a Citigroup quality-
assurance vice president, said in her complaint, which was
unsealed yesterday. It was filed under the False Claims Act in
federal court in Manhattan in August.

Hunt’s charges formed the backbone of the U.S. Justice
Department’s case against Citigroup, which paid $158.3 million
in a Feb. 15 settlement and admitted that it certified loans for
FHA insurance that didn’t qualify. Her complaint provides
additional details into the bank’s broken mortgage-processing
system. In last week’s agreement, the government reserved the
right to pursue criminal and other charges related to mortgages
originated or underwritten by Citigroup and not insured by the
FHA.

“Everyone is a little bit guilty for not keeping an eye on
the processes and doing what we should have been doing,” Hunt
said in a telephone interview from her home in Silex, Missouri.
“Managers have to take ownership of their area, know what’s
going on and make sure they’re doing the right thing.”

Loans Repurchased

As a whistle-blower, Hunt’s share of the settlement will be
$31 million before taxes and attorney’s fees, she said in a Feb.
15 interview.

For Citigroup, the third-largest U.S. bank by assets, the
high defect rates could be costly. It might be forced to buy
back substandard mortgages sold to government-controlled Fannie
and Freddie, who buy or guarantee most U.S. mortgages.

Last year, Citigroup repurchased 6,600 loans from
government buyers, an 89 percent increase from 2010, according
to a presentation on its website. The bank set aside $1.2
billion to buy back defective mortgages as of the end of 2011.
That’s the most ever, and up from $969 million in 2010.

“We take our quality-assurance processes seriously and
have pro-actively undertaken process improvements to ensure that
they are as strong as possible,” Sean Kevelighan, a Citigroup
spokesman, said in an e-mailed statement.

Andrew Wilson, a spokesman for Washington-based Fannie Mae,
and Chad Wandler, a spokesman for McLean, Virginia-based Freddie
Mac, declined to comment.

Flawed Mortgages

Hunt said Citigroup knowingly vouched for the quality of
loans that were “deficient” in income documentation, had
incomplete borrower job histories, appraisal problems, errors in
closing paperwork, missing credit reports and miscalculated
maximum mortgage amounts, among other flaws.

Some managers’ compensation was tied in part to reducing
the defect rate, Hunt said.

CitiMortgage Inc., Citigroup’s home-loan unit, is run by
Sanjiv Das, who was hired by Chief Executive Officer Vikram S. Pandit, 55, in July 2008. Das reports to consumer-banking head
Manuel Medina-Mora and Eugene McQuade, head of Citibank N.A.,
the bank’s deposit-taking unit. Both Das and Pandit are former
Morgan Stanley executives.

During an April 7, 2010, meeting with Freddie Mac
executives at the main Citigroup mortgage-processing facility in
O’Fallon, Missouri, Mike Mazanec, head of CitiMortgage’s Fraud
Prevention and Investigation unit, said all loans flagged for
possible fraud were resolved within 15 to 30 days — “a false
statement,” Hunt said in the complaint.

‘Systemic Failure’

In fact, in a list of about 1,000 loans referred to the
fraud unit because they were suspected to be fraudulent, many
were more than a year old and some were eventually erased from
the Citigroup computer system, according to Hunt’s complaint.

Attempts to reach Mazanec for comment at a telephone number
listed under his name were unsuccessful.

Hunt cited an “overall systemic failure” in her complaint
that she said in a May 2011 letter to the Securities and
Exchange Commission “threatens the thin ice the entire market
is treading on.” The letter was also released yesterday.

For certain types of home loans, Citigroup’s “defect
rate” — the rate at which the underwriting raised questions –
was 80 percent, said Hunt, 54.

Taxpayer Lifeline

Fannie Mae and Freddie Mac have survived on taxpayer aid
since September 2008, when losses from failing home loans forced
them into government conservatorship.

Since then, the companies have drawn more than $180 billion
from a U.S. Treasury Department lifeline. Today, they guarantee
about $100 billion worth of new mortgages a month, about three-
fourths of all single-family home loans.

Hunt said she was hired by Citigroup in 2004. She said she
worked for Richard M. Bowen III, the former Citigroup
underwriter who testified in April 2010 to the Financial Crisis
Inquiry Commission, the panel created by Congress to investigate
the causes of the 2008 financial meltdown.

The case is U.S. ex rel. Hunt v. Citigroup Inc., 11-cv-
005473, U.S. District Court, Southern District of New York
(Manhattan).

To contact the reporter on this story:
Bob Ivry in New York at
bivry@bloomberg.net.

To contact the editor responsible for this story:
Gary Putka at gputka@bloomberg.net.

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Enlarge image

Wall Street Crowds Into Trader Joe’s for Bond Deals

Francis Specker/Bloomberg

Morgan Stanley is selling about $1 billion of commercial mortgage-backed securities with five of the 10 largest loans tied to retail buildings, including specialty supermarket Trader Joe’s in Cambridge, Massachusetts and a Kings Food Market in Millburn, New Jersey.

Morgan Stanley is selling about $1 billion of commercial mortgage-backed securities with five of the 10 largest loans tied to retail buildings, including specialty supermarket Trader Joe’s in Cambridge, Massachusetts and a Kings Food Market in Millburn, New Jersey. Photographer: Francis Specker/Bloomberg

Wall Street is scouring the U.S. for
grocery stores as bankers are pushed out of lending to trophy
office properties.

Morgan Stanley (MS) is selling about $1 billion of commercial
mortgage-backed securities with five of the 10 largest loans
tied to retail buildings, including specialty supermarket Trader
Joe’s in Cambridge, Massachusetts and a Kings Food Market in
Millburn, New Jersey. About half of the largest loans bundled
into CMBS in the past six months are linked to retail, up from
27 percent in December 2007 and as low as 12 percent in June of
that year, according to data compiled by JPMorgan Chase Co.

Wall Street has turned to financing a broad swath of retail
properties, from shopping centers to suburban strip malls, as
insurance companies and government-backed Fannie Mae (FNMA) and Freddie
Mac offer better lending terms on the best office buildings and
apartments. Investors are wagering the economic recovery is
strong enough to justify buying the securities even as analysts
and debtholders are concerned that the deals include too many
stores amid restrained consumer spending.

“In this market you eat what you kill,” according to Alan Todd, head of CMBS research at Bank of America Merrill Lynch in
New York. “If those are the assets you find you can originate,
than those are the properties you find in the deal.”

About $16 billion of mortgages on retail properties
packaged and sold as bonds come due in 2012. Landlords who need
to borrow more than insurance companies are prepared to lend
will turn to the commercial mortgage-bond market, Todd said.

‘Need More Diversification’

More than 20 percent of investors in a JPMorgan survey
cited heavy retail concentration as their primary concern with
new CMBS deals, the bank said in a report this month. The
proportion of loans linked to retail buildings rose to 45
percent for bonds sold in 2011, from 25 percent for 2007,
according to the New York-based lender.

“We need more diversification in these deals,” said Lisa Pendergast, a commercial-mortgage debt strategist at Jefferies
Group Inc. (JEF) “If there is some kind of big hit to the consumer,
you don’t want to have too much retail. It’s not a good
investment decision to put your eggs in one basket.”

Commercial-mortgage bond lenders, who profit on the
difference between what borrowers pay and the cash brought in by
selling the securities, charge higher rates than insurers and
other financial institutions that hold loans on their books.

Difficulty Competing

Wall Street has had difficulty competing against insurers
and government-supported housing agencies since CMBS sales
revived in 2010, according to Darrell Wheeler, a bond strategist
for Austin, Texas-based Amherst Securities Group LP. Issuance of
the securities, which peaked at $232 billion in 2007, plummeted
to $11.5 billion in 2010. Wall Street arranged $28 billion of
the debt last year.

Government-supported entities such as Fannie Mae and
Freddie Mac have also increased lending by selling $33.9 billion
of bonds tied to apartment buildings last year, from $21.6
billion in 2010, according to data compiled by Bloomberg,
reducing another pool of potential borrowers. Multifamily
buildings fell to 5.5 percent of CMBS in 2011 from 18.6 percent
five years earlier, JPMorgan data show.

Lending to retail property owners has risks. The average
vacancy rate for neighborhood and community shopping centers was
11 percent through the fourth quarter of 2011, holding at the
highest rate in more than 20 years, according to research firm
Reis Inc.

Sears Holdings Corp. (SHLD), the second-largest tenant in the $600
billion CMBS market, said in December that it was closing as
many as 120 stores after sales fell.

Late Payments

Late payments on retail mortgages packaged and sold as
bonds rose 32 basis points, to a record 7.21 percent last month,
according to Fitch Ratings. That compares with a rate of 8.32
percent for all property types. A basis point is 0.01 percentage
point.

“Moody’s is concerned about retail concentration in CMBS
2.0 deals,” said Tad Philipp, an analyst at Moody’s Investors
Service, referring to deals sold after the boom ended.

At the same time, “the recession did an excellent job of
separating retail winners from losers, and three-year track
records for sales and occupancy are more valuable than ever,”
he said.

Increased lender demand means better terms for mall owners
such as Simon Property Group Inc. (SPG), the largest in the U.S., and
General Growth Properties Inc. (GGP)

The largest loan in the Morgan Stanley pool being sold is a
$130 million mortgage to The Shoppes at Buckland Hills, a
Manchester, Connecticut-based mall owned by GGP, according to a
regulatory filing.

Banks Calling

The fourth-biggest is a $65.8 million mortgage on Capital
City Mall in Camp Hill, Pennsylvania, owned by Pennsylvania Real
Estate Investment Trust. (PEI) The real estate investment firm used
the loan to refinance maturing debt, the filing shows. Mary Claire Delaney, a spokeswoman for Morgan Stanley, declined to
comment.

Andrew Ioannou, senior vice president, capital markets and
treasurer of the REIT, said since the commercial mortgage
market’s revival banks are now calling them instead “of the
other way around.” One advantage is Wall Street allows
borrowers to take on more debt in exchange for higher interest
payments, he said.

“Without a doubt the CMBS market right now is more
aggressive than it’s been in a long time,” he said.

Relative yields on top-ranked commercial-mortgage bonds
have narrowed 48 basis points this year to 213 basis points,
according to a Barclays Plc index. The spread is the narrowest
since July and fell in January by the most in almost two years.

‘Sexiest Looking’

Deutsche Bank AG is planning a $1 billion CMBS deal as soon
as this week, according to a person familiar with the deal, who
declined to be identified because the transaction hasn’t been
announced. Banks are arranging as much as $11 billion in new
sales through April, according to Commercial Mortgage Alert, an
industry newsletter.

Investors got accustomed to seeing Manhattan trophy
properties in 2007 when Wall Street was offering low rates and
high leverage, said Pendergast of Jefferies. Buyers should be
looking for stable properties in reasonable markets, she said.

“It may not be the sexiest looking deal, but that doesn’t
make it a bad thing,” the Stamford, Connecticut-based
strategist said of lending to less prominent buildings.

Economic Outlook

The retail industry has spawned an array of property types
over the past 15 years, from neighborhood strip malls to outdoor
lifestyle centers, according to Ryan Severino, an economist at
Reis, and some have withstood the economic downturn better than
others.

“We are very picky with what we will do,” said Paul Vanderslice, co-head of the U.S. CMBS group at Citigroup Inc. in
New York. “Shopping centers anchored by grocery stores are very
good, and are a much better bet than a third-tier regional
mall.”

The retail loans getting placed into recent deals have
relatively low leverage, meaning the owners are not as deeply in
debt, said Harris Trifon, a commercial-mortgage debt analyst at
Deutsche Bank in New York.

“Barring some catastrophic change in the economic outlook,
most of the properties should perform as expected,” Trifon
said. “It’s not going to be a situation where all of a sudden,
all of the retail loans start going bad at the same time.”

Still, shopping malls in slow-growth markets, with
significant exposure to a single tenant or with unproven track
records do show up frequently in CMBS 2.0, according to
Amherst’s Wheeler.

Even as the U.S. unemployment rate dropped to 8.3 percent
in January, the lowest since February 2009, from 10 percent in
October 2009, consumers remain defensive about spending, said
Severino of Reis. Household purchases climbed 2.2 percent in
2011 after an increase of 2 percent in 2010, the weakest two-
year performance of any expansion since the end of World War II.

“We are definitely over-retailed as a country,” said Bank
of America’s Todd. “If the third mall in a one-mall town is the
largest loan in the deal, then obviously the retail
concentration works against you.”

To contact the reporter on this story:
Sarah Mulholland in New York at
smulholland3@bloomberg.net

To contact the editor responsible for this story:
Rob Urban at
robprag@bloomberg.net

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Article source: http://www.bloomberg.com/news/2012-02-22/wall-street-crowds-into-trader-joe-s-as-trophies-prove-elusive-mortgages.html

Policy makers in Washington continue to have a soft spot
for homeownership. Many recent government actions can be viewed
as attempts to keep people in their homes, even owners who
clearly can’t afford them. In addition to specific plans such as
the Home Affordable Modification Program, or HAMP, and the Home
Affordable Refinance Program, or HARP, the Obama administration
is trying to revive the moribund housing sector by encouraging
mortgage lenders and servicers to refinance loans at lower
rates.

This reduces interest income for banks, which are now
compelled by the Dodd-Frank law to retain 5 percent of the
credit risk on lower-quality residential mortgages that are
securitized and sold to others. Furthermore, banks are reluctant
to refinance loans that Fannie Mae and Freddie Mac (NMCMFUS) then
guarantee and put back to the lenders if they find any defects.
The White House plan is a tough sell.

Refinancing Woes

As banks deleverage and mortgage activities increasingly
involve unwanted loans, the ability to deal with refinancing has
diminished. Four banks now control more than 60 percent of the
mortgage market, and many mortgage servicers have reduced staff
or been slow to gear up to handle delinquent mortgages and
refinancings. Except for those who qualify for HARP, refinancing
is highly unlikely for 8 million owners who are underwater –
owing more than the value of their homes — because new terms
are treated as new loans. Those who have positive home equity
face dramatically tightened lending standards, a clogged
refinancing system and new fees that can wipe out the savings
from refinancing.

Almost 90 percent of mortgages today are only originated
because of guarantees from Freddie Mac, Fannie Mae and the
Federal Housing Authority, and all three have raised their fees
substantially. As a result, many of the 20 million borrowers who
could cut their mortgage rates by more than one percentage point
through refinancing are unable to benefit.

– Second Mortgages: Refinancing underwater borrowers is
tough when they have second mortgages that also have to be
renegotiated, or if mortgage insurers have to agree to the new
loans. Many borrowers can’t qualify for refinancing because of
tightened lending standards. Fannie, Freddie and the FHA have
strengthened their requirements because of pressure from the
administration to avoid more losses on bad mortgages. High
credit scores are needed to refinance outside HARP, along with
two years of tax returns, proof of income and recent evidence of
assets such as retirement and brokerage accounts.

During the housing boom, appraisals for house purchases
were generous. (And why not? Everyone was certain that house
prices would rise indefinitely.) Cooperating appraisers were
often recommended by real-estate brokers and mortgage lenders
who wanted the deals to go through. After the house-price
collapse, however, appraisals became very conservative, as
lenders pressured appraisers to make low estimates.

– Postponed Foreclosures: Foreclosures (HOMFCLOS) have been curtailed
for several years, mainly because the administration essentially
told lenders and servicers to hold off while they attempted
mortgage modifications. Those efforts largely failed. Then the
industry voluntarily imposed a moratorium while it was caught in
the robo-signing flap, in which documents were approved without
proper examination. More recently, lenders and servicers have
been trying to avoid throwing people out of their homes as the
industry worked out the recently announced restitution with the
federal government and state attorneys general for troubled
mortgages. As a result, foreclosures in 2011 fell significantly
from 2010, and in the third quarter were the lowest since 2007.

Sadly, these efforts to keep people in houses they can’t
afford are simply prolonging the process of repairing the
housing mess and getting rid of excess inventories.

These measures are the opposite of the successful program
led by the Resolution Trust Corp. to clean up the savings-and-
loan mess two decades ago, when loans, other assets and whole
financial institutions were sold off quickly to private buyers,
at very low prices. As we discovered then, large inventories of
distressed assets overhang the market and depress prices. To
rejuvenate markets, initial sales at low prices are needed to
attract buyers and lead to higher prices.

– Sagging Homeownership: Despite all the efforts to keep
people in their houses, homeownership is falling. It dropped to
66 percent in the fourth quarter of 2011, compared with a peak
of 69.2 percent in the fourth quarter of 2004. Meanwhile, the
33.5 percent drop in median single-family house prices is the
first nationwide decline since 1930s.

That is a big number, but then 12.5 percent of residential
mortgages are past due or in foreclosure. This may be an
important reason that consumer spending has held up as well as
it has in this recovery, despite all the pressure to increase
the saving rate and reduce debt. Nevertheless, as heavy
foreclosures resume and ex-homeowners are forced to pay rent,
this free money will evaporate.

– Ripple Effect: When house prices were rising, Americans
were eager to keep their houses. So the mortgage was the first
bill they paid each month, even if that meant they postponed
payment on credit cards, cars and student loans. Now, with house
prices falling, mortgages are paid last or not at all,
especially by the mortgage-holders who are underwater and may be
strategically defaulting.

If historical trends hold, the total homeownership rate
will return to its earlier base level of 64 percent by the
fourth quarter of 2016. Continuing the average annual growth in
households over the last decade of 891,000 would increase the
total number by 4.5 million by the fourth quarter of 2016. This
is enough to increase the number of new homeowners by 550,000
even with that further drop in the homeownership rate.

But it also means the addition of 3.9 million new renters,
or 780,000 per year. This doesn’t suggest that we are becoming a
nation of renters. Instead, it reflects the elimination of the
widely held belief that house prices always rise and the end of
loose lending practices that drove the homeownership rate to its
2004 peak. In fact, the reversal to falling prices and the
extraordinarily tight lending standards may push the
homeownership rate below that 64 percent norm; it would now be
60.9 percent if all those with mortgages that are delinquent or
in foreclosure become ex-homeowners.

– Affordability (AFFD): There are many, including the always
bullish National Association of Realtors, who believe that
homeownership is bound to rise because houses are now so
affordable. In calculating its housing affordability index, the
association assumes that a family with median income buys a
median-priced single-family house with 20 percent down and
finances at the current 30-year fixed mortgage rate. The
collapse in house prices and decline in mortgage rates in recent
years have more than offset the weakness in median family
income, which, according to the Realtors’ group, dropped from
$63,366 in 2008 to a $60,824 average for the first 11 months of
2011.

Nevertheless, it is impossible to compare the current
attractiveness of buying a home and the conditions in the 1990s
and early 2000s. Unemployment rates were much lower then, and
house prices were rising as they had been since the 1930s.
Financing a mortgage was easy with little or nothing down and
spotty credit. Then, huge house-price declines and widespread
foreclosures were unthinkable.

– Weak Earnings: Furthermore, real weekly earnings are
falling in what is supposed to be an economic recovery, even as
payroll employment growth has been modest. Long-term
unemployment is now becoming common, with 43 percent of the
unemployed out of work 27 weeks or more and the average length
of joblessness at 40 weeks. Job openings have been rising, but
hiring is little changed because many of the long-term
unemployed, and the newcomers to the job market, don’t have the
required skills. Manufacturing output has revived, but it has
been accompanied by the resumption of rapid growth in output per
employee, which means production advances have arrested but not
reversed the long-term downtrend in manufacturing employment.

Realistic housing affordability is also subdued by the 10.7
million underwater homeowners who cannot move to different,
perhaps more expensive houses and thereby free up starter houses
for new homebuyers. A recent study reveals that underwater
borrowers are 30 percent less likely to move than renters or
those with positive home equity.

– Expensive Houses: Despite the collapse in prices,
homeownership is still expensive relative to rentals, even as
apartment rental rates rise and vacancies decline. Moody’s
Analytics Inc. calculates a ratio of home prices to yearly rents
at 11.3, down from the bubble peak of 18.5, but still higher
than the 1989-2003 average of 10. You’d expect house prices to
be lower than average in relation to rents, not higher, now that
prices are falling.

Rents have to be higher for landlords to offset the eroding
value of their properties. The decline in a rental house’s price
is just another cost like taxes and maintenance. In any case,
the house price-to-rent ratio is only relevant to the few who
can qualify to buy.

In past decades, houses have sold for about 15 times rental
income. That was true of the post-World War II years, when
owners of rental properties expected inflation to enhance their
6.7 percent return, not including maintenance costs and property
taxes. If I’m right about the outlook for slow economic growth
and falling house prices, houses and apartments are more likely
to sell below 10 times rental income.

The consumer retrenchment and recession I foresee for this
year will only add to the lack of affordability of owning houses
and to the attractiveness of renting. With it, unemployment will
rise, while incomes will fall further. As employment drops, the
duration of unemployment will rise, labor force participation
will fall and median single-family house prices will decline an
additional 20 percent. That will definitely make ownership less
attractive even if it raises the Realtors’ housing affordability
index.

(A. Gary Shilling is president of A. Gary Shilling Co.
and author of “The Age of Deleveraging: Investment Strategies
for a Decade of Slow Growth and Deflation.” The opinions
expressed are his own. This is the first of a three-part
series.)

Read more opinion online from Bloomberg View.

To contact the writer of this article:
A. Gary Shilling at insight@agaryshilling.com.

To contact the editor responsible for this article:
Max Berley at mberley@bloomberg.net.

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One oft-neglected but essential component of keeping the right mix is the need to periodically review and rebalance the portfolio to maintain the target allocation over time.

A well-considered asset allocation depends upon a number of factors, including age, employment status, risk tolerance and specific goals like cash flow and legacy planning. The plan is likely to include some specific percentage allocations to U.S. equities, foreign stocks, bonds, commodities such as gold and silver, and some cash equivalents.

However, over time some classes perform better than others, leading to gradual deviations from the original target mix. This development requires that investors periodically shift funds from some asset classes into others to restore the desired balance.

Gone are the days when a portfolio can be left on autopilot. The old buy-and-hold strategy has not worked over the past decade and is unlikely to prevail over the next.

It is essential that investors monitor and rebalance at least once a year to adapt to variegated sector returns and keep on track to achieving their ultimate goal. Early in the year is a good time to revisit the plan and freshen up the mix.

Generally, asset class returns do not move in lockstep but ebb and flow in an endless rotation from year to year. This year’s best performer often sinks to the middle of the pack the following year. Of course this lack of synchronicity or correlation is the precise reason for diversifying among asset classes in the first place.

However, to make the strategy work one must periodically restore the target mix following bouts of uneven performance.

The importance of periodic realignment was amply illustrated over the past two years. While U.S. equities made small gains in 2011, emerging market stocks plummeted 21 percent, leaving a big hole in investors’ portfolios.

But that big dip was coming off of a very respectable 16 percent gain in 2010, so the investor that rebalanced early last year had taken some profits and had less exposure to the steep decline.

Now, if the same investor had again rebalanced at the beginning of 2012, he would have snapped up emerging market stocks at a discount, just in time to benefit from the 16 percent run-up so far this year.

The point is even more sharply illustrated with U.S. Treasury bonds. To the surprise of most analysts, long-term U.S. government bonds were the best performing investments in 2011, jumping 29 percent and resulting in a serious overweight condition in a balanced portfolio. Rebalancing early in 2012 turned out to be just the ticket, as bonds are down 4 percent so far this year.

Step one is creating a thoughtful investment plan and asset allocation. But it is also critical to review and rebalance your portfolio at least once a year to keep the plan effective.

Get answers to financial questions on Wednesdays from our columnists who work in the financial services industry. Christopher A. Hopkins CFA, is a vice president at Barnett Co. Submit questions to his attention by writing to Business Editor Dave Flessner, Chattanooga Times Free Press, P.O. Box 1447, Chattanooga, TN 37401-1447, or by emailing him at dflessner@timesfreepress.com.

Article source: http://www.timesfreepress.com/news/2012/feb/22/personal-finance-rebalancing-portfolio-deals-marke/

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