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In an unusual business quirk, home loans to illegal immigrants have been found to be solid even as subprime mortgages to legal U.S. residents are shaking the financial markets globally.

Also known as ITIN mortgages because they are made to those with a Individual Taxpayer Identification Number, most of these mortgages are taken out by Hispanic illegal immigrants who lack a Social Security Number.

As a story in today’s Wall Street Journal (subscription required) notes, illegal immigrant mortgages are a bright spot in an otherwise gloomy mortgage scenario:

For loans more than 90 days in arrears, ITIN mortgages have a delinquency rate of about 0.5%, according to independent estimates. That compares with 1% for prime mortgages and 9.3% for subprime mortgages extended to those with spotty credit histories.

According to the WSJ, Texas, Illinois, Georgia, Wisconsin and Indiana are the leading originators of ITIN mortgages.

But with the residential construction business slowing down and raids on illegal immigrants intensifying across the U.S. lately, the ITIN mortgages could come crashing down on the banks. If that happens, it would increase foreclosures and further depress the real estate market in the U.S.

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In the latest incident involving Delhi’s notorious Blueline buses, seven pedestrians were killed today in India’s capital city.

A Blueline bus mowed down seven people at Ali Gaon taking the total toll from these deadly buses to 93 this year.

The dead in today’s gory incident involving a Blueline bus on Route 460 included five women, a child and a man. Eight others were injured.

Upset over the bloody incident, a mob of 3,000 threw stones at the bus and attempted to set it on fire.

One of the most incompetent governments in India today, the Delhi administration has done little to stop the killing spree of these privately owned Blueline killer buses, which are often reported to be speeding.

Residents of Delhi commonly refer to the 4,000 Blueline buses plying in the city as the “killer fleet“.

Death Toll from Blueline Buses
2007 – 93 (Jan-Oct 6)
2006 – 100
2005 – 142

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Beverly Hills cosmetic surgeons – you know the kind who tinker around with nature’s creations to make them more bountiful and beautiful – are up in arms against their city ‘s move to collect higher taxes from them.

Apparently, the Beverly Hills city authorities are coming down heavily on surgery centers after finding that the surgery centers are more like hospitals without overnight stays than like the old doctors offices. The doctors were paying taxes under a “Professional Office” system based on the number and type of employees in the office.

After being asked to fork out a percentage of gross revenues, the cosmetic and plastic surgeons are venting their spleen at the city.

Today’s Wall Street Journal (subscription required) has an interesting piece on the fracas:

Beverly Hills is squabbling with doctors who practice within the city’s 5.7 square miles. After decades of collecting lower taxes from doctors than from other businesses, Beverly Hills is trying to take a bigger cut of the revenue generated from so-called surgery centers, many of which specialize in cosmetic surgery. The city contends the centers become a drain on resources relative to the taxes they pay.

Hard times indeed for these purveyors of gravity-defying orbs and mind blowing lips .

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Say what you will, we think the Singapore government’s policy of banning bubble-gum chewing in public was a sensible move.

Alas, the Indians are not half as smart as the Singaporeans, who got their Independence 18 years after the Indians.

As bubble-gum sales go flat in the U.S., the MNCs have turned their sights to attacking Indian kids with their hideous product.

Today’s Wall Street Journal (subscription required) has an interesting story on the bubble-game plans of the big multinational corporations:

Cadbury Schweppes PLC, the world’s biggest candy maker by sales, is intensifying the race to capture India’s growing bubble-gum market. Cadbury’s Bubbaloo, launched there in July, joins rivals Boomer gum, made by Wm. Wrigley Jr. Co. of the U.S., and Big Babol, made by Italian company Perfetti Van Melle SpA, to try to entice children, the main chewers of bubble gum.

One of the vilest products to emerge out of man’s imagination, we still can’t understand why both the young and old, boys and girls, rich and poor are slave to this horrid viscous chemical made from petroleum-based polymers.

Would you drink petrol? No, right. So, why would you want to put bubble-gum into your mouth?

As long as there are dumb, bovine folks in the Third World, MNCs have no Continue reading »

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Arch-enemies India and Pakistan, two of the poorest and probably dumbest nations in the world, were the top arms buyers in the world in 2006, according to the a new report released Monday by the U.S. Congressional Research Service.

That apostle of peace Gandhi – whose 138th birthday Indians celebrate tomorrow – would be turning in his grave if he knew that in 2006 India signed arms transfer agreements valued at $3.5 billion.

India’s neighbor and bitter rival Pakistan inked arms deals valued at $5.1 billion in 2006.

India was the No-1 developing world arms purchaser from 1999-2006, with the arms transfer agreements totaling $22.4 billion (in current dollars) and accounting for 11.9% of all developing world arms transfer agreements during this period.

All together, sales to developing countries hit $28.8 billion in 2006 compared to $30.54 billion in the previous year.

The U.S. ranked first in arms transfer agreements with developing nations in 2006 with $10.3 billion or 35.8% of these agreements followed by Russia with $8.1 billion or 28.1% of such agreements.

Who benefits from such military sales to the developing nations – the military-industrial complex in the U.S., Russia and other selling nations and the seller nations themselves because of the political influence it gives them.

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1. Blacks account for 13% of the U.S. population but about 50% of the two million prisoners. Writing in Sunday’s New York Times, Harvard professor Orlando Patterson attributes this “virtual gulag of racial incarceration” to unfair law enforcement, draconian mandatory sentencing, retreat from rehabilitation, far higher crimes committed by blacks and the catastrophic state of black family life.

2.  According to Nancy Benac of the Associated Press, 40% of Americans – a whopping 116 million – have never lived when there wasn’t a Bush or Clinton in the White House, either as President or Vice President. To all those Indians who whine about the Nehru-Gandhi dynasty’s hold on power, take heart. Things in America ain’t no better.

3. When you read that 23% of cars sold in the U.S. are manufactured elsewhere (mainly Japan, South Korea, Germany), you begin to realize why the American auto industry is going down the toilet. Just watch, things are only gonna get much worse for U.S. auto workers when the American car companies GM, Ford and Chrysler start importing cars from China and other low wage countries.

4. About 47 million Americans do not have health insurance. This means most of them cannot afford to visit a doctor unless they are unlucky enough to be struck with a catastrophic illness in which case they become bankrupt.

5. According to the New York Times, the cost of wars in Iraq and Afghanistan since 9/11 is projected to hit $800 billion by the end of 2008.

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Even in the land of Khushboo a.k.a the South Indian state of Tamil Nadu, thin is apparently in these days.

Besides the voluptuous yesteryear actress Khushboo (for whom devoted fans once built a temple), several prominent Tamil heroines like Jyothika, Ramya, Nagma, Sripriya  and Nayantara have been rather plump by Hollywood – and even Bollywood – standards.

But according to the hacks at the Wall Street Journal (subscription required), plump is out of fashion these days in India.

Gone with the wind are the days of yore when plump, fleshy heroines were the stuff of every young man’s fantasies. A WSJ feature item takes note of this new phenomenon in the Friday edition of the paper: 

In the home of the country’s Tamil-language film industry, full-figured heroines used to be the hottest stars. Until a few years ago, actresses considered too chubby for the country’s mainstream Hindi-language Bollywood movies could find roles easily in this city. No more.

Well, that’s a bit of exaggeration considering that full figured Tamil actresses like Nayantara and Meera Jasmine still have the young uns – and, ahem, quite a few old ones too like yours truly – drooling.

Hooey, say the folks at the WSJ. They argue that for a new generation of young women in India, weight reduction, yoga, diet and thin are the new shibboleths.

In a country where full figures have long represented the ideal for feminine beauty, thin is increasingly in. An influx of glossy international fashion magazines and a growing number of opportunities for women in the work force are prompting a move toward fitted Western-style fashions and away from flowing national garb. Now, weight-loss clinics are proliferating in urban centers.

Well, count us out among the new fans of the thin, svelte Indian babes.

Not for us the Shreyas and Asins. We’ll stick with the Jyothikas and Nayantaras, thank you.

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Amazon.com’s new online music store Amazon MP3 offers songs in several Indian languages including Hindi, Tamil, Telugu, Punjabi and Kannada.

We checked the Amazon store for songs from old and new Hindi and Tamil movies including Aradhana, Dilwale Dulhania Le Jayenge, Dhoom and Ilamai Oonjaladigirathu (Tamil). Guess what, we found ‘em all there.

A preview option lets you listen to the songs for a short while before making the purchase.

Most of the Hindi and Tamil songs we checked were priced at 89 cents each while some were 99 cents.

The good news for buyers – the songs are available in MP3 format without digital rights management (DRM) restrictions.

This means that customers can enjoy their music downloads using any hardware device including PCs, Macs, iPods, Zunes, Zens, iPhones, RAZRs and BlackBerrys.

Buyers are also supposed to be able to organize their music using any music management application such as iTunes or Windows Media Player and burn songs to CDs.

Amazon’s new music download service is offering a total of two million songs from 180,000 artists in a wide variety of genres.

Will Amazon.com be able to make a dent in the face of the Apple iPod juggernaut? Watch this space.

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Starting with the browser, Microsoft has been one of the biggest failures and laggards on the Internet side of the computer industry.

Microsoft’s latest and biggest failure is, of course, on the search front where Google has taken all the glory and all the money.

Despite throwing in hundreds of millions of dollars, Microsoft’s MSN search engine struggles to gain user acceptance in the face of a far superior service from Google.

But MSN Search is not the only Microsoft failure on the Internet side.

In fact, the history of Microsoft’s Internet initiatives is littered with the carcases of failures – online advertising, MSN Internet access, CarPoint, MSFDC bill presentment and payment service, LinkExchange Banner Network, HomeAdvisor home buying service, Passport Express Purchase online shopping service, Electronic Wallet, MoneyCentral and more.

AOL crushed Microsoft’s Internet access service Continue reading »

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What’s all this hullabaloo about IT company EDS paying $720,000 in bribes to Indian officials?

We just don’t understand all this sound and fury and gnashing of teeth. It’s all much ado about nothing.

After all, taking and giving bribes is a great Indian tradition.

Scores of Bollywood movies show ministers and officers demanding and taking lakhs of Rupees – as they say in the Hindi movies these are not bribes mind you but a small something to buy candy for the kids.

Remember the Swedish gun manufacturer Bofors‘ huge bribes to Indian officials. In two decades of investigations has anyone been caught despite all the noise?

Tehelka showed pictures of high officials taking money. What happened – Tehelka was crushed.

Yes, EDS paid at least $720,000 to senior officials of two Indian public sector companies between 2001 and 2003 who had apparently threatened to cancel a major contract. The bribes were in the form of cash, gifts and services.

Bribes were paid. And the contract continued.

Everything would have been just fine and we would’ve gone on drinking our Lattes and Lassis without wasting time on blogging this story.

Except that the matter came out, caught the SEC’s attention and EDS now has to pay a fine of $490,902 for the various violations.

And poor Chandramowli Srinivasan, the former president of EDS’ erstwhile unit A.T.Kearney India has to pay a fine of $70,000 although he neither denied nor admitted to the bribery.

No, we really are not desperate to know the names of the two Indian public sector companies involved, the identity of the officials who received the bribes or what Chandramowli Srinivasan is doing now.

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