Home foreclosures oust faithful renters

MIAMI — Tita Mendoza and her husband moved into their Miami Beach condo in June and have been dutifully paying the $1,800 rent on time every month. And yet, they could be evicted any day now.

Last month, the Mendozas were served with court papers notifying them that their landlord was being foreclosed on, meaning the couple could be turned out on the street.

"It's unbelievable to me that people could be so irresponsible," said Mendoza, who moved to Miami Beach from Chicago, where the couple had owned a home. "We're just waiting to see what happens next."

Across the country, thousands of renters have become innocent victims of the mortgage crisis: They have been forced to move because the owner of the property was in foreclosure. Security deposits have been lost and lives turned upside-down as people scramble to find a new place to live on short notice.

A few states recently passed or proposed laws to protect renters by requiring mortgage holders to provide sufficient notice for tenants living in foreclosed properties. Sheriffs in Illinois and Michigan also have stepped in to help.

"It's a huge issue, and it's one that until recently has flown under the radar," said Danilo Pelletiere, research director at the National Low Income Housing Coalition. "Renters haven't been addressed by some localities because they have been focusing on homeowners."

Almost 15 million renters, or 40 percent of all renters, live in single-family homes, townhouses, condos or duplexes, according to Census data. While there are no national figures on foreclosure-related evictions, these types of rental properties have been vulnerable to foreclosure because they tend to be owned by small investors.

According to RealtyTrac, about one-third of the 378,250 properties with valid mailing addresses that were in default or waiting for a foreclosure sale in May were not occupied by the owner. That would indicate they are investment properties or rentals.

Sheriffs take stand

Last week, Tom Dart, the sheriff in Chicago's Cook County, drew the ire of landlords and lenders everywhere when he announced he would no longer send his deputies on court-ordered foreclosure evictions because many of the people being turned out on the street were tenants who had faithfully paid the rent. On Thursday, Dart announced that his deputies will resume taking part in foreclosure evictions next week, but only with stringent legal safeguards worked out with the courts. Among other things, a bank that is foreclosing on a property must prove it informed all tenants of a state-mandated grace period designed to allow them to look for new housing.

In Michigan, Genesee County Sheriff Robert Pickell put a two-week moratorium into effect Monday on evicting renters living in foreclosed homes.

"My sheriff doesn't wring his hands and gnash his teeth very long," said Undersheriff James Gage. "He looks at the situation, sees it's wrong and takes action."

Legislatures act

Last week, Ohio state Reps. Ted Celeste and Mike Foley, both Democrats, proposed the Ohio Renter's Protection Act. The law would require landlords to tell potential tenants if the rental property is in foreclosure and notify current tenants of a foreclosure within 30 days of the filing. The bill also calls for 30-day notice to the tenant before a sheriff's sale. It could reach a vote by the end of the year.

"You want to protect the tenant to the degree that they have some notice, should there be a need to have them leave," Celeste said.

In July, California Gov. Arnold Schwarzenegger signed a law giving a tenant 60 days to leave a rental housing unit after the property is sold in foreclosure.

Illinois passed a measure in August that calls for 90 days' notice before an eviction — a law that apparently was not being followed too closely because Dart told a judge that his deputies were often evicting renters who had not been given proper notification.

When it comes to tenant laws and renter's rights, each state has its own rules, and each state legislature is free to add further protections for tenants.

But there are no state or local laws in Miami to prevent the eviction of the Mendozas. They have asked a real estate agent to start planning for that possibility.

Other states — Indiana, Minnesota, Rhode Island and Washington — considered bills strengthening tenants' rights in foreclosures, but they apparently died in their legislatures, according to the National Conference of State Legislatures.

In Michigan, a bill was introduced to require landlords to notify tenants at least 30 days before a property is put up for auction. But the measure has been in committee since last December.

Renters can forget about help from the federal government, at least for now. The National Low Income Housing Coalition tried to get the government to spend $200 million for relocation assistance for renters who lose homes to foreclosure, but the request didn't make it into the big bailout of the financial industry.

Sheila Crowley, the coalition's president, said she will continue to press the issue: "If we spent $700 billion, can't we spend a chintzy $200 million?"

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$10M retail expansion cleared for Mt. Juliet

A Wilson County developer has been cleared to build a $10 million expansion of a development on the northern end of Mt. Juliet.

Developer Ben Forkum will start construction early next year on a 4-acre shopping center called Fountain Plaza, Forkum said last week.

The development is part of the larger Mt. Juliet Commons development, a mixed-use project that features another commercial development and more than 150 single-family houses and townhouses.

The Mt. Juliet Municipal-Regional Planning Commission approved the Fountain Square plan at a meeting Thursday.

The 36,000-square-foot project has been designed by Lebanon architect Michael Manous as a lifestyle center, an open-air shopping plaza that features amenities and stores aimed at upscale shoppers.

The development will be built on speculation, meaning no tenants have yet signed up, but Forkum aims to attract at least two restaurants, boutiques, professional offices and possibly a day spa.

"This is really a prime location in Mt. Juliet," Forkum said. "Wilson County has the second-highest median household income in Tennessee, and the northern side is where all the people are."

Forkum's plans call for building four buildings in two phases. Combined, these buildings will have room for as many as 18 businesses, with spaces available from 1,250 square feet to 13,450 square feet.

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If GM and Chrysler combine, what stays and what goes?

A drastically reduced number of Chrysler vehicles, plants and dealers could result from a merger of the automaker with General Motors Corp., a deal that has about a 50-50 chance of going through, possibly by the end of October, auto analysts say.

Reports abounded last week that Cerberus Capital Management LP was continuing serious talks with General Motors Corp. on the sale of all or parts of its Chrysler LLC subsidiary to GM.

A major player in the deal could be JPMorgan Chase & Co., one of the largest holders of Chrysler bank debt and one of GM's key lenders, The Wall Street Journal said.

There were even suggestions that France's Renault S.A. might be interested in a piece of Chrysler — the Jeep brand that Renault sold to the U.S. automaker 21 years ago.

Renault officials denied that Friday evening, though. "There are no discussions between Renault and Chrysler," Renault spokeswoman Frederique Le Greves said in an e-mail from France.

Speculation continues over how the U.S. car manufacturing business could be rearranged, though, in an environment of shrinking car sales, difficult financing and high debt. Possibilities range from a complete takeover of Chrysler by GM to the breakup of Chrysler into smaller parts, with several buyers swooping in for pieces, analysts say.

There's still a chance that Cerberus, which bought an 80.1 percent stake in Chrysler from Germany's Daimler-Benz in August 2007, could decide to continue running Chrysler as an independent automaker. (Daimler still holds a 19.9 percent share of Chrysler, although Cerberus is in negotiations to buy the rest of the company.)

But what happens if Chrysler is carved up or sold outright?

With a breakup of Chrysler, GM could be expected to go after the automaker's highly successful minivan business, along with a truck plant in Mexico and perhaps even the Dodge Ram pickup as an addition to GM's already profitable line of Chevrolet Silverado and GMC Sierra pickups, analysts say.

Strategically, a complete merger between Chrysler and GM "probably doesn't make much sense," said Jeremy Anwyl, a longtime auto-industry analyst who now serves as chief executive officer of the auto consumer Web site Edmunds.com.

But banks holding GM's debt might push such a merger, Anwyl said.

"The pressure is coming from the bankers, because they obviously are thinking about getting the debt repaid," he said.

Chrysler has about $10 billion in cash on hand, which potentially could help GM get through a possible cash crunch during 2009. GM lost $1.6 billion last year and posted a $510 million loss in its first quarter this year. The company is going through about $1 billion of its cash each month.

Cash, credit unit in play

Under a potential deal widely reported by the financial media, Cerberus would trade Chrysler and $3 billion in cash for the remaining 49 percent stake that GM still holds in the GMAC finance unit. Cerberus bought the other 51 percent of GMAC from GM last year.

"There would be some benefits from a complete consolidation, such as allowing the combined company to take some of its capacity offline," Anwyl said. "It could result in the shutdown of some dealers and plants, and maybe even some brands. But that would also mean ultimately giving up market share as well, and that doesn't seem to be a good strategic move."

GM's real interest in Chrysler might lie with the Jeep sport utility vehicle brand, as well as the minivan line, which includes the Chrysler Town & Country and Dodge Grand Caravan.

GM has no minivans in its current lineup, although it does sell a line of crossover utility vehicles, including the new Chevrolet Traverse made in Spring Hill, that compete against minivans.

"Some of this makes sense, but not all of it," auto analyst George Magliano with Global Insight said of a possible Chrysler-GM merger.

"Initially when Chrysler was put into play, GM wanted the Jeep brand and the minivans," he said. "Beyond that, the other stuff probably would be up for grabs. In an ideal world, GM would keep Jeep and the minivans, and sell off the rest."

With a breakup of Chrysler, the other potentially valuable pieces that could find separate buyers include its Mopar parts operation and Chrysler Financial, its captive finance unit.

In almost any merger or breakup scenario, Dodge and Chrysler's midsize cars and truck-based sport utility vehicles would be eliminated, analysts said. That includes the Dodge Avenger and Chrysler Sebring sedans, as well as the Dodge Durango and Chrysler Aspen SUVs.

GM has a strong line of midsize sedans, led by the award-winning Chevrolet Malibu and Saturn Aura. And it has a popular line of SUVs, including the Chevy Tahoe and Suburban, GMC Yukon and Cadillac Escalade.

Also in doubt would be the Dodge Ram pickup line, Anwyl said. The Ram — with just a 20 percent market share — is a relatively small player.

GM already has the industry's best-selling full-size pickups — the Chevrolet Silverado and GMC Sierra — whose combined sales totaled nearly 1 million units last year, although sales are off significantly this year.

If GM bought Chrysler, "would you stop making Ram and hope those buyers like the Silverado?" Anwyl said. "Or would you try to differentiate them enough in the marketplace to keep from losing share? Throw another vehicle into the mix, and it gets complicated."

What would GM toss?

GM also might have to do away with some brands, as well, analysts said. Chrysler is considered to be the most vulnerable, because Dodge and Jeep are more popular.

But some GM brands could be on a hit list, too. During GM's recent financial upheaval, some critics suggested axing the Pontiac, Buick and Saturn lines, leaving only Chevrolet, GMC and Cadillac in the GM fold. GM already has the Hummer SUV brand on the auction block.

Jeep could fill the void left by Hummer, several analysts said.

While Hummer has just premium-priced vehicles in its lineup, both of which are regarded as gas-guzzlers, Jeep has a full range of sport utilities, with prices starting around a modest $16,000.

It also has the iconic Wrangler off-road vehicle that has been the key Jeep product since the brand's inception after the end of World War II.

"Jeep is strong," Anwyl said, even with this past year's downturn in SUV sales. "It's something that GM or any other automaker might want."

The most economical Jeeps have fuel economy similar to that of some compact cars. The five-passenger Patriot, for instance, has EPA ratings as high as 23 miles per gallon in the city and 28 on the highway.

For Renault, the acquisition of Jeep would allow it to slip back into the U.S. market, which it abandoned completely with the sale of Jeep and American Motors. The company has said in recent years that it would like to return to the United States. But startup costs have been prohibitive, considering that without an alliance with an automaker already here, Renault would have to establish an entirely new dealer network.

With the purchase of Jeep, it would have an established dealer network that could also be used to sell some of Renault's fuel-efficient small cars that are popular in Europe.

Renault's chief executive is Carlos Ghosn, who also is the CEO of Japan's Nissan. Nissan North America is based in Franklin.

Renault holds a 44.3 percent stake in Nissan, while Nissan owns 15 percent of Renault. The French government also is a Renault stockholder.

In a recent memoir, former Renault Chairman Louis Schweitzer said that he regretted selling Jeep and AMC to Chrysler. At the time, though, the two brands were languishing.

"Renault buying Jeep could make sense," Magliano said. "It would be a quick way to get back into the U.S. market."

Ghosn made it clear during a visit to Nashville in July that Nissan wasn't interested in acquiring Chrysler. But the two companies do have agreements to manufacture vehicles for each other over the next few years, and Nissan is not expecting those deals to be affected by any changes in Chrysler ownership.

"As you know, we have three recently announced vehicle agreements in place with Chrysler —two small cars and a truck," Nissan spokesman Fred Standish said.

"Other than that, we're just keeping the lines of communication open."

Nissan will build the two cars for Chrysler, and Chrysler will provide Nissan with a full-size pickup.

The cash that Chrysler would bring to GM might make an all-in-one sale the best option for Cerberus and GM, Magliano said, although he believes it's more likely that Chrysler would be broken up.

But either way, Cerberus probably wants to get out of the auto business, he said. "The timing for them just turned out to be wrong," he said.

"When the deal was made for Chrysler last year, I don't think anybody counted on the credit crisis and the market going this way. It's been tough for Cerberus."

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Perkonomics takes business owners to the head of the class

Thirteen, the classic baker's dozen, is one of the oldest versions of perks to earn customer loyalty, but it takes more than a free doughnut to keep customers coming back these days.

In today's hyper-competitive world, true business-building perks cannot be just old-school loyalty programs or run-of-the-mill discounts.

TrendWatching.com, which says it has 8,000 people around the world on the lookout for new consumer trends, has coined the term "perkonomics" to describe consumer brand preferences that are increasingly determined by experience and differentiation.

Two of the most important consumer benefits — status and convenience — are the foundations for the most successful customer loyalty programs. Perks can help you achieve the following:

• Create uniqueness for commodity products

• Attract first-time customers

• Generate positive word-of-mouth and spark publicity

• Cultivate more desirable brand perceptions

Commodity products (credit cards, for instance) use perks to set themselves apart from one another. Capital One's air miles are the norm today, and a new perk is a credit card with your own photo on it. (So who's in your wallet? You are!)

At a recent festival in San Francisco, Visa Signature cardholders got an interesting perk — access to private luxury restrooms — while others, including those priceless MasterCard customers were relegated to Porta-Potties.

Saving time is a perk that customers hold dear. How many of you have taken advantage of the Disney FastPass, Dollywood's Q-bot or Avis Preferred to avoid standing in theme park or rental car lines?

Here's a combo deal on fast access: FLO, an airline security company, sells a $100 card that provides expedited stadium entrance at Washington Redskins' home games and speedy security screenings at selected airports.

Good health pays

An innovative South African health insurance company, Discovery, has a wellness program titled Vitality that offers points that result in travel and shopping discounts. You earn points for living a healthy lifestyle and decreasing risk factors for illness.

In subway stations throughout Manila, Nokia has installed mobile phone charging stations. There's no cost for the service that leaves Nokia customers "fully charged" to use their minutes.

All IKEA stories in Canada showcase the company's environmental consciousness by providing reserved parking for hybrid cars. This perk is also offered to visitors on Lipscomb University's campus.

Exclusivity is a time-tested way to deliver high levels of perceived value to customers. In a "perk partnership," American Express teamed with the creators of Bravo's Project Runway TV show.

American Express cardholders had exclusive rights to purchase the winning dress from the Sept. 3 episode. The frock came with a $650 price tag and some unusual bragging rights.

Some innovative hotels in the U.S. and elsewhere have set aside entire floors for female business travelers. An example is the Naumi in Singapore. In addition to the segregation, its Ladies' Floor offers in-room cosmetic and aromatherapy products in addition to an all-female staff.

So what guidance does "perkonomics" give to marketers? It tells marketers to understand the perks that can motivate top customers and prospects. Test fresh ideas for perks, and put the ones that work the best into practice. Your customers and your bottom line will thank you.

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Credit trickle slows construction

Local cities and counties are delaying millions of dollars in bond issues, waiting for municipal debt markets to calm down. Meanwhile, some local businesses are putting off expansions or new construction projects because of trouble getting loans.

Despite actions taken in recent weeks by the federal government to head off a deeper economic crisis, the impact of the credit meltdown still is being felt on Main Street.

Williamson County, the city of Franklin and Rutherford County are putting off a combined $132 million in bond issues to fund projects such as schools and government office buildings.

As a result, the city of Franklin is dipping into a reserve fund to complete its new police headquarters under construction. The Williamson County schools have put off construction of a new elementary school in the community of Spring Hill.

None of those governments delaying raising money have canceled projects for good, and many observers expect the municipal bond market to improve in time.

But no one is sure when that will happen or what the long-term impact could be on borrowing costs and interest rates.

"Our financial advisers are all advising us not to even consider going to market now," said Franklin finance director Russell Truell. "My big concern was what will be the cost of capital?"

Lenders are more picky

The credit crunch has also hit private businesses. Rob Shuler, managing partner of All-American Holdings, a Nashville-based private equity group, said interest rate costs have increased a total of 27 percent in recent weeks for a specialty chemicals manufacturer his firm owns in the Northeast.

"I was thankful that I still got the money. I was more concerned that they might not be willing to give me the money than about (the) cost of it," Shuler said.

A year ago, 10 lenders were willing to make a revolving credit loan to the same company.

"Good companies are still getting financed, but the market is looking closer at those deals and is more picky," said Sam Belk of Wells Fargo's regional commercial loan office in Nashville.

For some companies, financing is still available, but at a higher cost. Lenders are seeking 2 to 3 percentage points more in interest than a year ago, said James P. Craig, executive vice president with Health Care Finance Group Inc., a lender to health-care companies.

The pressures have caused delays in some commercial real estate projects.

Franklin-based MRCO LLC, which owns 85 Taco Bell restaurants in the Southeast, has put on hold for up to a year plans to build two replacement locations and two new ones, including one in the Nashville area. The reason: it was too difficult to obtain loans.

"Those two new ones would have obviously created new jobs," said Michael Shahsavari, the group's chief financial officer and a partner.

Bond market in disarray

Some of the biggest impact has been seen in the municipal bond market.

Several big investment firms that bought municipal bonds and then sold them to investors have either disappeared or cut back on their work force.

Wall Street giant Lehman Brothers filed for bankruptcy this fall, and UBS, a major international bank, exited the municipal bond business earlier this year. Likewise, investors have been holding onto cash or government Treasury bills, feeling too anxious about the economy to buy long-term municipal bonds.

"There is so much uncertainty with the government's bailout plan and who is going to be our next president, investors are sitting on the sidelines,'' said Mark McBryde, executive vice president of public finance for investment bank Stephens Inc.

With so few investors, interest rates have been rising.

The yield on 30-year AAA general obligation bonds was 5.92 percent Thursday, up from 4.84 percent just one month ago, according to Thomson Reuters' Municipal Market Data.

For a $40 million bond issue, that could add hundreds of thousands of dollars to yearly borrowing costs.

With higher interest rates, lots of municipalities have been putting off bond issues.

Since Sept. 18, a total of 201 bond and note sales totaling $11.25 billion have been rescheduled, postponed or canceled, according to industry publication The Bond Buyer.

Rutherford County decided not to pursue a $44.6 million bond issue planned for this fall.

The county will use its own funds or borrow short-term to start planned projects, including a new elementary school as it waits for the bond market to improve.

New school put on hold

Williamson County has put off a $42 million bond issue planned for this fall, hoping the bond market picks up early next year.

The Williamson County schools wanted $125 million last month for construction projects but got approval from the county commission for just $17 million instead.

As a result, the school district will put off building an elementary school in Spring Hill and put some portable classrooms at existing elementary schools instead, said the schools' director of budget and finance, Leslie Holman.

Some Williamson County schools could be forced into year-round schedules if county and school officials can't find a balance between the district's growth and
the county's finances, schools director Becky Sharber said.

"I don't think this is going to kill projects,'' said Rick Dulaney, a managing director at investment bank Morgan Keegan & Co. in Nashville.

"I hope this is temporary."

He thought some projects might get delayed in the midst of an economy that could benefit from more construction jobs.

"It's not good for the economy for all this to get shut down,'' he said.

Jobless rate hits '87 level

The state's unemployment rate soared to 7.2 percent in September — its highest point in nearly 21 years — as analysts said they expect the job market to continue to worsen here.

"Tennessee, like the rest of the nation, is experiencing job losses across all industries," said James Neely, Tennessee Commissioner of Labor & Workforce Development.

Tennessee's unemployment rate was 4.9 percent in September 2007. The last time unemployment reached 7.2 percent or higher was in March 1987, officials said.

Turbulence in the financial markets, a housing slowdown, higher gasoline prices that dampen tourism and other factors are fueling job losses, analysts said. Bill Ingram, a Lipscomb University professor of economics and finance, described current conditions as "the perfect storm.

"It will probably get worse and will last longer than usual," Ingram said of the dimmer economy. "Consumption tends to be the primary driving mechanism of the economy. Firms out there are willing to produce products, as long as customers go out and buy them. Once consumption drops, they are forced to cut back."

From August to September, Tennessee lost jobs due to seasonal declines in the hospitality sector, as well as losses in manufacturing, trade, transportation and utilities, according to the state labor department.

Malacha Wade, 29, an unemployed worker, said there's stiffer competition for the computer networking jobs for which he has applied, and some employers require three years of experience for what had been entry-level jobs.

Wade quit his job delivering Coca-Cola products in August in order to seek a job based on his degree in computer science from Tennessee State University. "Competition is going to be hard," Wade said. "A lot of people don't have a job."

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Tight credit kills sale of Channel 5

The impact of a national credit crunch and the collapse of a major Wall Street investment bank have managed to scuttle the pending sale of Nashville's WTVF-TV, NewsChannel 5, to a New York media company.

On Wednesday, Bonten Media Group, Inc., said it notified Norfolk, Va.-based Landmark Media Enterprises, LLC, that it would not be able to "close on the acquisition on time" because financing had evaporated with the collapse of now-bankrupt Lehman Brothers, which failed amid $600 billion in bad debt this fall.

"It's just a terrific TV station and we're very disappointed," said Randall D. Bongarten, Bonten's chairman. "Sometimes things happen that are beyond your control."

After receiving word from Bonten, Landmark ended the July agreement to sell the highly rated CBS network affiliate here. The sale was originally announced in July as Landmark moved to sell virtually all its TV, newspaper and cable broadcast holdings.

Landmark President Decker Anstrom said there are no other potential buyers lined up, and that Landmark would continue to operate WTVF as it has been.

"It's a premium property, we have a great leadership team there, and we're happy to keep running the good businesses we have," he said from his Norfolk office.

At WTVF, it will continue to be "business as usual," said Debbie Turner, president and general manager. "The economy is out there for all of us to worry about, but Nashville is a great market to be in, and we're having a great year."

WTVF is Nashville's top-rated TV station and one of the top stations among CBS network affiliates.

Credit markets around the world have "seriously deteriorated after the failure of Lehman Brothers, through whom we had arranged financing for the acquisition," Bongarten said in a statement. "Despite vigorous efforts, we have not been able to replace the Lehman Brothers commitment."

Lehman was among the first major Wall Street firms to drop as toxic loans and other problems ripped through financial markets earlier this fall.

Tough year for media

Bongarten would not speculate as to whether Bonten might revive its bid for WTVF should the economy and the credit markets improve to the point where financing could be obtained.

"I really don't know what the future will bring," Bongarten said. "It's been a tough year all around for the media business."

Bonten, founded in November 2006, owns a chain of 16 TV stations in eight markets. Nashville would have become the biggest market in the chain.

Channel 5 is one of two TV stations owned by Landmark; the other is in Las Vegas. The company also has a chain of daily and community newspapers, and was the founder, in 1982, of cable TV's The Weather Channel.

Landmark, owned by the Norfolk-based Batten family, said in January that it was exploring the sale of all of its businesses, including the TV stations, newspapers and The Weather Channel.

The Battens have not said why they decided to sell the business but in July, The Weather Channel and its popular Web site, weather.com, were sold to a group of investors led by NBC Universal for a reported $3.5 billion.

No buyers have been announced for the other Landmark properties, including its large daily newspapers — the Virginian Pilot and The Roanoke Times in Virginia and the News & Record in Greensboro, N.C., and about 50 community newspapers.

"We are in discussions and negotiations on some of our properties, but it's a tough market for everybody in terms of credit," Anstrom said.

Landmark's chairman is Frank S. Batten Jr., who took over that position from his father in 1998. Frank Batten Sr. assumed control of Landmark in 1954 from his uncle, Tennessee native Samuel L. Slover, who started the business in the Norfolk area after moving there in 1900.

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