Lawsuit Savings Could Lead to More Officers
Lower-than-expected settlement costs for lawsuits stemming from the Rampart police scandal will free up more than $50 million for the city over the next five years, money that could be used to expand the Los Angeles Police Department by nearly 100 officers, city officials said Thursday. The money represents approximately $10 million a year that the city had budgeted for the next five years to help pay off an expected total of $125 million in lawsuits over abuses by police officers at the LAPD’s Rampart Division, the Daily Breeze reported.
Cohen Handed the Gig of a Lifetime
Betty Cohen, founder of the Cartoon Network and longtime Turner executive, has been named president and CEO of Lifetime Entertainment Services, the home of the Lifetime cable network. She replaces Carole Black and will report to Walt Disney co-Chair/Disney ABC TV Group President Anne Sweeney and Hearst Corp. Director John Conomikes starting April 26, Variety reported. Lifetime is a 50/50 joint venture of The Hearst Corporation and The Walt Disney Company.
Pact Splits UTLA Leaders
Amid signs of growing division, newly elected leaders of Los Angeles Unified’s teachers union opted to delay members’ vote on a proposed contract they say is inadequate, the Daily News of Los Angeles reported. They also decided to call off “work-to-rule”job actions until United Teachers Los Angeles’ 43,000 members vote in mid-April on the contract, which includes 2 percent pay raises retroactive to July 2004 and fully paid health premiums. The contract took 20 months to negotiate.
Benefits Plan Puts Gov. on Defense
Gov. Arnold Schwarzenegger is working to quell a political firestorm over death and disability benefits for public employees , even while accusing unions that oppose him of spreading “propaganda,” the Los Angeles Times reported. The governor is on the defensive about his plan to overhaul California’s public pension system, after police and firefighters seized on a critical part of the proposal, saying it would end death and disability benefits for public safety officers hired after June 2007. Schwarzenegger has said the benefits would be protected through legislation.
No Blackouts This Summer?
Californians are headed toward summer with more than enough electricity to prevent blackouts, state energy officials explained Thursday, saying consumer conservation represents a key part of their assessment. Though statewide energy demands are expected to hit new records this year, officials cited additional power generation, new transmission line capacity and a growing statewide conservation ethic as reasons for optimism about energy supplies, the Associated Press reported. But they also warned that prolonged outbreaks of hot weather could leave power reserves thin in Southern California.
Two New Loans for First-Time Buyers
The state today will begin offering two products structured to help first-time home buyers: free mortgage payment insurance and a 35-year, fixed-rate interest-only loan. They are part of the California Housing Finance Agency’s effort to ease the sting of rising home prices that are squeezing many first-time buyers from the market. CalHFA’s below-market mortgage rates are available to first-time home buyers who meet certain requirements, including income and home sales price limits, the Daily News of Los Angeles reported.
Mortgage Rates Highest in 8 Months
Rates on 30-year fixed-rate mortgages averaged 6.04 percent this week, up from 6.01 percent last week and the highest since July, Freddie Mac reported. Rates on 15-year fixed-rate mortgages, a popular option for refinancing, rose to 5.58 percent, up from 5.56 percent last week. Rates on one-year adjustable-rate mortgages increased to 4.33 percent from 4.24 percent last week. Five-year hybrid adjustable-rate mortgages averaged 5.43 percent, up from 5.35 percent last week, reported the Associated Press.
