Week in review - South Florida Business Journal:

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However, paychecks in Soutuh Florida did not rise as fast as salariesz in mostlarge counties. In Miami-Dads County, the average weekly wage in the thirfd quarterwas $842, up 2.2 percent from the same perioe of 2007. In Browar d County, the average weekly wage was up 2.2 percent to $792. In Palm Beach County, the averages weekly wage was $811, up 0.9 of a percent. In the average weekly wage was $756 in the thirs quarter, up 2.2 percent. the average weekly wage was $841 in the third up 2.8 percent. The former head of financ e for has been charged with tax evasion in connection with his failurer toreport $1.5 million he allegedly embezzlex from the company, according to the U.S.
attornehy for the Southern Districtof Florida. Harvey Fein of Coraol Springs diverted the money and then allegedlh filed false personal income tax returns for 2001 through according tocourt documents. Fein filed a return stating hehad $119,97t in taxable income and $23,551 tax due and owing for calendare year 2004, when the defendant knew and believed that his taxable incom e for calendar year 2004 was $526,103.865 and taxes due were $158,779, according to court documents. The said its tax loss was aboutt $440,000. S. Fla. foreclosures up 33 percent South Florida foreclosure action rose 33 percent in thefirst quarter, to 23,67q filings, according to a new report from LLC.
The new numbers brea k down to an average rate of 263 foreclosurre actionsa day, accordin g to a news release accompanying the report. The company uses its foreclosure database to track court filingw relatedto foreclosure, including lis pendens and notices of In first quarter of 2008, there were 17,8209 foreclosure actions filed in the three-county for an average of 198 filings a day. Browarr County had the greatest number of foreclosurr actions in the first with 10,290 actions, or 114 a day.
That is a 39 percentg increase overthe 7,393 actions filed in the first quarterf of 2008, according to the Miami-Dade County saw a 34 percen t increase in foreclosure actions in the firsr quarter, to 7,170. There were 5,37o filings in the county in the first 90 daysof 2008. Palm Beacg County had a 23 percengt increase inforeclosure filings, to 6,212 action s in the first quarter from 5,057 filings in 2008. Apolloo Bank has received preliminary approval from stated regulators to open inCoral Gables. But, it first must meet certai requirements, including raising at least $20 million.
Once it raisesw the required $20 million, Apollo stilk needs approval from the andthe ’sa board to begin operations, accordintg to Chairman Eddy Arriola. Apoll would pursue a traditional businesesbank model. The bank has leased space at 1826 Ponce de Leon and plans to open in September with about 11 employees in itsfirsr location. , a servicer of subprime mortgages, is amonbg the first mortgage servicers to begin modifying loansz underthe ’s Home Affordable Modification The program, unveiled last month, allows at-risk borrowersd to reduce their monthlty mortgage payments in an efforr to keep them from losing their homes.
It creates a $75 billiohn loan modification program that wouldallow “responsible homeowners” to refinance to interest rate s as low as 2 percent. “Wwe were well positioned for a vigorous launch of this newgovernmentf program. Since the outset of the mortgage crisis, we have increasedc key staffing by over65 percent,” Ocwej Chairman William C. Erbey said in a news release. For a loan lenders would have to reduce the mortgag payments to no more than 38 percent ofthe borrower’s income. The Treasury Department would sharer the cost for lenders to cutthat debt-to-income ratilo to 31 percent.