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"Magnitude 6.9 Date-Time * Sunday, April 04, 2010 at 22:40:39 UTC * Sunday, April 04, 2010 at 03:40:39 PM at epicenter * Time of Earthquake in other Time Zones Location 32.093°N, 115.249°W Depth 32.3 km (20.1 miles) Region BAJA CALIFORNIA, MEXICO Distances * 26 km (16 miles) SSW (211°) from Guadalupe Victoria, Baja California, Mexico * 61 km (38 miles) SW (227°) from San Luis Río Colorado, Sonora, Mexico * 64 km (40 miles) SW (225°) from San Luis, AZ * 173 km (108 miles) ESE (106°) from Tijuana, Baja California, Mexico Location Uncertainty horizontal +/- 5.8 km (3.6 miles); depth +/- 21.1 km (13.1 miles) Parameters Nph=014, Dmin=76 km, Rmss=0.2 sec, Gp=292°, M-type=local magnitude (ML), Version=1 Source * California Integrated Seismic Net: * USGS Caltech CGS UCB UCSD UNR Event ID ci14607652"

Federal regulators seized Charter Bank in New Mexico this week as its capitalization fell below requirements, making it the latest of scores of banks to have failed in the economic crisis. However, the Albuquerque Journal reports that Charter faced a very low default rate on residential loans and no commercial failures, either - until the Office of Thrift Supervision, its regulator, demanded that Charter increase its declared risk fivefold (hat tip HA reader Super5): Federal authorities on Friday closed Charter Bank, a closely held, family-run financial institution known for its financing of low-income housing in New Mexico and for the philanthropy of its owners. … Last fall, Office of Thrift Supervision examiners, responding to the national collapse of real estate development, ordered Charter to increase its allowance for loan losses from $10.8 million to $55.4 million, even though Charter had no delinquent commercial construction loans and only [0].34 percent of the loans in its commercial real estate portfolio were behind on their payments. That order reduced the level of capital Charter had on its books. Last Wednesday, OTS ordered Charter to find new capital as a buffer against insolvency or face closure. Charter had hoped to find a buyer, but none appeared. The owners' stake in the company was wiped out by the forced closure. How involved were they in low-income lending? The head of New Mexico's MFA makes it clear: Charter became a major real estate lender and was especially active in underwriting and servicing mortgages for low-income housing. It worked closely with the Mortgage Finance Authority, which was established by the State Legislature to help finance low-income housing construction. According to MFA executive director Jay Czar, Charter services about 95 percent of the mortgages issued through the agency. "They are just class bankers," Czar said. "These are guys who quite frankly really look out for the s

"PARIS (Reuters) - French President Nicolas Sarkozy on Friday proposed setting up a group of 28 countries to guide global negotiations on climate change and avoid a repetition of last year's chaotic talks in Copenhagen. In a New Year address to the diplomatic community, Sarkozy said United Nations climate negotiations in Copenhagen in December had failed because of the huge number of countries involved in preparing the accord. "The main lesson from Copenhagen is that you can't negotiate in a round of 192," Sarkozy said, arguing that national leaders had arrived in the Danish capital to sign the accord only to find an illegible text full of disputed clauses. He proposed forming a "balanced, representative" group of 28 countries that would provide ideas and prepare for the next round of negotiations in Cancun. He did not name any of the proposed participants. "The wisest option would be to pursue a twin strategy -- talks among the 192, as that involves the whole international community, and among ministers and sherpas from the Group of 28," he said. Sarkozy said he wanted the Group of 28 to hold monthly meetings, starting in March, in New York or Bonn. Last month's Copenhagen talks ended with a bare-minimum agreement when delegates "noted" a deal struck by the United States, China and other emerging powers that fell short of the conference's original goals. Mexico will host the next talks in Cancun in November/December, building on the Copenhagen deal which seeks to limit the rise in temperature to 2 Celsius above the average recorded in pre-industrial times. The Copenhagen accord did not spell out how to achieve that goal."