Today: Freddie Mac's CEO expects a "potential large wave of foreclosures." Silicon Valley startup Bloom Energy promises a new day for cheaper, cleaner power.
'Large wave of foreclosures' ahead?
Mortgage financier Freddie Mac reported today that a record 4 percent of its borrowers are at least three months behind on their loans and in danger of foreclosure.
CEO Charles Haldeman warned of a "potential large wave of foreclosures," according to our friends at The Associated Press.
Freddie Mac's warning came as the company reported a $7.8 billion loss for its most recent quarter, including a $13
billion dividend payment to the U.S. Treasury. It also came along with more grim news today for the real estate market:New homes: Sales dropped 11.2 percent in January to a record low seasonally adjusted rate of 309,000, the Commerce Department reported.
"This disappointing report highlights just how fragile the economic and housing recovery is right now, and the uncertainties that continue to weigh on consumers, particularly with regard to concerns about job security," Bob Jones, chairman of the National Association of Home Builders, said in a statement.
Brothers: The luxury-home builder reported a $41 million loss for its most recent quarter. The good news: That was much better than the $88.9 million loss Toll Brothers reported a year earlier.Bloom Energy's new fuel cell
Sunnyvale clean-energy upstart Bloom Energy today showed off its new Bloom Energy Server, a solid oxide fuel cell that uses natural gas or other fuels to provide what the company describes as "a cleaner, more reliable, and more affordable alternative to both today's electric grid as well as traditional renewable energy sources."
Customers including Google, eBay and Walmart are using the much-hyped fuel cell, nicknamed the "Bloom Box," to generate electricity on site.
"Whether a customer wants to reduce its carbon footprint or its energy bills, or both, the Bloom Energy Server provides the solution," Bloom Energy CEO and co-founder KR Sridhar said in a statement. "Our foundation customers are industry leaders in their businesses as well as in environmental sustainability, representing companies who understand that responsible energy consumption and healthy profit margins need not be mutually exclusive."
According to the Merc's report, Sridhar was joined by Gov. Arnold Schwarzenegger, former Secretary of State Colin Powell and other big names at the unveiling at eBay offices in San Jose, where the Bloom Box was unveiled. EBay is using a 500-kilowatt system from Bloom Energy at its PayPal campus in North San Jose.
"We're meeting financial and environmental goals with the project while fueling a more energy efficient global marketplace. That's good for us, our customers and the planet," eBay CEO John Donahoe said in a statement.
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