Bank of America leads Consumer Financial Protection Bureau complaints about mortgages

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Bank of America leads Consumer Financial Protection Bureau complaints about mortgages

Thursday, October 3, 2013

A review this week by Wikinews of US Consumer Financial Protection Bureau (CFPB) complaints about mortgages in the United States shows Bank of America leads all lending institutions in complaints.

Since mortgages complaints were recorded in December 2011, 77,622 total have been added to CFPB’s database. 29.2% of these complaints involved Bank of America, with the second most received by Wells Fargo, accounting for 15.5% of all complaints. JPMorgan Chase ranked third by volume of complaints with 9.8%. Ocwen was fourth with 8.7% and Citibank was fifth with 4.8%. Nationstar Mortgage; Green Tree Servicing, LLC; HSBC; PNC Bank; U.S. Bancorp; OneWest Bank; SunTrust Bank; Flagstar Bank; and Select Portfolio Servicing, Inc. each had between 1.0 and 3.8% of total complaints. The remaining 14.4% of all complaints about consumer mortgages were divided between about 530 other lending institutions.

The Motley Fool reported last month that for the past fiscal quarter, the biggest US based mortgage lenders were from first to fifth Wells Fargo, JPMorgan Chase, Bank of America, Quicken Loans and U.S. Bancorp.

According to the US Federal Reserve, debt for family residences stands at US$10.706 trillion for the second quarter of 2013. As of the end of June of this year, Bank of America is the United States’s second largest commercial bank with US$1.343 trillion in domestic assets. Wells Fargo is the fourth largest commercial bank with US$1.251 trillion in domestic assets. JPMorgan Chase is the largest US commercial bank with US$1.329 trillion in domestic assets and US$1.947 trillion in total assets.

The mortgage complaints in the CFPB report include several subproducts. Conventional fixed mortgages account for 27.1% of all complaints. Conventional adjustable mortgages account for 10.0%. FHA mortgages account for 7.7% of all complaints. Home equity loans or lines of credit account for 3.8% of all complaints. VA mortgages are 1.4% of all complaints. Second mortgages and reverse mortgages each account for 0.6% of complaints. The remaining 48.7% of complaints are about other mortgages or other mortgage issues. A few years ago, FHA loans accounted for about 10% of all US mortgages while VA loans accounted for about 3%. Prime loans accounted for over 75% of the market and the rest were subprime mortgages.

California leads all states by volume of complaints with 14768. It is followed by Florida, New York, Georgia and Texas. When complaints are divided by a state’s total population, New Hampshire leads. The state is followed by Washington D.C., Maryland, Georgia and Florida. Complaints do not correlate with national rankings for August’s foreclosure rate by state where Nevada topped the list, followed by Florida, Ohio, Maryland and Delaware.

Two zip codes account for over 1,000 total complaints between them. 565 complaints originated in the 48382 zip code, which is in Commerce Township, Michigan, located in suburban Detroit. 553 complaints originated in the 33071 zip code, in Coral Springs, Florida. According to real estate website Zillow, there are currently 1,033 properties in foreclosure in Coral Springs while Commerce Township only has 131 properties currently in foreclosure. Four other zip codes have 100 plus complaints originating from them. 91730, in Rancho Cucamonga, California, had 158 complaints. 33409, in West Palm Beach, Florida, had 132. 92626, in Costa Mesa, California, had 125 complaints. 92660, in Newport Beach, California, had 122 complaints. Respectively, the towns had 534, 1,068, 153, and 134 properties currently in foreclosure. These numbers are higher than for the cities of a few sampled zip codes where there was only one complaint, such as Gold Hill, Oregon which has 4 properties in foreclosure, and Decatur, Illinois which has 6 properties in foreclosure.

The CFPB categorizes complaints into six categories: “Loan modification, collection,foreclosure” or problems when a person is unable to pay; “Loan servicing, payments, escrow account” or problems with making a payment; “Application, originator, mortgage broker”; “Credit decision / Underwriting”; “Settlement process and costs”, and “Other”. The CFPB says the complaint types indicate consumers “appear to be driven by a desire to seek agreement with their companies on foreclosure alternatives. The complaints indicate that consumer confusion persists around the process and requirements for obtaining loan modifications and refinancing, especially regarding document submission timeframes, payment trial periods, allocation of payments, treatment of income in eligibility calculations, and credit bureau reporting during the evaluation period.” Currently, 59.6% of all complaints against lenders deal with being unable to pay. 25.1% deal with problems in making a payment. 7.0% have to do with the application process.

Of the complaint-heavy zip codes, for 48382 in Commerce Township, Michigan, 98.9% of all complaints have to deal with being unable to pay. Accounting for 23.4% of all mortgage complaints in Commerce Township, 132 of the complaints for being unable to pay were made regarding Bank of America, accounting for 97.8% or all but 3 complaints against them from the zip. 121 of the Bank of America responses in Commerce Township were closed with explanation and 12 were closed with non-monetary relief. 33071 in Coral Springs is different, with 537 of the 553 complaints being categorized under other. Only 11 complaints relate to foreclosure and issues with being able to pay. 92626 in Costa Mesa, where 32% of the mortgage complaints were about Bank of America and 26.4% were about Wells Fargo, had 93.6% of its complaints dealing with being unable to pay. 5 total complaints dealt with payment issues and 3 dealt with applications.

Beyond regional variance in complaint types lodged, the top five mortgage lenders by volume of complaints all had being unable to pay as their top complaint category, ranging between 55.8% for Citibank and 69.4% for Bank of America. Problems with payment accounted for the second largest area of complaints, with Ocwen having the largest percentage of complaints at 31.9% and Bank of America having the smallest at 18.8%. Foreclosure was the top area of complaints for a number of other lending institutions including 1st Alliance Lending, OneWest Bank, Ally Bank, Banco Popular de Puerto Rico, Bank of the West, BMO Harris, BOK Financial Corp, Caliber Home Loans, Inc, Capital One, Deutsche Bank and EverBank.

Nationally, complaints reached a high of 5,840 for January 2013, 1,107 more than the next highest month of April 2013. The total emerging for September is the second lowest since records were first kept in December 2011. On a state by state level, this pattern largely repeats with a major exception for Florida which saw a peak of 849 complaints in June 2012. Then, as now, Florida was one of the top five states in the nation in its foreclosure rate. The national January spike came as the Qualified Mortgage standard required by the The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 came into play. It required mortgage lenders to take steps to insure borrowers could repay their mortgages.

Bank of America’s complaint volume follows the national trend, with a spike in January 2013 with 1,925 total complaints. Unlike nationally, the next month by volume of complaints was February of this year with 1,598 complaints. Prior to that, the highest month was May 2012 with 1,418 complaints. The lowest volume of complaints is September this year with 334.

Wells Fargo matched national trends for volume of complaints by month, with the exception of the current month being the lowest on record for number of complaints with 197 compared to the next lowest month, December 2011, when they had 221. JPMorgan’s complaint volume by month spiked in January and March of this year with 504 complaints. April of this year was the next highest month with 493 complaints, edging out May of last year with 488 complaints. September this year is on track to be the lowest month by complaint volume.

The federal government shutdown is unlikely to impact the current mortgage situation in the United States directly for most consumers, though mortgage processing by the Federal Housing Administration could be slower, resulting in fewer mortgages processed.

Creator of website satirizing Glenn Beck on winning domain name case

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Creator of website satirizing Glenn Beck on winning domain name case

Tuesday, November 10, 2009

Wikinews interviewed the creator of a parody website satirizing American political commentator Glenn Beck, about his thoughts after prevailing in a domain name dispute brought by Beck before the World Intellectual Property Organization (WIPO) in Geneva, Switzerland. Florida resident Isaac Eiland-Hall created the website in September, and it asserts Beck uses questionable tactics “to spread lies and misinformation”. Eiland-Hall was represented in the case by free speech lawyer Marc Randazza.

Wikinews interviewed Randazza for the article “US free speech lawyer Marc Randazza discusses Glenn Beck parody”, and previously reported on the Beck v. Eiland-Hall case in articles, “US free speech lawyer defends satire of Glenn Beck”, “Satirical website criticizes Glenn Beck for ‘hypocritical’ attempts to silence free speech”, and “Glenn Beck loses domain name case over parody website”.

Commonwealth Bank of Australia CEO apologies for financial planning scandal

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Commonwealth Bank of Australia CEO apologies for financial planning scandal

Thursday, July 3, 2014

Ian Narev, the CEO of the Commonwealth Bank of Australia, this morning “unreservedly” apologised to clients who lost money in a scandal involving the bank’s financial planning services arm.

Last week, a Senate enquiry found financial advisers from the Commonwealth Bank had made high-risk investments of clients’ money without the clients’ permission, resulting in hundreds of millions of dollars lost. The Senate enquiry called for a Royal Commission into the bank, and the Australian Securities and Investments Commission (ASIC).

Mr Narev stated the bank’s performance in providing financial advice was “unacceptable”, and the bank was launching a scheme to compensate clients who lost money due to the planners’ actions.

In a statement Mr Narev said, “Poor advice provided by some of our advisers between 2003 and 2012 caused financial loss and distress and I am truly sorry for that. […] There have been changes in management, structure and culture. We have also invested in new systems, implemented new processes, enhanced adviser supervision and improved training.”

An investigation by Fairfax Media instigated the Senate inquiry into the Commonwealth Bank’s financial planning division and ASIC.

Whistleblower Jeff Morris, who reported the misconduct of the bank to ASIC six years ago, said in an article for The Sydney Morning Herald that neither the bank nor ASIC should be in control of the compensation program.

North Korea to send head of state to South Korea for Olympics

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North Korea to send head of state to South Korea for Olympics
May 5th, 2018 in Uncategorized | No Comments

Monday, February 5, 2018

Yesterday, North Korea announced head of state Kim Yong Nam is to attend ceremonies in Pyeongchang, South Korea, for the upcoming Winter Olympics. The proposed visit would make Kim the highest-ranking North Korean official to go to the South in several years.

The move comes after the two Koreas announced a unified team to play women’s ice hockey in the games and the North canceled a scheduled joint ceremonial display, opting instead for a military parade on their side of the Korean Demilitarized Zone.

Kim holds the title of President of the Presidium of the Supreme People’s Assembly of North Korea, a purely ceremonial role in the legislative body of North Korea. He is to head a 22-member delegation supplementing artists, athletes, coaches, and a cheer squad of over 200. The last time a high-ranking official visited the South was the 2014 Asian Games in Incheon when army leader and Workers’ Party’s Central Committee member Hwang Pyong So came to the closing ceremony. Hwang was purportedly the second most powerful man in North Korea behind supreme leader Kim Jong-un until he disappeared in late 2017.

South Korea’s Ministry of Unification announced the delegation after the unified Korean women’s ice hockey team lost to Sweden 3–1. The two nations plan to march together on February 9’s opening ceremony but the North canceled a joint cultural event, instead announcing a military parade for the day before. The allies are to hold annual joint military exercises after the Paralypmics which follow the Olympic Games.

Wood Panels For Interior Design

May 5th, 2018 in Private Service Professionals | No Comments

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By David H. Urmann

Wood panel beautifies the interior walls and floors. Choose among the many types of wood panels according to your preference. Learn more the different types of wood panels.

Wood paneling is a traditional method of creating a beautiful interior. Wood paneling has the characteristic of providing the aura of coziness and comfort to any home. It comes in many types depending on the type of wood used.

Wall panels are becoming an integral part of interior design. These are used for different purposes. Many business establishments use it to hide any electrical wiring and are excellent to decorate the interior of any room.

Portable wall panels are also used as a divider for offices or cubicles. Wall panels are commonly made of wood and sometimes combined with wallpaper or other textured materials to decorate it. For recording studios, a special wall panel is used which is capable of absorbing sound for better acoustics.

There are many types of wood paneling available in leading hardware. They vary in sizes, color and quality.

[youtube]http://www.youtube.com/watch?v=vHLwW2CKugA[/youtube]

Surface Types

The veneer finish wood panels are made of three plies such as the face, back and the core which is in the middle. Pre-finished wood veneers are the most expensive types. Some variants consist of grains to achieve an excellent finish. Less expensive wood panels does not have grains.

Vinyl coated type consists of different wood designs which are laminated into plywood. The designs are usually printed through photo process. This type of wood panel can be cleaned easily but must be treated with care to avoid scratches.

Surface printed is one of the less expensive types of wood panel and commonly used for DIY projects. It consists of wood grain finish by the use of state of the art photography. It is important to use specific cleaning substances for such materials to avoid damage to its finish and color.

Printed paper panel makes use of printed paper with various designs which is then laminated into wood to create a beautiful finish. This the ideal type for a low cost interior.

Backing types are generally available anywhere. They can be made of medium density fiberboard (MDF), hardwood or plywood. If you are short on your budget, you may opt to use hardwood. The expensive variants of wood panel are more tolerable from any moisture because it had been manufactured using various wood treatments.

Grooves are used for wood panel surfaces. This can either be real groves or the painted grooves. Real grooves are the best in quality which can be identified by visually inspecting it. Grooves which are straight and sharp are of high quality. Painted grooves are typically cheaper compared to real grooves.

Wood paneling is continuously gaining its popularity especially that there are more options which are being introduced by many leading manufacturers. More and more variety of wood panels is designed for Do It Yourself projects where you can easily install your own wood panel in your home.

Make sure that the walls are leveled and dry before installing to avoid moisture from building up and warping it. For concrete walls, it is important to do some sealing by using furring strips as a spacer to help evaporate any builds up of moisture. Even if you are going to use moisture resistant wood panels, you still need to do the first steps.

Wood paneling provides you a lot of options in designing your wall. It is also essential to do regular polishing to avoid moisture and help increase the durability of your wood panel. As long as you know how to take care of your wood panel, you will enjoy the benefit of its beauty for many years.

About the Author: For more information on Wood Paneling and Decorative Wall Paneling.Please visit our website.

Source: isnare.com

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New Jersey officials: Stimulus bill hurting Atlantic City casinos

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New Jersey officials: Stimulus bill hurting Atlantic City casinos
May 5th, 2018 in Uncategorized | No Comments

Sunday, March 29, 2009

A New Jersey congressman says restrictions on federal stimulus money are hurting gaming destinations like Atlantic City, and he is seeking to repeal a provision banning the use of funds for casinos or other gaming establishments.

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“The demonization of gaming destinations such as Las Vegas and Atlantic City for business travel is wrong, wrong, wrong,” U.S. Rep Frank LoBiondo said Friday during a press conference in front of Boardwalk Hall in Atlantic City.

The $787 billion federal stimulus bill passed in February specifically prohibits casinos from applying for funds for infrastructure improvements and other similar projects. LoBiondo said Atlantic City is losing millions of dollars in business as a result of that provision.

Casinos’ revenues dropped 19.2 percent in February 2009 month compared to February 2008, according to the New Jersey Casino Control Commission. LoBiondo said $160 million worth of business and 120,000 visitors have chosen other cities for their tourism plans due to the stimulus bill, according to Atlantic City Convention Center figures.

The administration also recently determined other groups like nonprofit organizations and local governments may not spend their stimulus money at casino properties. State officials said the rules are damaging a major pillar of the New Jersey economy.

“Are those jobs somehow less important or less meaningful than those in the manufacturing, retail or financial industries?” said Ken Calemmo, chairman-elect of the Greater Atlantic City Chamber.

Anti-gambling officials said the stimulus law does not prohibit casinos from taking advantage of tax breaks, and Atlantic City officials should not complain about the stimulus bill because the city is too reliant on an unreliable revenue stream.

“There isn’t a state, including New Jersey or Nevada, that could gamble themselves rich, any more than an individual could gamble themselves rich,” said Tom Grey, field director for StopPredatoryGambling.org. “They should’ve diversified (the economy) instead of chasing their loss.”

But Joe Kelly, chamber president, said 35,000 people work at New Jersey casinos, and thousands more around the state work for outside vendors that depend on casinos for their business.

“It is not just an Atlantic County issue. It is not just a Cape May issue,” Kelly said. “There’s purchasing done by every county.”

LoBiondo is working to repeal the provision with U.S. Rep Shelly Berkley, co-chair of the Congressional Gaming Cascus, and has reached out to Senate Majority Leader Harry Reid, who has a history of representing the interests of the gaming industry.

Migrant workers in Dominos Pizza ‘slavery’

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Migrant workers in Dominos Pizza ‘slavery’
May 5th, 2018 in Uncategorized | No Comments

Friday, August 10, 2007

Eight Hungarian migrant workers sacked from a Domino’s Pizza franchise in Derby, England are said to have taken home virtually no pay for months because of illegal deductions.

The claim is refuted by the company who said in a statement “We have begun a thorough investigation during which we have scrutinised the franchisee’s employment practices. This took place with his full co-operation. The franchisee concerned is confident that he possesses the evidence required to refute these allegations. To the extent that we have been informed of all allegations and have reviewed all available evidence, we also believe this to be the case.”

The sacked workers are being supported in their claim by the workers union Unite. The union say the “there appeared to be a deliberate strategy of keeping the workers in debt to the company through a series of crippling deductions. The deductions included payments to cover the contract purchase of a car from their employer, insurance for the vehicle provided through their employer, and exorbitant rent for substandard accommodation, again provided through their employer. In addition, some workers had to pay fees of up to £180 for an “introduction” to the company. One worker earned just £5 in four months because of the constant and hefty deductions out of his wage packet. When the workers protested they were sacked.”

Canberra’s Sophie Lavers crowned Miss World Australia

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Canberra’s Sophie Lavers crowned Miss World Australia
May 4th, 2018 in Uncategorized | No Comments

Thursday, July 23, 2009

Sophie Lavers, a 24-year-old woman from Canberra, has been crowned Miss World Australia in Sydney. She defeated nineteen other finalists to take the prize and will represent Australia at the Miss World event in South Africa.

The entrants were judged based on several categories including best talent, healthy body image, sports and fitness and beauty with a purpose. An aspiring actress, she is completing an acting course and hopes to build a career in film and television. She is also a qualified fitness instructor and has worked as a Kings Cross waitress.

She has been described in the media as having an “amazing figure” and it has been rumoured that she has used this for modelling work. However, Lavers has said that her body has only been modelled for a good cause: “Some do think that, but I have only ever modelled for charity.”

She also doubts much will change for her, at least in the near future. “I’ll still get up and probably have peanut butter on toast for breakfast but after that I’m not sure what’s happening. I guess I won’t be going to work tomorrow.”

She explained that all the girls who entered were dedicated to making a difference. “I just think it’s like having little angels out there through the country helping in all different areas whether it’s with children, or blind people, or the homeless.” Lavers also complained that non-stop smiling for the event has left here mouth sore. “I’m not used to smiling for hours on end.”

Lavers is now set to head to Johannesburg for the December 12 global competition. “I’ve got to get a month of outfits ready and get a talent and another speech and everything. Oh goodness.”

200 candles: Chileans celebrate country’s Bicentennial

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200 candles: Chileans celebrate country’s Bicentennial
May 4th, 2018 in Uncategorized | No Comments

Saturday, September 18, 2010

Chile is celebrating its Bicentennial, with several events that have been organized by the government for almost a decade. It commemorates two hundred years since the First Government Junta of 1810 was formed, starting the Independence process, that ended in 1818 after Bernardo O’Higgins proclaimed it.

The Bicentennial takes place on a holiday from September 17th until 21st. Sebastián Piñera inaugurated the official fondas (places where typical food and drinks of Chile are sold; similar to a tavern) earlier on Friday. Piñera also danced a “pie” of Cueca, Chile’s national dance, with Government Spokeswoman Ena Von Baer.

More than 60 thousand people gathered on Plaza de la Ciudadanía (Citizen’s Square) in Santiago to celebrate the Bicentennial. There was a projection of historical images that also contained a message from the trapped miners in Copiapó. A giant flag of Chile (18 meters of height, 27 of width; weighing 200 kilograms) was raised on the square on Friday morning.

Celebrations of the Bicentennial in Pichilemu started earlier this month. On September 2, two thousand people lined up in a formation to create the message “Viva Chile Bicentenario Cardenal Caro” on Pichilemu beach “Las Terrazas”. The message was used to create a postal stamp to be released worldwide. The event was promoted by the Government of Cardenal Caro Province.

Private schools in the city, such as Colegio Preciosa Sangre, prepared events specially for their students. On Thursday, “Fonda Don Vicente Nario” was opened on Preciosa Sangre. Several games were performed there on that morning, including “el emboque”, “ponerle la cola al burro” (to put the tail to the donkey), and others.

Another event on Preciosa Sangre took place on Thursday night, when students recreated scenes of the History of Chile, including: a tertulia featuring Manuel Montt (starred by Luis Rojas); a chingana (a popular tavern); and selected colonial professions, such as the “motero” (person who sold motemei and chestnuts).

The official fonda of Pichilemu, La Bombonera, was inaugurated on Thursday night by Mayor Roberto Córdova, who danced cueca with people who attended the event. According to Córdova, at least 30,000 people have arrived at Pichilemu as of Friday, and it is estimated that another 30,000 will arrive during the next three days.

A great event took place on Pichilemu beach on Friday afternoon. Chilean typical games highlighted the event. People danced reggaeton, Américo’s cumbias and cuecas, while others were swimming. The National Shoe Fair (Feria Nacional del Calzado) was established on Agustín Ross Hotel on Thursday, and will stay in the town until September 23rd. Alicia Grez, who works on a kiosk in the Pichileminian Craft Fair located in front of One Discotheque, said that “sales have been excellent,” and that “[they] won’t miss the possibility to experience such an event like this.”

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File:Parque bicentenario.JPG

Postcard released by the Chilean Government in 1910. At the top, from left to right: José Miguel Carrera, José de San Martín, Bernardo O’Higgins, Lord Thomas Cochrane, and Manuel Rodríguez. At the bottom, from left to right: Manuel Vicuña, Manuel Blanco Encalada, José Manuel Balmaceda and Pedro Montt.

Official poster of the Centennial of Chile.

Official plans for the Centennial of Chile, in 1910. Pedro Montt is pictured at the top, and Bernardo O’Higgins at the bottom. Image: Memoria Chilena.

Man killed in harbour car crash in Cornwall, England

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Man killed in harbour car crash in Cornwall, England
May 4th, 2018 in Uncategorized | No Comments

Monday, December 21, 2009

A man has been killed after a car accident in Cornwall, England. The collision involved a vehicle driving off a quay in Porthleven, near the town of Helston in the county and into the sea at around 2100 Greenwich Mean Time on Friday, according to reports from members of the public made to the police and the coastguard.

A major rescue operation was launched with contributions from the harbourmaster, the ambulance service, the police, the fire crews, a helicopter and the Royal National Lifeboat Institution. After roughly two hours, a harbour crane lifted the vehicle out of the water that it had crashed into. It transpired that the man was the only occupant of the vehicle. It is believed that no other vehicles were involved in the incident. The man was taken to the Royal Cornwall Hospital, which is situated in Truro, by ambulance. However, on arrival, he was pronounced dead.

Now tributes are being paid to 20-year-old Jamie Hocking after his death. The family of the man have said that he will be “truly missed by all who knew him”, describing Jamie with the words “loveable rogue”. The family also expressed their thanks to people offering sympathy messages and support from others, as well as the emergency services who assisted at the scene of the accident. Devon and Cornwall Constabulary are now asking any people who know of any information relating to the incident to contact them as soon as possible.