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.

 

Spelbound declared winner of Britain’s Got Talent 2010

Monday, June 7, 2010

An acrobatic group known by the name of Spelbound has been declared as the winner of Britain’s Got Talent 2010, a televised variety talent show competition broadcast on ITV in the United Kingdom. As the winning act of the show, Spelbound have won £100,000 (US$144,580, €120,313, A$175,079) and a place at The Royal Variety Performance, an annual gala evening that is attended by senior members of the British Royal Family.

In no particular order, the top three acts were revealed to be two dancers known by their stage name of Twist and Pulse, gymnastic group Spelbound and Kieran Gaffney, whose act involves playing on the drum kit. After Kieran Gaffney was revealed to be in third place, Anthony McPartlin, who hosts Britain’s Got Talent with Declan Donnelly, said to Kieran: “Well done Kieran. Kieran, you’re a star, you came back, you got all the way to the final. I know you’ve loved this. You’ve loved this, haven’t you?” In response to this, Kieran Gaffney stated: “Thank you very much. Thank you, everyone for supporting me. Thank you.”

Shortly afterwards, on the episode that was broadcast live on ITV1 on Saturday, Anthony announced: “After tens of thousands of auditons, five semi-finals and an amazing final, this…this is it. One of you is about to walk away with £100,000 and a place at this year’s Royal Variety Performance. The winner of Britain’s Got Talent 2010 is…Spelbound!” Glen Murphy from Twist and Pulse commented about finishing in second place, stating: “Yeah, it’s amazing. I can’t even believe it. I can’t believe it at all.”

Alex Uttley, a 24-year-old member of Spelbound, commented on the gymnastic group’s victory, commenting: “Oh, my god. This is unbelieveable. We just want to say thank you to everyone out there. It just shows that all our hard work has paid off.” One of the coaches of Spelbound, named Neil Griffiths, stated about Spelbound: “Oh, they’ve worked so hard over the last few weeks. Um, since the semi-final, we…we really had to pull out the stops to try and up the game. They’ve not known they’ve worked in the gym from six in the morning till twelve…twelve o’clock of the night. I couldn’t have asked for more. Um, it’s a team of coaches. I don’t take all the credit myself. There’s, uh, two people up there that know who they are who’ve been fantastic.”

Spelbound consists of 24-year-old Alex Uttley, Nicholas Illingworth, aged 24, Adam Buckingham, aged 21, 20-year-old Adam McAssey, 19-year-old Douglas Fordyce, 18-year-old Edward Upcott, 18-year-old Leighanne Cowler, 17-year-old Katie Axten, 17-year-old Lauren Kemp, 15-year-old Jonathan Stranks, Abigail Ralph, aged 15, 13-year-old Hollianne Wood and Amy Mackenzie, aged 12. Bookmakers had previously predicted that Spelbound would be the most likely act to become the winner of the series.

The running order for the final started with Twist and Pulse. The second act to perform was Liam McNally, a 14-year-old singer. The running order subsequently continued with 40-year-old impressionist Paul Burling, singer Christopher Stone, aged 28, Tina & Chandi, a woman and dog dancing act, Connected, a five-piece singing group, Kieran Gaffney, aged 12, 22-year-old Tobias Mead, a dancer, 80-year-old singer Janey Cutler and Spelbound in that particular order.

Earlier on in the final, Britain’s Got Talent judge Amanda Holden has stated to Spelbound: “We are hosting the 2012 Olympics and I think ‘what a brilliant opening act’.” Fellow judge Piers Morgan also commented that “[t]he purpose of this show is to identify hidden great British talent. You are that act.” After Spelbound won in the final, another judge, named Simon Cowell, stated that “the right boys and girls won on the night” and that he could “only say on live TV that that was one of the most astonishing things I have ever seen. Seriously.”

 

Six-year-old boy on vacation in Venezuela dies in plane crash

Sunday, April 19, 2009

Six-year-old Thomas David Horne from the United Kingdom has died and eleven other British tourists were injured Friday when their plane crashed in Canaima National Park in Venezuela. They were on a sight seeing tour of the world’s tallest waterfalls, the Angel Falls.

The single engine, nine-seater Cessna 208 Caravan, lifted off shortly before the end of the runway, lost power, and then surged briefly before plummeting into the Venezuelan jungle in front of the 3,200 ft falls.

“It started to take off and we sensed it was losing power. Then it seemed to get it back and lifted off just 200 metres before the end of the runway. Then it dived into the trees,” reported Makeli Freire, a park tour guide.

Three of the injured sustained serious injuries, while the others suffered mainly broken bones. Thomas Horne, who sustained serious head injuries, died on the way to a local hospital. The pilot, co-pilot and tour guide were among the injured. Everyone on board was flown to Ciudad Bolívar, the capital city of Venezuela’s Bolívar state, where they were treated for their injuries. Among the injured were Thomas’s mother and father Jane and David who were among those who had broken bones. They were British tourists finishing up a two week holiday to Venezuela.

“The young boy died as he was being flown to hospital. His parents are both physically OK but are completely distraught over the loss of their son,” said Maiker Puga, of the Ciudad Bolivar clinic.

Liz and her husband Keith Grainger and S. Phillips, also British tourists, were also injured in the crash. The names of the three other British tourists and the three person crew who were injured have not been released at this time.

The plane tour was offered by First Choice, a division of TUI Travel PLC who extended their “heartfelt sympathy to family and friends during this deeply sad time.” LTA airline has suspended further flights until the investigation is concluded.

June Holman, Thomas’s aunt who was not on holidays said, that “there is nothing worse than losing a loved one, especially not a young child with their whole life ahead of them. The thoughts of us all are with his parents Jane and Dave at this very sad time.”

 

Canadian National buys Chicago railroad

Monday, February 2, 2009

Canadian National (CN), the Montreal-based rail operator, has bought the main lines of the U.S. Elgin (EJ&E).

CN began to buy the railway from U.S. Steel in September 2007. Regulatory approval in the US was given in January. The Canadian railway company will use the lines to avoid congestion in Chicago, taking freight along a 300km loop through the American Midwest. The route will begin the new operations on March 4.

U.S. Steel will keep the facilities and staff required to keep the Gary steelworks in Indiana rail connected, renaming the resulting operations to the Gary Railway. The rest of the EJ&E will be integrated into CN’s existing networks. The railway passes through suburban areas of Chicago, causing residents to fear the noise and traffic that greater intensity of operation could bring.

The Surface Transportation Board (STB), the US rail regulator, has required CN to make upgrades to ease local concerns but opponents have vowed to continue to fight against the changes. The Chicago Tribune speculates that CN will switch trains from the former Wisconsin Central line to the EJ&E south of Mundelein. This would reduce traffic in suburbs north of the crossover from 19 trains a day to just two; whilst south of the junction trains would increase from five a day to 20.

CN paid $300 million for the lines, and will pay $100 million to upgrade them and $60 million to make the STB’s required improvements.

 

Pond And Lake Aeration Systems: Bringing Balance

Pond and Lake Aeration Systems: Bringing Balance

by

Richard Dennis

The role of pond and lake aeration systems is to bring balance to the dissolved oxygen (DO) levels and temperatures throughout the water column. All too often, when warm summer months kick in, you ll find green slimy masses of algae taking over beautiful water features, and sometimes even large reservoirs. Without an aeration system, the stagnant water will cause problems such as excessive algae.

As the water quality worsens, it can start to become cloudy, murky and very smelly due to the release of anaerobic gasses. This situation can also cause health and environmental issues such as fish kills and high levels of human pathogens. It is imperative to keep good circulation in any water feature.

Pond and Lake Aeration Systems: Bringing Balance

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Although the symptoms of low oxygen reveal themselves as algae, odors, sludge and generally poor water quality, the true problem is high nutrients and low dissolved oxygen levels. While it may be tempting to try adding chemicals, such as copper sulfate, that are known to be effective in killing algae, that would not be addressing the cause of the algae blooms. Furthermore, continual use of algaecides will only perpetuate and worsen the problem over time. Pond and lake aeration, on the other hand, treats the problem at its source.

Aeration systems do not actually kill the algae, but instead produce an ecological balance, which discourages the conditions in which the algae blooms occur. In the presence of at least 2 parts per million (PPM) of DO, new communities of bacteria will begin to thrive and multiply. When these aerobic bacteria are established, they consume nutrients about three times faster than algae can, thereby starving the algae of nutrients. Furthermore as these bacteria grow and multiply, they become natural fish food. In this way an aeration system helps convert organic pollutants into equitable biomass rather than algae. On the same note, aeration is a great way to optimize bioremediation projects.

However, the role of an aeration system is not to simply inject air into the water. An effective aeration system will also break up thermal stratification by circulating the entire water column, bottom to top, several times per day. This is important because thermal stratification acts as a physical and chemical barrier for both water treatment and aquatic habitat. By homogenizing the temperatures and DO levels we create an aquatic environment that delivers oxygen to the aforementioned bacteria in the sludge and expands habitat for larger aquatic organisms.

Once the water is properly aerated, the serious problems like odors and fish kills will clear quickly. Over time the ecosystem will stabilize and the occurrence of large algae blooms will subside and the overall health of the system will be greatly enhanced for both the aquatic organisms and us humans.

The EP Aeration Difference

We at EP Aeration use no chemicals and offer low-energy, environmentally friendly pond and lake aeration systems. We also use Laminar Flow Technology and have many successful years of business under our hard hats. Please contact one of our experts today for more details at EP Aeration.

EP Aeration:

E P AERATION has devoted its more than 40 years of collective experience in water treatment, ozone generation, and land management to developing a product and service line which can address almost any water quality problem. From bottom-laid, fine-bubble aeration/ozonation systems for lakes, ponds, reservoirs and large water features, to ozone systems for use in recirculation/closed-loop treatment systems, to wastewater treatment, and a full line of supplementary products (such as bio-remediation through bacteria, and shade products to limit the penetration of sunlight).

E P AERATION has the solution for your water problems. The company also draws on technical and engineering expertise from a number of corporate associates. For more information, please visit EP Aeration.

By Richard Dennis, Director of Sales/Technical ConsultantEP Aerationhttp://www.epaeration.com

Article Source:

Pond and Lake Aeration Systems: Bringing Balance

 

Category:CNN

This is the category for CNN, the Cable News Network, a cable and satellite television channel based in the United States.

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  • 15 November 2006: CNN accused of covering up transcript of Bill Maher outing Ken Mehlman
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SpaceX scrubs Falcon I rocket launch

Monday, November 28, 2005

SpaceX called off the much-delayed inaugural launch of their new Falcon 1 rocket on Saturday from Kwajalein’s Omelek Island launch site. The intent was to launch the U.S. Air Force Academy’s FalconSat 2 satellite, which will monitor plasma interactions with the Earth’s upper atmosphere and magnetosphere.

The launch was delayed, then finally cancelled after an oxygen boil-off vent had accidentally been left open. The oxygen was unable to cool the helium pressurant, which then proceeded to evaporate faster than it could be replenished. A main computer issue, probably serious enough to cause a scrub on its own, was also discovered.

This long-anticipated flight was originally expected to be launched in January 2005, however a series of setbacks forced a series of delays, with the flight most recently scheduled to be in early 2006. It was intended to be launched from the Kwajalein atoll in the middle of the Pacific Ocean.

The maiden voyage was originally intended to launch from Vandenberg Air Force Base in California with a Naval Research Laboratory satellite and a Space Services Incorporated space burial payload.

 

How To Find The Best Used Car In Tuscon

byAlma Abell

If you happen to be one of those people that are looking for a vehicle and you live in the Tucson area, you’re likely to find a number of different car dealers that offer used cars. While the used car industry has undergone somewhat of a transformation over the past few years, there are still a number of different methods used cars dealers operate under in order to sell you the vehicle. Some of these methods, while they aren’t illegal, aren’t necessarily good for you as the customer. Sometimes you’ll end up paying far more for your vehicle that you should while receiving a vehicle that is less quality than you anticipated. That’s why if you’re looking for the Best Used Car In Tucson, you’ll need to be very particular about the used car dealership you do business with.

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The first thing you want to consider is the prices that a used car dealer sells their cars for. It is very easy to estimate a fair price for a vehicle that’s in good condition. In fact, there are guidelines that help you determine a fair price for a vehicle. Some vehicles may be an like new condition, some vehicles may be in good condition and other vehicles may not necessarily be in such good condition and you can find prices for these vehicles and compare them with the prices that certain used car dealers are selling their cars for. This helps you determine whether the prices are fair or whether they’re overpriced.

Another thing to consider is the flexibility that these dealers have when it comes to financing. If they offer in-house financing or their a buy here pay here dealer, you want to make sure they offer reasonable interest rates. Bad credit applicants are going to pay higher interest rates, but there is no need for the interest rates to be exorbitant. You’ll also want to consider whether the used car dealer works with outside banks as well so that you as a buyer can compare different loan offers to get the best offer possible.

You can do an exhaustive search for the Best Use Car In Tucson or you can simply visit Smart Motors Service. With hard to beat prices, flexible financing and a sizable selection of vehicles, there are few places better in terms of purchase the quality used vehicle.

 

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.

 

Finnish police isolate ports in Helsinki

Saturday, August 6, 2005

The Finnish police isolated the ports of Katajanokka and Länsisatama on Saturday. The ports were isolated at around 9.30 p.m. local time and the isolation was called off at around 11.30 p.m.

Finnish police received reports from Estonia that a shipping container loaded with explosives could be coming from Estonia Saturday evening. They checked every truck that passed the ports with the assistance of the Border Guard Service. There are still two ships due to arrive in Helsinki tonight, but they were already checked in Tallinn.