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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.

Sunday, April 3, 200528 year old Alex Sanchez, outfielder for the Tampa Bay Devil Rays, is suspended without pay for 10 days for using a performance enhancing drug. Sanchez is the first player to be suspended under Major League Baseball’s new, stricter drug policy.

The Baseball officials and the players’ union have both decided to not disclose the specific substance which tested positive.

Sanchez originally planed an appeal against the ban, but decided against it. He denies taking any performance enhancing drugs and blames the positive test on over-the-counter vitamins, muscle relaxants and protein shakes that he takes, but has not identified any specific medications as of yet.

Saturday, June 18, 2005

Rebels from the Hutu-extremist “Forces Nationales de Liberation” have shot dead six churchgoers in Muhuta district, Bujumbura-Rural, according to army spokesman Adolphe Manirakiza.

“The first criminal attack was committed in one church at Muhuta district where a group of FNL fighters fired in the church and killed six people including a pastor. They also injured seven others”, Manirakiza said.

He said the rebels shot dead a local government official and his brother and also kidnapped a policeman in the same district.

“We don’t know yet why these people were killed, they may be executed because they refused to adhere to the FNL ideology, as the area where they have been killed is an FNL stronghold.”

Some 300,000 people have been killed since the fighting began in 1993.

Fresh talks between the government and the FNL have raised hopes among diplomats that Burundi can finally lift one of its last big barriers to peace.

Its leader Agathon Rwasa and Burundi President, Domitien Ndayizeye signed on May 15 in Dar es Salaam, Tanzania, a cessation of hostilities deal seen as a significant step toward finally bringing the rebels into the peace process.

But the rebels and the army have clashed sporadically since the truce.

Wednesday, March 3, 2010

Ford Motor Company said on Tuesday that its sales in the United States rose 43% in February compared to the same period last year, as the automaker outsold rivals Toyota and General Motors.

Ford said that total sales improved to 142,285 units, compared to 141,951 units sold by GM. Additionally, Ford said that its share of the total US car market rose to 17%, up from 14% a year ago. The increase was better than analysts had predicted, and Ford’s stock rose to a five-year high in morning trading, before declining later in the day. Ford’s sales were significantly influenced by a 74% increase in fleet sales to businesses. Rental car agencies alone accounted for around 30,000 units sold. Sales to retail consumers increased only 28%.

The increases were led by sales of two sedans, the Fusion and Taurus, which rose 166.5 and 93.3% respectively, although sales of other models such as SUVs and pickup trucks also increased. Both models were significantly redesigned last year, and analysts said that improved quality from such cars were driving the increases.

Other companies also reported February sales today, nearly all reporting sales gains as well, although none as large as those of Ford. Toyota was the sole exception to the sales gains, as their sales declined 8.7%, as the company was faced with a global recall during the month that led to a temporary stoppage of production for some models.

“The strength of our new products … are resonating with customers,” said Ken Czubay, Ford’s vice president of sales and marketing. However, he believed that traditional Toyota customers were not buying rival autos, but rather awaiting the results from the recalls.

Saturday, September 19, 2009

A study carried out in the United Kingdom revealed that the life expectancy for men could be reduced by 10–15 years after the age of 50 due to smoking.

The British Medical Journal carried out a study over a time period of 38 years in the United Kingdom which examined the health of 19,000 men aged 40–69. They were examined between 1967–1970. After tracing the history of the men, the survey revealed that smoking, high blood pressure and high cholesterol reduced the life expectancy of men by 10–15 years after they reached the age of 50. The research was published on the BMJ‘s website on Friday.

The researchers from the University of Oxford in England were focussing on smoking, high blood pressure and cholesterol due to the fact that they are the main cardiovascular risk factors. Dr. Robert Clarke from the university said: “We’ve shown that men at age 50 who smoke, have high blood pressure and high cholesterol levels can expect to survive to 74 years of age, while those who have none of these risk factors can expect to live until 83. It is precisely this kind of very prolonged follow-up study that is necessary to get these results — that modest differences in heart risk factors can accurately predict significant differences in life expectancy.”

“The results give people another way of looking at heart disease risk factors that can be understood more readily. If you stop smoking or take measures to deal with high blood pressure or body weight, it will translate into increased life expectancy.”

Tuesday, June 24, 2008

The Internet Corporation for Assigned Names and Numbers (ICANN), a non-profit organisation based in California, United States to regulate internet domain names, will vote on Thursday for a proposal to allow the open registration of top-level domains (TLDs) for Internet addresses. If the proposal succeeds, then as soon as next year any entity with sufficient funds may be able to apply for ownership of a relevant TLD, so that, for example, web sites could have addresses ending in .paris, .ebay or .love.

The range of TLDs has traditionally been heavily restricted by ICANN, with most being country codes (such as .uk for the United Kingdom, or .jp for Japan) or related to the purpose of a website (like .com for commercial websites, .edu for educational sites, and .org for non-profit organisations).

Some existing owners of TLDs have already set up arrangements that have made use of their flexibility – for example, the countries of Tuvalu and the Federated States of Micronesia have leased many domains on their country code TLDs (.tv and .fm respectively) to entertainment websites based on the association with “television” and “FM radio”.

Commentators have pointed out that this may open the way for the controversial .xxx domain, proposed for sites with adult content, which ICANN has previously rejected. Its existence will not be guaranteed in the new system, however, as domain registration will be subject to an independent arbitration process, and granted only when the registrant can demonstrate “a business plan and technical capability”, and applications may be rejected on “morality or public order” grounds. While the proposal does not include registration fees, the TLDs are predicted to cost several thousand dollars, at least.

ICANN CEO Paul Twomey, speaking with the BBC, compared the opening of domains to the opening of real estate in the United States in the 19th century. “It’s a massive increase in the geography of the real estate of the Internet,” he said.

The ICANN International Public Meeting, which opened in Paris, France on Monday, includes workshops and public forums as well as the ICANN Board meeting.