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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.

Wednesday, February 17, 2016

On Monday, at the 58^th Grammy Awards ceremony, Canadian singer The Weeknd won his first Grammy Award, Best R&B Performance, for his song Earned It, which was also featured on the soundtrack of the 2015 Fifty Shades of Grey movie based on E.L. James’s erotic novel Fifty Shades of Grey.

The Weeknd also won the Grammy Award for Best Urban Contemporary Album for his second studio album Beauty Behind the Madness. Abel Tesfaye — The Weeknd — had seven nominations in total including Record of the Year for his song Can’t Feel My Face and Album of the Year.

The YouTube video of the song received more than 179 million views and more than 1.1 million likes.The Weeknd was also nominated for Grammy Award for Best Pop Solo Performance, but British singer Ed Sheeran won the golden gramophone for his song Thinking Out Loud.

Last year, Beyoncé won the Award for Best R&B Song for Drunk in Love featuring her husband Jay-Z.This awards ceremony marked the first Grammy wins for The Weeknd, Justin Bieber and Ed Sheeran.

Saturday, September 7, 2019

Adam Kokesh, an Iraq War veteran, activist, radio show host, and currently a candidate for the US Libertarian Party’s 2020 presidential nomination, spoke with Wikinews to discuss his background, political positions, and campaign for President of the United States.

Kokesh, who hails from Arizona, has been active in the anti-war movement since returning home from combat in Iraq. After an initial honorary discharge from active duty with the US Marine Corp in 2006, Kokesh was given a general discharge from the Marine Forces Reserve in 2007 after images of him wearing his uniform while participating in a protest with the Iraq Veterans Against the War were published in The Washington Post. Kokesh has also been involved in demonstrations in support of free speech, gun rights, and marijuana decriminalization. Some of these activities have resulted in his arrest. Kokesh previously hosted a show on RT and currently hosts a show on internet radio.

Politically, Kokesh supported the 2008 and 2012 presidential campaigns of Ron Paul. He was a featured speaker at Paul’s Rally for the Republic in 2008. Kokesh ran for US Congress as a Republican in 2010 in New Mexico and for US Senate in Arizona in 2018. He announced his 2020 candidacy in 2013 during a jailhouse interview. He has based his campaign on the pledge to begin “dissolving the federal government in a peaceful, orderly manner” and to resign as president and take the title of “Custodian of the Federal Government.”

Other contenders for the Libertarian Party’s 2020 presidential nomination include former Libertarian Party Vice Chairman Arvin Vohra, businessman John McAfee, and New Hampshire state representative Max Abramson. Congressman Justin Amash and former Rhode Island governor and US Senator Lincoln Chafee are both reportedly considering runs. Former New York gubernatorial candidate Larry Sharpe and former Massachusetts governor William Weld were both previously considered potential candidates but Sharpe suggested he would not run and Weld has decided to run in the 2020 Republican Party presidential primaries, challenging President Donald Trump.

With accredited Wikinews reporter William S. Saturn, Kokesh details his background and activism, his thoughts on the Libertarian Party, the Presidency of Donald Trump, and the goals for his campaign and presidency.

Tuesday, March 29, 2005A team of Australian surgeons yesterday reattached both hands and one foot to 10-year-old Perth boy, Terry Vo, after a brick wall which collapsed during a game of basketball fell on him, severing the limbs. The wall gave way while Terry performed a slam-dunk, during a game at a friend’s birthday party.

The boy was today awake and smiling, still in some pain but in good spirits and expected to make a full recovery, according to plastic surgeon, Mr Robert Love.

“What we have is parts that are very much alive so the reattached limbs are certainly pink, well perfused and are indeed moving,” Mr Love told reporters today.

“The fact that he is moving his fingers, and of course when he wakes up he will move both fingers and toes, is not a surprise,” Mr Love had said yesterday.

“The question is more the sensory return that he will get in the hand itself and the fine movements he will have in the fingers and the toes, and that will come with time, hopefully. We will assess that over the next 18 months to two years.

“I’m sure that he’ll enjoy a game of basketball in the future.”

The weight and force of the collapse, and the sharp brick edges, resulted in the three limbs being cut through about 7cm above the wrists and ankle.

Terry’s father Tan said of his only child, the injuries were terrible, “I was scared to look at him, a horrible thing.”

The hands and foot were placed in an ice-filled Esky and rushed to hospital with the boy, where three teams of medical experts were assembled, and he was given a blood transfusion after experiencing massive blood loss. Eight hours of complex micro-surgery on Saturday night were followed by a further two hours of skin grafts yesterday.

“What he will lose because it was such a large zone of traumatised skin and muscle and so on, he will lose some of the skin so he’ll certainly require lots of further surgery regardless of whether the skin survives,” said Mr Love said today.

The boy was kept unconscious under anaesthetic between the two procedures. In an interview yesterday, Mr Love explained why:

“He could have actually been woken up the next day. Because we were intending to take him back to theatre for a second look, to look at the traumatised skin flaps, to close more of his wounds and to do split skin grafting, it was felt the best thing to do would be to keep him stable and to keep him anaesthetised.”

Professor Wayne Morrison, director of the respected Bernard O’Brien Institute of Microsurgery and head of plastic and hand surgery at Melbourne’s St Vincent’s Hospital, said he believed the operation to be a world first.

Wednesday, September 26, 2007

Suzanne Fortin is running for the Family Coalition Party in the Ontario provincial election, in the Nepean-Carleton riding. Wikinews’ Nick Moreau interviewed her regarding her values, her experience, and her campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Tuesday, August 17, 2010

Plastic surgeon to the stars Dr. Frank Ryan has died in a car accident at age 50. It is reported that the Jeep Ryan was driving crashed over the side of the Pacific Coast Highway and landed on rocks. Lifeguards were first on the scene and unsuccessfully tried to rescue Ryan. It is thought that no other vehicle was involved in the incident.

Dr. Ryan, a celebrity in his own right, performed plastic surgery on several stars including Janice Dickinson, Gene Simmons, Shauna Sand and Adrianne Curry. He appeared on several television shows and became one of the first people to perform plastic surgery on television in 1995.

A representative for Janice Dickinson released a statement about the death of Ryan. She said “Janice is deeply, deeply anguished! She is stunned and wants the world to know what a genius Dr. Ryan was.”

Ryan was traveling with his pet dog at the time of the crash; the dog was found seriously injured in the ocean and was transported to a local veterinarian. Dr. Ryan was pronounced dead at the scene.

Wednesday, December 26, 2007

Heavy rains in western Indonesia have triggered landslides across the region that have killed dozens of people. Meanwhile, other areas were devastated by major flooding, with water reaching two metres high in some locations.

Search and rescue chief Eko Prayitno in Java told reporters that police, soldiers and volounteers were working together to attempt to reach survivors, some digging with their hands or traditional tools. Heavy equipment is available and efforts are underway to get it into place, he said, but blocked roads are making such efforts difficult.

Prayitno also said that a single landslide in the Karanganyar region buried 61 people who were attending a dinner to celebrate a successful clean up of a house affected by another landslide, which had caused no injuries. “They were having dinner together when they were hit by another landslide… At least 61 people were buried.” Landslides affected the region over a four hour period from 01:00 a.m. to 05:00 a.m. local time. Meanwhile, seventeen people are feared dead in the neighbouring district of Wonogiri, which has also been hit by landslides after twelve hours of nonstop torrential rain.

Andi Mallarangeng, spokesperson for president Susilo Bambang Yudhoyono, told reporters “The president sends his deep condolence, and has ordered Home Minister [Mardiono] to inspect the scene [in Karanganyar] and monitor the emergency responses.”

Many fleeing residents have attempted to salvage their possessions, with some using tyres to float television sets and refrigerators to dry ground. Another single massive slide in Tawangmangu, a mountainous resort, buried 37. Metro TV News was told by an eyewitness, identified only as Karsidi, that “Those people were gathering for a tea break during communal works after the rains, and suddenly the land collapsed onto them.”

The affected regions spread across Java, Sumatra and Sulawesi. The population distribution in Indonesia has worsened the situation, with many people living on river flood plains to utilise the fertile soil and many more living in inaccessible mountain regions. The total death toll is estimated at up to 81 people, and eyewitnesses and local media report that thousands of homes are affected.

Landslides are common in Indonesia, where large-scale rainfall is a regular occurrence. This is often exacerbated by deforestation. However, Heru, head of the local disaster coordinator agency in Karang Anyar, commented that “The forest in the area is thick,” and consequently he did not believe deforestation was a causal factor. The region he is responsible for has recorded 36 deaths and 30 more buried in thick mud near the banks of the Bengawan Solo river. Meanwhile Julianto, another provincial government official, said “The landslides took us by surprise. This is the first time in the last 25 years anything of this scale occurred here in Central Java.”

Julianto also commented that thousands of people displaced from their homes by flooding and landslides have been forced into temporary accommodation in buildings and tents provided by emergency response teams.

Today’s disasters coincide with the third anniversary of the Asian tsunami, which killed an estimated 230,000 people. A tsunami drill on Java was unaffected as the seasonal poor weather did not have an adverse affect on the area of the drill.

Thursday, November 8, 2007

What you are about to read is an American life as lived by renowned author Edmund White. His life has been a crossroads, the fulcrum of high-brow Classicism and low-brow Brett Easton Ellisism. It is not for the faint. He has been the toast of the literary elite in New York, London and Paris, befriending artistic luminaries such as Salman Rushdie and Sir Ian McKellen while writing about a family where he was jealous his sister was having sex with his father as he fought off his mother’s amorous pursuit.

The fact is, Edmund White exists. His life exists. To the casual reader, they may find it disquieting that someone like his father existed in 1950’s America and that White’s work is the progeny of his intimate effort to understand his own experience.

Wikinews reporter David Shankbone understood that an interview with Edmund White, who is professor of creative writing at Princeton University, who wrote the seminal biography of Jean Genet, and who no longer can keep track of how many sex partners he has encountered, meant nothing would be off limits. Nothing was. Late in the interview they were joined by his partner Michael Caroll, who discussed White’s enduring feud with influential writer and activist Larry Kramer.