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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.

Monday, June 30, 2008

After auctioning off his entire life on eBay for A$399,300 (€244 912.148) Ian Usher says he is “a little bit disappointed” at the final selling price.

The 44-year-old British immigrant living in Perth, Australia, put all of his worldly belongings up for sale on the popular auction website, including his three-bedroom house and all its contents, his car, motorcycle, jetski, skydiving gear, and his job at a rug store, for which he offered a two week trial period. He even offered introductions to his friends living in Perth.

Usher made the decision to sell his life after his five-year marriage suddenly ended. On his website, alife4sale.com, he explains that “despite my life being busy and fulfilled, I still miss my wife so much. Everything in my home is a reminder of the wonderful past we shared. So, after a year in this house I decided that it is time to sell it and move on.”

During the 7 day auction, which ended on Sunday, there were several bogus bids which brought the sale price as high as A$2.2 million, but the final price ended up at A$399,300, which was around A$100,000 less than Usher had hoped for. “I’m a little bit disappointed, but I’m still excited. It’s still enough to move forward and do what I said I was going to do, which is move on to the next part of my life,” Usher said. “It was as much about moving on as it was about selling it for as much as I could get.”

According to Reuters, the winning bidder, whose username is “mslmcc”, also lives in Australia, and has a 100 percent feedback rating. Usher says he hasn’t yet been able to figure out who the buyer is, because of the TV crews lined up in front of his home. “I’m trying to find some time to get on the computer and check it out … I haven’t looked (up) anything about them yet,” he said.

Usher now plans to go off in search of a new life. His initial plan, as he describes on his website, was to just walk out his front door with just his wallet and a passport and board a train, with no idea of where to go. He has since launched 100goals100weeks.com, which will document his attempt to complete 100 of his life goals in a span of 100 weeks. Some of these goals include getting a pilot’s license, climbing the Eiffel Tower, learning to play the didgeridoo, and shaking hands with billionaire Richard Branson.

“I was pretty aimless when I started this, and I had a vague notion of adventure, but I’ve come up with a much more solid plan, which is still very adventurous,” Usher says. He invites anyone who is interested to join him on his adventures.

Friday, January 25, 2008

B2B Trade Area of Taipei Game Show, criticized by trade buyers last year, but accompanied with 2008 Taiwan Digital Content Forum, moved to the second floor at Taipei World Trade Center for world-wide participants with a better exchange atmosphere this year.

Not only local OBMs (Softstar Entertainment, Soft-World International Corp., International Games System Corp., …, etc.) but also companies from New Zealand, Canada, Japan, Hong Kong, and South Korea showcased different specialists with multiple styles. Especially on South Korea, participated members from G? Trade Show (Game Show & Trade, All-Round, aka Gstar) showcased gaming industry of South Korea and the G? upcoming at this November with brochures.

In the 2-days Digital Content Forum, world-class experts not only shared industry experiences, members from Taiwan Gaming Industry Association also discussed and forecasted marketing models for gaming industry. With participations from governmental, industrial, and academical executives world-wide, this forum helps them gained precious experiences of digital content industry from several countries.

According to the Taipei Computer Association, the show and forum organizer, the digital content industry in Taiwan was apparently grown up recent years as Minister of Economic Affairs of the Republic of China Steve Ruey-long Chen said at Opening Ceremony yesterday. Without R&Ds from cyber-gaming, and basic conceptions from policies and copyright issues, this (digital content) industry will be fallen down in Taiwan. If this industry wanted to be grown up in sustainability, gaming OBMs in Taiwan should independently produce different and unique games and change market style to market brands and games to the world.

Tuesday, April 26, 2005

Rescuers working with cranes and heavy equipment at the scene of Japan’s worst rail accident in forty years pulled 3 survivors and more bodies out of the wreckage of a packed commuter train that derailed on Monday. The crash is now claiming 95 lives and over 400 injuries. Hopes are fading for more survivors in the rail car search where it is thought a dozen bodies may yet remain.

The train crashed into the side of a nine-story apartment building located nearby a bend where it jumped the track. Relatives of those lost are arriving in Amagasaki to identify loved ones in a gymnasium where a makeshift morgue is located.

Police searching for the cause of yesterday’s disaster investigated eight offices of West Japan Railway Co on Tuesday for clues to the rail driver. Police conducting the probe said professional negligence may be involved. The train operator, who in the past received a warning for a similar incident, over-shot the stop at the previous station and had to back the train up nearly 40 m (130 feet).

It is unclear whether the inexperienced driver of the train survived, 23-year-old Ryujiro Takami with 11 months on the job.

Running late and traveling at what survivors thought was excessive speed, it is believed the train lost control at a bend in the track where 71 km/h (44 mph) was the speed limit; however, any speeds under 134 km/h (83 mph) should not have caused derailment.

The train and aircraft disaster research committee, which reports to the Ministry of Land, Infrastructure and Transport, began to research the disaster. The committee members revealed unofficially the physical reasons of the disaster are quite complexe A member of the committee says the speed of train was monitored and at the fifth train it was recoreded that this car had run at 108 km/h speed in a certain moment after emergency brake had worked.

Saturday, August 23, 2008

A small twin engine Beechcraft King Air A-100 plane has crashed in Southeastern Utah near Arches National Park killing all 10 people aboard. The plane crashed shortly after takeoff from Canyonlands Field airport at around 5:55 p.m. (mountain time) on Friday evening.

The Federal Aviation Administration (FAA) is currently investigating the cause of the crash. According to James Nyland of the Grand County Sheriff’s department, there was no bad weather and winds were minimal when the plane crashed and burst into flames two miles from the airport.

The nine passengers were part of a group of dermatologists from Cedar City. The director of Red Canyon Aesthetics & Medical Spa, Dr. Lansing Ellsworth, and his eight staff members were all killed, along with the pilot, David White.

The plane was operated by Leavitt Group Wings.

Wednesday, September 23, 2009

Michael Jackson’s This Is It, a documentary film based on world-famous singer Michael Jackson rehearsing for his last tour before his untimely death, will be premiered in at least 15 cinemas in cities all over the world simultaneously.

The film is due to premiere on October 27 and October 28. The world cities may be in different time zones with different dates but they will all be premiering the film at exactly the same time. One such premiere location is Los Angeles, in the US state of California, which will have the film starting at 1800 PT. Another simultaneity is the Odeon Leicester Square cinema in London, England, which will start at 0100 GMT on October 27.

Other locations holding concurrent premieres are the South African city of Johannesburg, New York City in New York, German capital Berlin, Russian capital city Moscow, Japanese capital Tokyo, Australian city Sydney, French capital Paris, South Korean city Seoul, and Rio de Janeiro, a large city in Brazil.

Michael Jackson died on June 25, 2009 aged 50, after suffering from a cardiac arrest. The movie will feature some of the rehearsal footage made in the weeks before his death. In total, there will be at least 25 cinemas premiering the film, but not all of them will be released simultaneously. Sony Pictures, the film production company, have yet to announce the other cities involved. Tickets for the film will be available to purchase from Sunday, September 27. The film is directed by Kenny Ortega, who previously directed all the High School Musical films. He also directed some significant Michael Jackson events, such as his This Is It concert and Jackson’s memorial service.

Jeff Blake, chairman of worldwide marketing and distribution for Sony Pictures, said: “Michael Jackson has an army of fans everywhere around the world… we are giving the audiences an incredible opportunity to join together in celebration of Michael Jackson’s incredible career.”

Monday, June 21, 2010

Sweden’s first royal wedding since 1976 took place Saturday when Crown Princess Victoria, 32, married her long-time boyfriend and former personal trainer, Daniel Westling, 36. The ceremony took place at Stockholm Cathedral.

Over 1,200 guests, including many rulers, politicians, royals and other dignitaries from across the world, attended the wedding, which cost an estimated 20 million Swedish kronor. Victoria wore a wedding dress with five-metre long train designed by Pär Engsheden. She wore the same crown that her mother, Queen Silvia, wore on her wedding day 34 years previously, also on June 19. Victoria’s father, King Carl XVI Gustaf, walked Victoria down the aisle, which was deemed untraditional by many. In Sweden, the bride and groom usually walk down the aisle together, emphasising the country’s views on equality. Victoria met with Daniel half-way to the altar, where they exchanged brief kisses, and, to the sounds of the wedding march, made their way to the the silver altar. She was followed by ten bridesmaids. The couple both had tears in their eyes as they said their vows, and apart from fumbling when they exchanged rings, the ceremony went smoothly.

Following the ceremony, the couple headed a fast-paced procession through central Stockholm on a horse-drawn carriage, flanked by police and security. Up to 500,000 people are thought to have lined the streets. They then boarded the Vasaorden, the same royal barge Victoria’s parents used in their wedding, and traveled through Stockholm’s waters, accompanied by flyover of 18 fighter jets near the end of the procession. A wedding banquet followed in the in the Hall of State of the Royal Palace.

Controversy has surrounded the engagement and wedding between the Crown Princess and Westling, a “commoner”. Victoria met Westling as she was recovering from bulemia in 2002. He owned a chain of gymnasiums and was brought in to help bring Victoria back to full health. Westling was raised in a middle-class family in Ockelbo, in central Sweden. His father managed a social services centre, and his mother worked in a post office. When the relationship was made public, Westling was mocked as an outsider and the king was reportedly horrified at the thought of his daughter marrying a “commoner”, even though he did so when he married Silvia. Last year, Westling underwent transplant surgery for a congenital kidney disorder. The Swedish public have been assured that he will be able to have children and that his illness will not be passed on to his offspring.

Westling underwent years of training to prepare for his new role in the royal family, including lessons in etiquette, elocution, and multi-lingual small talk; and a makeover that saw his hair being cropped short, and his plain-looking glasses and clothes being replaced by designer-wear.

Upon marrying the Crown Princess, Westling took his wife’s ducal title and is granted the style “His Royal Highness”. He is now known as HRH Prince Daniel, Duke of Västergötland. He also has his own coat-of-arms and monogram. When Victoria assumes the throne and becomes Queen, Daniel will not become King, but assume a supportive role, similar to that of Prince Phillip, the husband of the United Kingdom’s Queen Elizabeth II.