Friday, April 23, 2010

Minas, one of the largest states of Brazil, has stopped the sale of the Toyota Corolla over safety concerns.

The move was made after nine Corolla customers reported that their cars automatically accelerated. The state public prosecutor’s office said in an online statement on Tuesday that the problem is blamed on accelerator pedals sticking underneath floor mats. Local government said the issue was “putting in danger the lives of occupants”.

According to the prosecutor’s office, sales of Corollas may resume when Toyota alters the floormats in its current models. Toyota has recalled over eight million vehicles worldwide due to acceleration problems.

Thursday, March 2, 2006

Buffalo, New York —In an unanimous vote, the City of Buffalo‘s Planning Board voted to table the Elmwood Village hotel Proposal, postponing voting on legislation for up to 30 days.

The Board said its decision was due to the lack of public involvement, saying that there have not been enough meetings.

The Elmwood Village Hotel is a proposed project by Savarino Construction Services Corporation and was designed by Karl Frizlen of The Frizlen Group. The hotel would be placed on Elmwood and Forest Avenues in Buffalo, New York. In order for the hotel to be built, at least five buildings, that include both businesses and residents, must be demolished.

The Forever Elmwood Corp. is a Buffalo-based non-profit organization founded in 1994. Justin Azzarella, the Executive Director for the organization voiced support for the proposal, stating: “I am here today to lend Forever Elmwood’s support the hotel project. Particularly, Forever Elmwood is encouraged by the fact that this building follows the more stringent Elmwood Village Design Guidelines. We have been speaking with Savarino Construction, and they have promised us [Forever Elmwood] that they will engage the community further, including the surrounding Block Clubs and businesses. For that reason, while Forever Elmwood is in support of this project and the type of project that it is, we are asking also that the project be tabled so that the community can be further engaged. Specifically the surrounding Block clubs which include the Granger, Claremont, Asland and The Lincoln Parkway Block Clubs.”

“Because of the excellent work that Karl does and the game plan that they have, I think its an ideal use of this particular location. I think that this particular type of development needs to be encouraged and promoted as opposed to roadblocked,” said a man who owns five properties near the proposal site.

However, Evelyn Bencinich, a resident of Granger Place and whose house would be located directly behind the hotel said, “My property value will be depreciated or non-existent because no one is going to want to live behind a multi-story hotel. We are facing up to a year of noisy and dangerous demolition and construction. Children, pets and even drunk rebellers could wander on site and get hurt. Traffic tie-ups caused by large machinery and garbage bins is inevitable. Where will pedestrians walk? We could experience increased unsanitary flooding in our yards and basements due to the digging and cementing for the underground parking garage. Rats will be displaced into the immediate neighborhoods and be in great abundance. Once we get past the year of nightmare construction, what if you build it and they don’t come? We could ultimately have a seven million dollar rooming house on our corner.”

Patty Morris, co-owner of Don Apparel with Nancy Pollina at 1119 Elmwood also asked that the project be tabled saying, “this has only been public knowledge for less than two weeks and the public never saw the redesign. How can you vote on anything that no one has seen yet? The Board cut off Morris saying, “so specifically you don’t have any problem with it [the design] you just…” Morris then said, “Oh I am totally against this project, but thats besides the point isn’t it.”

The planning board is also concerned that the current design may still be too big.

At one point Board member Susan Curran Hoyt said, “we know you’ve cut down your number of rooms on this project, but we still see it doesn’t seem to fit the description of a ‘botique’ hotel,” and asked Eva Hassett, Vice President of Savarino Construction, “we wonder if you could reduce the rooms further.”

“One thing I didn’t talk about was the price levels of these rooms and that will be important to know. The room rate will be somewhere between US$120 and $160 a night, which is about the same price of the Hampton Inn down town and the smaller you make the hotel, the more expensive the rooms will get. We believe that we’ve made a good compromise in terms of the size of the hotel and perhaps botique means different things to different people,” said Hassett.

The board was also concerned that there is not enough parking asking, “are there alternative plans for valet parking off-site, in the event that you have a full hotel or a large event going on?”

“We are exploring several possibilities with respect to additional parking for valet and parking near-by,” replied Hassett. “We are also exploring the possibility of using the rear of 1105 Elmwood for additional parking, which would give us an additional ten or eleven spaces.”

The new design has a total of 55 parking spaces for 72 rooms, with 39 of them underground and the rest on ground level.

Hassett also said that a “parking study” will be done on the area.

Concerns that the second floor of the hotel will be too close to the property of 605 Forest were also brought up. The board asked how far the hotel would be from the property and Karl Frizlen replied saying it would “be approximately five feet from the property line,” but he also admitted that, “I do not know exactly how close the house next door” will be from the hotel, but did say “I think the house is about four or five feet away from the property line and we [the hotel] sit right on the property line.”

The board is concerned the setback from the property is not enough saying the space between the building and the hotel is “pretty narrow.”

The City’s Common Council also agreed to table the proposal also citing the need for more public engagement and the need for more organizations to respond including the Buffalo Preservation Board and the Office of Historic Preservation.

During that meeting, Hassett also said the proposal to try and get a variance to obtain the properties of 605 and 607 Forest were “now off the agenda.”

The Common Council is expected to meet and hold a public hearing about the project and the rezoning of the properties to be demolished (1119-1121 Elmwood) on Tuesday March 7, 2006 at 2:00 p.m. in Council Chambers at City Hall. At the moment the properties are not zoned for a hotel.

Friday, August 12, 2005

In a nationally broadcast radio sermon by former Iranian president Akbar Hashemi Rafsanjani on Friday, he said of the U. N. watchdog group adopting the resolution for Iran to stop nuclear enrichment activities, “The decision was a cruel one.”

The Thurday adoption in Vienna by the governing board of the International Atomic Energy Agency (IAEA) was unanimous and legally non-binding in asking Iran to suspend all nuclear fuel related activities. The board also requested a report from the agency’s chief, Mohamed ElBaradei, on its compliance by Tehran.

On Thursday, an Iranian member of their nuclear negotiating team, Sirous Nasseri, read in London a statement made by his republic at the emergency governing board meeting of the IAEA regarding the Nuclear proliferation treaty (NPT):

How can this body be called to react to an act, which is in full conformity with the NPT and the safeguards and constitutes a limited manifestation of the exercise of an inalienable right? A right, which by its own simple meaning, cannot be alienated from anyone.

IAEA spokeswoman Melissa Fleming, said yesterday, “The resolution on Iran was just adopted without a vote, by consensus. So, full consensus. All 35 members of the board agreed to the language of the resolution text.”

International concern over the Iranian nuclear enrichment program was led by the European Union countries of France, Great Britain, and Germany (EU-3), along with the United States. The pressure brought by these nations succeeded in obtaining language calling for the re-instatement of seals that were removed at the Uranium Conversion Facility in Isfahan. The seals were removed during the recent installation of surveillance cameras by IAEA.

The agency is to monitor Tehran for compliance to halt uranium enrichment. After a September 3 deadline, Iran again faces a possible referral to the U.N. Security Council where it could be subject to economic sanctions.

Meanwhile, the United States is likely to grant an entry visa to Iranian President Mahmoud Ahmadinejad to attend the United Nations opening session next month in New York City, New York.

The Bush administration probe into whether Ahmadinejad was connected to the 1979-1981 Iranian hostage crisis is looking like it was a case of mistaken identity. The decision remains tentative as intelligence reports within the administration continue to circulate, according to The Washington Post citing U.S. officials.

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.

Thursday, November 8, 2012

For the first time in the US territory’s history, voters in Puerto Rico apparently supported statehood in a non-binding referendum on Tuesday. The outcome, however, remains uncertain as various politicians interpret the referendum results differently.

Puerto Ricans were previously asked to vote on their political status in 1967, 1993, and 1998. Supporters of statehood did not win a majority in any of those votes. Spain ceded control over the territory to the United States in 1898 following the Spanish-American War. Puerto Ricans were granted US citizenship in 1917, but residents cannot vote in presidential or Senate elections. They have only limited representation in the House of Representatives. Since 1952 the island has been a commonwealth, a self-governing unincorporated territory. Puerto Ricans currently do not pay federal income tax, but they are charged payments to Social Security and are eligible for federal welfare benefits.

Kenneth McClintock, Puerto Rico’s Secretary of State, said economic factors and a declining population contributed to the push for statehood. The federal government currently sends millions of dollars per year to Puerto Rico in social aid, where income per person is only half that of any state. Puerto Ricans have been moving from the island to the mainland United States, where 58 percent of Puerto Ricans now reside. “I think people just came to realize that the current relationship simply does not create the number of jobs that we need,” said McClintock.

The ballot measure, which coincided with the general election held throughout the United States, was split into two parts. The first question asked whether the voters preferred to maintain the current political status of Puerto Rico. 54 percent — over 900,000 people — voted against the current commonwealth status.

Independent of the first question, voters were then asked to choose from three options: statehood, independence, or semi-autonomous “sovereign free association”. Of those who made a choice, 61 percent supported statehood, 33 percent supported “sovereign free association”, and 6 percent supported independence.

Nearly 500,000 people, or a third of those voting, declined to answer this second question, making it difficult to interpret the results. Moreover, the pro-statehood governor — one of the most prominent advocates for statehood — lost his bid for reelection. Governor-elect Garcia Padilla, in favor of maintaining the current commonwealth status, pledged to convene a constitutional assembly to address the matter in 2014. Another referendum would follow with support from the US Congress, whose approval is needed for Puerto Rico to become a state.

Friday, March 30, 2007

Dell Inc., a global leader in computer hardware manufacturing and sales, announced yesterday that it will delay filing of its annual performance report, the Form 10-K, required for compliance with U.S. Securities and Exchange Commission (SEC) and Nasdaq listing rules.

In a press release, Dell explained that an audit committee of the company’s board of directors is carrying out an investigation into accounting and financial reporting issues. The company stated that it would delay filing of the 10-K since the investigation had not been completed.

The internal investigation has found evidence of accounting errors, misconduct, and deficiencies in areas of financial control.

The chairman of Dell’s audit committee, Thomas Luce III, indicated that the delay in filing would extend past the April 3, 2007 deadline as well as an April 18, 2007 extension date. “As we move toward the conclusion of our investigation, we are committing the time and resources required to ensure a thorough and comprehensive review and resolution of all identified issues and the implementation of appropriate remedial measures,” said Luce.

The investigation is to determine whether the restatement of any financial disclosures are warranted, based on the accounting errors identified. The probe will also assess whether there are deficiencies in Dell’s internal control over financial reporting.