Banks Complete Consumer Relief Obligations

first_img Bank of America Chase Citibank HUD National Mortgage Settlement Wells Fargo 2014-03-18 Colin Robins Tagged with: Bank of America Chase Citibank HUD National Mortgage Settlement Wells Fargo Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Colin Robins March 18, 2014 902 Views Share Save The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Banks Complete Consumer Relief Obligations The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. Home / Daily Dose / Banks Complete Consumer Relief Obligationscenter_img  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago Joseph A. Smith, Jr., monitor of the National Mortgage Settlement, filed final crediting reports with the U.S. District Court for the District of Columbia on Bank of America, Chase, Citibank, and Wells Fargo.The reports confirmed that the banks have satisfied their consumer relief and refinancing obligations under the settlement, nearly a full year ahead of schedule.In a press release, Smith commented, “My reports mark the end of the consumer relief portion of the Settlement. Because of the way this landmark agreement was designed, an unprecedented amount of relief has been provided to consumers quickly and efficiently.”He continued, “Furthermore, I believe the rigorous testing process should justify public confidence that the banks have fulfilled their relief commitments and that the Settlement has played a part in helping keep struggling borrowers in their homes.”Remunerations were called for after the banks engaged in widespread signing of foreclosure-related documents outside the presence of a notary public, and without confirmation whether the facts they contained were correct—both illegal actions.The practice earned the futuristic-sounding sobriquet “robo-signing,” and necessitated 49 state attorneys general and the federal government to correct actions against wronged homeowners, eventually settling with the banks for an initial estimated figure of $25 billion.Oklahoma was the lone holdout.Smith noted that among the banks, 37 percent of total credit relief was in the form of first lien principal forgiveness, while second lien principal forgiveness made up 15 percent. Refinancing made up 17 percent of total credited relief, and other relief (including short sales and deeds in lieu of foreclosure) accounted for 31 percent of relief.Shaun Donovan, secretary of Housing and Urban Development (HUD), commented on a conference call with the media on Tuesday that over 600,000 consumers received on average more than $79,000 in relief.7 out of every 10 dollars of credit for consumer relief, such as refinancings and principal reductions, came in a form that kept borrowers in their homes, Donovan said on the call.Donovan added, “This settlement delivered on what we promised.”The tone of the call between Donovan and Iowa attorney general Tom Miller was mostly laudatory towards the banks, praising them for quick action as well as payments that exceeded initial estimates.Miller noted that $20 billion in credits and over $50 billion in total homeowner benefits were “well in excess of what we predicted or expected.”$5.1 billion dollars was required for first lien principal reductions in the initial settlement, but the final figure from bank’s totaled almost $7.6 billion—nearly 50 percent more than what was required.Miller fired back at detractors of the settlement who cautioned that principal reductions would create a “moral hazard,” encouraging borrowers to default on their loans to avoid payment.”Many people in the industry … were saying that if there was any principal reduction there would be all this moral hazard, other people would stop paying—that the whole market would be seriously harmed. Well, we’ve had substantial principal reduction, 7.6 billion dollars’ worth, and none of this has happened. None of the problems, none of the concerns, none of the catastrophes that were predicted happened, as we predicted,” Miller said.He noted that principal reductions were “a tool in the toolkit for dealing with homeowners in default.”Miller continued, “We knew that there was no single solution, no magic bullet, to turn around the housing market. We knew there had to be pieces, and we thought that this would be one of the pieces, and clearly it has been. This is one of the reason’s the housing market now has turned in the right direction.” in Daily Dose, Featured, Government, Headlines, Loss Mitigation, News Related Articles Previous: Ocwen to Pay $2.1 Billion to 49 States Next: DS News Webcast: Wednesday 3/19/2014 Sign up for DS News Daily Subscribelast_img read more

Stories from Aleppo: Medical workers under siege

first_imgThe stories told by health workers from Syria were heartbreaking.They spoke of making desperate attempts to save people injured in a chemical attack on a hospital… of struggling to save people’s eyesight after they were hit in the face by shrapnel and rocks… of delivering babies, only to have them die later because they needed crucial medicines that were not available because of war conditions.These were some of the experiences described by two Syrian doctors and a hospital administrator from the war-torn city of Aleppo at a March 20, 2017 talk at the Harvard T.H. Chan School of Public Health. The trio had traveled to Boston to request training for medical students and other volunteers who are helping with the sick and wounded in Syria, and to recruit nurses, midwives, specialists, and other volunteers to help rebuild the country’s fractured healthcare system.The program, held in Kresge G1, was sponsored by the School’s FXB Center for Health and Human Rights and the Syrian American Medical Society (SAMS), a nonprofit, non-political organization representing Syrian-American medical professionals in the United States that provides humanitarian assistance to Syrians.“Many times we had to choose which patient to treat and which to leave to die,” said one of the panelists, a hospital administrator who had directed a large trauma facility in Aleppo that was a frequent target of airstrikes and artillery shelling.For more on this topic, read the Harvard Public Health magazine profile of pediatrician Annie Sparrow, M.P.H. ’04, who trains Syrian health workers. Read Full Storylast_img read more

Floridians will have to quarantine if traveling to New York

first_imgDuring a new conference Wednesday with New Jersey Gov. Phil Murphy and Connecticut Gov. Ned Lamont, Cuomo said the new travel advisor will take effect at midnight.In addition to Florida, the other states Cuomo named are Alabama, Arkansas, Arizona, North Carolina, South Carolina, Texas, Washington and Utah.Cuomo said the quarantine is not a travel ban, but anyone who violates the quarantine could be subject to civil penalties.“You violate the quarantine, you will then have to do mandatory quarantine and then you’ll be fined,” he said. Roles are switching as the number of coronavirus cases spike in other states other than New York.Back in March, Gov. Ron DeSantis issued an order mandating that travelers arriving in Florida from New York, New Jersey or Connecticut self-isolate for 14 days.Now, the Gov. of New York announced that anyone traveling to New York, New Jersey or Connecticut from Florida or other high-infection coronavirus states will be required to quarantine for 14 days to prevent the spread of the coronavirus.last_img read more

Drought stressed silage

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Rain has been spotty across much of Ohio this summer and there are areas where corn was under moisture stress during the critical pollination period.  As a result, this drought stressed corn has poor grain development and small cobs.  Much of this corn may end up chopped for corn silage.  Typically the most frequent questions about using drought stressed corn for corn silage revolve around nitrate toxicity, expected yield and quality.In the August 16 issue of the CORN newsletter (http://agcrops.osu.edu/newsletter/corn-newsletter/potential-nitrate-problems-drought-stressed-corn) Peter Thomison and Laura Lindsey addressed the question of potential nitrate problems in drought stressed corn.  When drought occurs during or immediately after pollination it raises the flag of potential nitrate accumulation.  In drought conditions nitrates accumulate in the stalk of the plant, with the lower portion of the stalk having the highest concentration of nitrates.  High and potentially toxic levels of nitrates are more likely to accumulate if high rates of nitrogen fertilizer or high rates of manure were applied to the crop.  Testing for nitrates before chopping may be advisable in those conditions.  If nitrate levels are high, raising the chopping height to 10-12 inches can be helpful, but obviously tonnage is going to suffer.  If the nitrate accumulation is borderline high, then it probably is not necessary to raise chopping height because nitrate concentrations are reduced during the ensiling process, according to some sources, as much as one-third to one half of the nitrates may be converted to nitrous oxide compounds which leave the silage as a gas.  Be aware that this gas, typically a yellow-brown in coloration, is very toxic and extreme care with regard to both people and animals should be taken.  Vacate the area immediately if a cloud of this gas is observed.Typically drought stress affects yield more than it affects the quality of corn silage.  A University of Wisconsin Agronomy Advice publication from August 2007 compared corn silage yield and quality factors across 4 locations from 2003 through 2006.  Each location had at least one drought year during that time frame and some locations had 2 drought years.  When drought stress extended into the pollination period, similar to what we have experienced in some of our fields this year, the silage yield was reduced by 18 to 46% compared to non-drought years.  To estimate yield potential use this procedure:Measure a distance equal to 1/1000th of an acre along one row and count the number of plants that will produce an ear.  This number multiplied by 1000 equals the ears per acre. For 30 inch rows this distance is 17 feet 5 inches. Repeat this at several locations within the field and take an average to get ears/acre.Pick two ears at random from each measured area.  Count the number of rows and the number of kernels per row on each ear.  Get an average from all the areas measured.  Multiply the average number of rows by the average number of kernels/row.  This gives you the average kernels/ear in the field.Multiply the average kernels/ear by the average ears/acre.  This gives you kernels/acre.  Typically there are about 90,000 kernels/bushel in normal corn but drought stressed corn has smaller lighter kernels.   Therefore take your kernels/acre figure and divide it by 100,000.  This will give you an estimate of bushels/acre.A thumb rule for drought stressed corn is one ton of 30% dry matter silage for each 5 bushels of grain/acre.Quality wise, according to a Penn State publication entitled “Managing Drought Stressed Corn” drought stressed corn silage as compared to normal corn silage may be higher in crude protein, lower in starch and energy, higher in fiber content, but often with higher digestibility of that fiber.  Quality analyses presented in that publication showed drought stressed corn silage CP values ranging from 0.6 to more than 2 percentage units higher than normal corn silage, starch values were around 17% lower, energy as measured by net energy for lactation around 10% lower and NDF fiber values approximately 7% higher.Regardless of whether drought stressed or normal corn is being harvested as corn silage there are a few key management practices that need to be followed to make good quality silage.  The first and foremost is chop at the correct moisture concentration.  If you don’t get this right, nothing else you do is likely to improve the situation.  Optimum moisture range for bunker silos is 65 to 70%, for silage bags and for upright silos 62 to 68%.  The microwave oven method is still one of the quickest, least expensive and easiest methods of moisture determination available.  It involves collecting at least 4-6 representative corn stalks and chopping or cutting them into short lengths of less than 1 inch.  Mix well and collect a representative sample from the total.  Weigh out100 to 200 grams and spread it out on a microwave safe plate.  Heat the sample for a minute and re-weigh.  Shake and re-distribute the sample on the plate and heat for another 45 seconds to one minute.  Repeat this heating and re-weighing process until the sample stabilizes and does not decrease in weight between cycles.  Be careful as you approach the end point to avoid charring or burning the sample and adjust heating times accordingly.  The moisture content is equal to the beginning weight minus the end weight divided by the beginning weight. Other key management practices to insure good quality silage include:Chop at correct particle length.   The theoretical length of cut (TLC) for processed corn silage is ¾ inch and if not processed the TLC should be ¼ to ½ inch.  Drought-stressed corn has lower grain content and so will be less responsive to kernel processing.Use a proven inoculant.  Severely drought stressed corn may have a high concentration of sugars which can result in increased spoilage at feed out.  The buchneri inoculants are used to increase the aerobic stability of silage during feed out and could be very cost effective when used with drought stressed corn silage. Pack, pack, pack.  Remove as much air as possible to create a favorable anaerobic environment. The guideline for packing is 800 pounds of packing weight for each ton of silage delivered to the silo or pile.Cover.  This should be done as soon as the bunker is filled and the final packing had been done.  Covering prevents oxygen from getting into the silage pack.  Covering reduces DM and spoilage losses.  University research trials have demonstrated that the oxygen barrier 2-step products have reduced losses more than covering with the 6 to 8 mil plastic.last_img read more

CEU’s Ebondo to backstop Congo in African qualifiers

first_imgLATEST STORIES With Ebondo reinforcing the crew, the Democratic Republic of Congo will face Egypt on November 24 and against Morocco on November 25 in the first leg of the home-and-away format for the first round of qualifiers to the 2019 Fiba World Cup.The country is slotted in Group C, which also includes African powerhouse Angola.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutRanked 87th in the world and 14th in the continent, the Democratic Republic of Congo finished sixth in the recently concluded Afrobasket 2017.Ebondo is set to leave for Congo on November 19 and will return to the Philippines immediately after the Morocco game. Trending Articles PLAY LIST 00:50Trending Articles00:50Trending Articles00:50Trending Articles01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games Don’t miss out on the latest news and information. Read Next Fifth straight MVP not Fajardo’s priority, says it’s ‘more fun’ to win title Typhoon Kammuri accelerates, gains strength en route to PH Japan ex-PM Nakasone who boosted ties with US dies at 101 Stronger peso trims PH debt value to P7.9 trillion MOST READcenter_img QC cops nab robbery gang leader, cohort CPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPA Brace for potentially devastating typhoon approaching PH – NDRRMC Kammuri turning to super typhoon less likely but possible — Pagasa Kin of Misamis Oriental hero cop to get death benefits, award — PNP Photo by Tristan Tamayo/ INQUIRER.netCentro Escolar University big man Rodrigue Ebondo has been called up by the Democratic Republic of Congo for the 2017 Fiba African qualifiers.The school announced the news on Thursday as they will allow the 6-foot-6 slotman to represent his country in the continental qualifiers set late in November.ADVERTISEMENT His absence will leave a huge hole in the middle for the Scorpions, which are vying to retain their Universities and Colleges Basketball League (UCBL) title.But coach Yong Garcia expressed his confidence with his team, saying that CEU is well equipped in contending and maintaining its status as a top squad in its mother league despite missing the services of Ebondo. View commentslast_img read more

‘Pringle deserves MVP award, too’

first_img“I toiled for it. I’ve always wanted to improve every game, every conference. I try not to be stagnant. I want to continue improving,” said Fajardo.“Who would’ve thought I’d ever snare five, right? I was the butt of jokes back then, now I’m on the cusp of having the most [MVP trophies].”Votes from players, the league and members of the press will determine the winner.Pringle, despite limited games due to a stint with the national team, is also the scoring king with a 21 points average. The MVP will be bared on Jan. 13 during the Season 44 opening.ADVERTISEMENT “Whoever wins deserves it,” the 29-year-old Fajardo told reporters in Filipino shortly after San Miguel Beer’s first practice for the year at Acropolis in Libis on Wednesday.NorthPort’s Stanley Pringle leads the statistical points race with 35.5 while Fajardo, the Best Player in the first two conferences until a shin injury prior to the Governors’ Cup limited him to just three games, has 33.1.FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSUrgent reply from Philippine ‍football chiefSPORTSSEA Games: Biñan football stadium stands out in preparedness, completion“It’s actually nice that he’s leading,” Fajardo said of Pringle. “But of course, if ever I get it, I’ll still consider it as a blessing.”If he wins, Fajardo will get past mentor Ramon Fernandez and Alvin Patrimonio, both with four MVP trophies, too, but were not consecutive winners like the Cebuano. PH underwater hockey team aims to make waves in SEA Games PLAY LIST 02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss TS Kammuri to enter PAR possibly a day after SEA Games opening LATEST STORIES Fajardo. —DENISON DALUPANGOne person stands in the way of an unprecedented fifth Most Valuable Player honors for June Mar Fajardo in the Philippine Basketball Association.But the San Miguel Beer star center is the least bothered about it.ADVERTISEMENT Hotel management clarifies SEAG footballers’ kikiam breakfast issue Is Luis Manzano planning to propose to Jessy Mendiola? LOOK: Joyce Pring goes public with engagement to Juancho Triviño Sports Related Videospowered by AdSparcRead Nextcenter_img Resurgent Lady Maroons out to surprise UAAP volley field MOST READ SEA Games: Biñan football stadium stands out in preparedness, completion Don’t miss out on the latest news and information. BREAKING: Corrections officer shot dead in front of Bilibid Private companies step in to help SEA Games hosting SEA Games: Biñan football stadium stands out in preparedness, completion View commentslast_img read more

10 months agoREVEALED: Man Utd have edge on Chelsea in Eder Militao battle

first_imgTagsTransfersAbout the authorPaul VegasShare the loveHave your say REVEALED: Man Utd have edge on Chelsea in Eder Militao battleby Paul Vegas10 months agoSend to a friendShare the loveManchester United enjoy an edge on Chelsea in any shootout for Porto defender Eder Militao.UOL Esporte says Militao’s release clause stands at €50m (£45m) and the player’s agent Kia Joorabchian will try to ensure United meet that valuation next month.The 20-year-old was watched by United scouts recently as Porto ran out 4-1 winners over Portimonense.But Militao is also being chased by Everton and Chelsea.However, the Blues would have to overcome differences with Joorabchian and Militao’s other representatives Giuliano Bertolucci and Jorge Ulisses to secure a deal.United boss Jose Mourinho also boasts close links with Porto after their previous success together. last_img read more

Ford issues recalls for big vans and F150 trucks van wiring issue

first_imgDETROIT – Ford has recalled more than 100,000 full-sized vans and F-150 trucks in North America, including 8,365 vans in Canada to fix a wiring problem that was potentially related to two fires.The company said it is not aware of any accidents or injuries associated with this issue.The recall announced Wednesday covers 73,443 Ford Transit vans from 2015 through 2017 that have a trailer tow computer module.Here’s what you need to know about the recall:— Ford says water can enter the module and cause corrosion. That could cause an electrical short and an increased fire risk.— Corrosion also can cause unexpected seat belt pretensioner activation, rapid flashing of turn signals, loss of heating and air conditioning controls and other problems.— Fires could happen when the ignition is off so Ford is recommending they be parked outdoors until repairs are made.— Owners can have dealers disable the module as a temporary fix. Dealers will add a drain hole to the driver’s door step well and install a fuse in a wiring harness when parts become available at an unspecified later date.The U.S.-based carmaker also issued three other safety recalls involving F-150 vehicles.One involves about 15,000 trucks, including 2,203 in Canada with 3.3-litre engines, six-speed transmissions and column-mounted shift levers. Inaccurate gear selection could result in unintended vehicle movement.Rapid shifts from park to drive may cause a loss of the gear indication in the instrument panel and result in a momentary engagement of reverse or neutral operation before the vehicle achieves forward drive function. There are no reported accidents or injuries associated with this issues.The affected vehicles were built between Jan. 12 and Oct. 9 at the Dearborn and Kansas City assembly plants.A third recall involves 15,000 2017 Ford F-150 vehicles with 10-speed automatic transmission. The affected vehicles are unable to shift the transmission using the shift lever.The pin attaching the transmission shift linkage to the transmission may come out, leaving the transmission stuck in that gear. The key could be removed even if the vehicle is not in park, making it impossible to restart the vehicle and increasing the risk of accident or injury.The affected vehicles include 3,160 vehicles sold in Canada that were built between August 2016 and August 2017.The fourth recall involves nearly 30 2018 Ford F-150 vehicles with 3.5-litre engines for possible loss of motive power and engine failure.In affected vehicles, certain cylinder heads are missing machined holes intended to supply lubrication to the camshaft-bearing journals. The lack of proper lubrication increases the risk of a crash, although there are no reported accidents or injuries.The vehicles, including seven sold in Canada, were built Sept. 3-17.— With files from The Canadian Press.last_img read more

Equifax calls executive stock sales days after breach legal

first_imgATLANTA – Equifax, the credit report company hacked over the summer exposing the personal information of 145 million Americans, said a special committee has determined that none of the four executives who sold shares at the time did anything wrong.The high-level executives sold shares worth a combined $1.8 million in the days immediately after the company discovered the breach.When Equifax went public with the breach in early September, company shares cratered, erasing about $2.35 billion of its market value.The company revealed that an ongoing cyberattack lasted from mid-May to July. Equifax Inc. said it detected the hack on July 29.On Aug. 1 and Aug. 2, Equifax Chief Financial Officer John Gamble and three other executives sold a combined $1.8 million in stock.The company said Friday that a special committee comprised of independent directors, and advised by an independent counsel, found that none of the executives had knowledge of the breach when their trades were made.The committee’s review included dozens of interviews and the scouring of more than 55,000 documents including emails, text messages, phone logs and other records.The report Friday is unlikely to relieve pressure on the beleaguered company, which badly bungled the response to the hack.Investigators will want to know how a breach of this size and scope could have occurred, without the knowledge of some of the company’s highest executives.Faith in the leadership and the security of private information eroded in the weeks after the attack.Anxious consumers experienced jammed phone lines and clueless company representatives. An Equifax website set up to help people determine their exposure was described as sketchy by security experts. The site provided inconsistent and unhelpful information to many. The company blamed the problems of an online customer help page on a vendor’s software code after it appeared that it had been hacked as well.High-level executives, including CEO Richard Smith, have already stepped down.The internal report did not appear to ease the apprehension of those who hold company stock. Shares were essentially flat on Friday.That’s because it is the Securities and Exchange Commission, the federal agency that enforces securities laws, which will have the final say.SEC Chairman Jay Clayton has refused to comment when asked by lawmakers if executives at Equifax engaged in insider trading when they sold their shares. He has not confirmed or denied that the SEC is investigating.Smith, the former Equifax CEO, appeared before Congress to answer questions from lawmakers, but they were far from satisfied with the answers they received.The Atlanta company is under multiple state and federal investigations and has been sued by numerous customers in litigation likely to evolve into class-action lawsuits.What makes the data breach so dangerous is the information that Equifax holds. Social security numbers, identification, addresses and personal information held by Equifax and the two other, major credit agencies is used to determine a person’s creditworthiness.last_img read more

ExSC judge Justice PC Ghose appointed first Lokpal

first_imgMPost BureauNew Delhi: Former Supreme Court judge Justice Pinaki Chandra Ghose was Tuesday appointed as the country’s first Lokpal, the anti-corruption ombudsman, according to an official order.Former Sashastra Seema Bal (SSB) chief Archana Ramasundaram, ex-Maharashtra Chief Secretary Dinesh Kumar Jain, Mahender Singh and Indrajeet Prasad Gautam have been appointed as non-judicial members of Lokpal. Justices Dilip B Bhosale, Pradip Kumar Mohanty, Abhilasha Kumari and Ajay Kumar Tripathi have been appointed as judicial members in the anti-corruption ombudsman. These appointments were recommended by Prime Minister Narendra Modi-led selection committee and approved by President Ram Nath Kovind. Opposition parties have been accusing the Modi government of delaying the appointment of Lokpal.last_img read more