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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, January 27, 2008

Viktor Schreckengost, the father of industrial design and creator of the Jazz Bowl, an iconic piece of Jazz Age art designed for Eleanor Roosevelt during his association with Cowan Pottery died yesterday. He was 101.

Schreckengost was born on June 26, 1906 in Sebring, Ohio, United States.

Schreckengost’s peers included the far more famous designers Raymond Loewy and Norman Bel Geddes.

In 2000, the Cleveland Museum of Art curated the first ever retrospective of Schreckengost’s work. Stunning in scope, the exhibition included sculpture, pottery, dinnerware, drawings, and paintings.

Thursday, June 20, 2019

U.S. heiress Gloria Vanderbilt died on Monday at the age of 95, her son Anderson Cooper announced. She had advanced stomach cancer. Scion of the wealthy Vanderbilt family and the subject of a heavily publicized custody battle early in life, she later also became a performer, artist, and designer of porcelain, linens, and a well-known line of designer jeans.

Anderson Cooper, of CNN, one of Vanderbilt’s four sons, stated, “Gloria Vanderbilt was an extraordinary woman, who loved life, and lived it on her own terms […] She was a painter, a writer, and designer but also a remarkable mother, wife, and friend. She was 95 years old, but ask anyone close to her, and they’d tell you, she was the youngest person they knew, the coolest, and most modern.”

Vanderbilt was born in 1924 into the wealthy Vanderbilt family, great-great granddaughter of the railroad and shipping tycoon Cornelius Vanderbilt. Her father, Reginald Claypoole Vanderbilt, died with liver disease when she was one. At the age of ten, Vanderbilt was the subject of a heavily publicized custody battle between her widowed mother, Gloria Morgan Vanderbilt, and her aunt, Gertrude Vanderbilt Whitney, who controlled a large piece of the Vanderbilt fortune. Her aunt won.

Although she had a trust fund worth US$5 million that she shared with one half-sister, over the course of her life, Vanderbilt also earned income herself through various pursuits. Encouraged to explore creative outlets by a psychotherapist, Vanderbilt took acting lessons and eventually performed on stage in The Time of Your Life in 1955 and appeared on television programs. She also focused on art and design, creating paintings, collages, linens, and a brand of designer jeans that would generate millions in sales. In 1990, the Smithsonian museum featured her jeans alongside the works of designers including Coco Chanel in an exhibit on gender and style.

Syracuse University pop culture professor Robert Thompson remarked, “The thing that really made Gloria Vanderbilt penetrate the American consciousness was the blue jeans war of the late ’70s and early 1980s […] The jeans moved from being functional clothes to designer jeans […] it was her attempt to take something that was so unglamorous and invest it in high fashion style.”

Vanderbilt was married to talent agent Pasquale “Pat” Di Cicco; conductor Leopold Stokowski, who fathered two of her sons; director Sidney Lumet; and author Wyatt Cooper; but, according to her memoirs, also had some degree of romantic involvement with, amongst others, Errol Flynn, Frank Sinatra, and Marlon Brando. She would later say her union with Cooper was her only happy marriage.

Vanderbilt also authored several books, including the memoirs Once Upon a Time and Black Knight, White Knight and the 2009 novel Obsession, which the New York Times called “the steamiest book ever written by an octogenarian.”

Vanderbilt is survived by two sons with Stokowski, Stanislaus and Christopher, and by her son Anderson Cooper. Another son, Carter Cooper, predeceased her.

Monday, March 8, 2010

The skeletal remains of 14-year-old Escondido, California teenager Amber Dubois were found north of the Pala Indian Reservation Saturday morning, police said. Dubois disappeared February 13, 2009 while walking to Escondido High School. The San Diego County Medical Examiner’s office made a positive identification through dental records.

According to Escondido Police Chief Jim Maher, police were following a lead when they came across the remains. Maher declined to say what the lead was or to describe in detail the site where the remains were found. He also refused to reveal whether John Albert Gardner III, suspect in the murder of Chelsea King, is being linked to the Dubois case.

Amber’s father, Maurice Dubois, made a statement thanking those who had helped in the search for Amber. “The entire community, everybody who helped out with the search effort, and above all our huge volunteer corps, they are the most dedicated people and without them we couldn’t have done anything,” he said.

Sunday, December 13, 2009

Almost a thousand protesters at The Copenhagen Climate Change Summit were arrested yesterday for unruly conduct. Although most of the protests were peaceful, one group began destroying windows of nearby buildings. Tens of thousands of protesters held multiple rallies throughout the Danish capital. Marches have also formed in Australia, Hong Kong, Jakarta, Indonesia and the Philippines. One of the demonstrators, Nnimmo Bassey, of Friends of the Earth, summed the rallies with “Let’s dance, sing and be happy, because power is in your hands,”.

Protesters included actress Helen Baxendale, model Helena Christensen and former Irish president Mary Robinson. Baxendale was quoted “I think it’s also important that people come and make their voices heard as well. I think, in the end, that’s what will make real, positive change.”

The Copenhagen Summit opened last Monday, and has representatives from nearly 190 nations to discuss caps on greenhouse gas emissions. A draft proposal calls for cuts in greenhouse gas emissions by 50–90% by 2050 and 25–40% by 2020 for developed nations.

Wednesday, September 7, 2005

Evacuees from New Orleans arrived on Sunday and have continued to come to Utah, utilizing the facilities at Camp Williams, the training facility for the Utah National Guard, to house the incoming people. Flights from New Orleans to Salt Lake City International Airport provided by JetBlue Airways under a contract from FEMA have been shuttling people from New Orleans to many destinations throughout the United States, including Utah.

In addition, Utah Air National Guard relief missions transporting food and other supplies to New Orleans relief efforts have also been returning with people in the cargo areas of the airplanes on return flights. “In keeping with our mission to assist in the security and safety of our homeland, we stand trained, ready, and able to respond to the call to assist our fellow citizens in Louisiana, Mississippi and elsewhere,” said Maj. Gen. Brian Tarbet, Utah National Guard Adjutant General.

The people on board the airplanes had no idea where they were going. In one case the airplane was headed to San Antonio and at the last minute while still airborne the destination was changed to Utah. Peter Coroon, Salt Lake County Mayor: “Some of the people look dazed. Some of them are just happy to be out of where they were. Some of them are eager to find their loves ones they’ve been separated. Some of them weren’t sure where they were going when they left New Orleans.”

Governor John Huntsman, Jr. utilized surplus state funds by declaring a state of emergency to begin efforts housing and clothing people coming to Utah, however some of this will likely be reimbursed by the Federal Government at a later date. He announced that Utah was willing to take up to 1,000 people at shelters in Utah, and that amount was later increased to over 2,000. On Monday, President Bush signed an executive order granting the emergency declaration in Utah to provide Federal assistance for the evacuees in Utah.

After arriving in Utah, one evacuee said “I want to thank the people of Utah for their hospitality and for restoring my faith in America.” Another evacuee said “it seems like heaven, looking at the mountains and getting a breath of fresh air and saying, ‘Thank God we made it.'”

Not all evacuees were pleased with the move to Utah. “I knew where Utah was, but nobody told me that’s where we were going. Nothing personal. It’s nice. But I don’t know anybody here,” said Bergeron, among the first batch of 152 evacuees to arrive at the Camp Williams Utah Army National Guard training site.

The Utah chapter of the American Red Cross has been training volunteers over the Labor Day weekend, and according to one official they have been overwhelmed with community support to help the evacuees. The line of volunteers to receive the training helping those at Camp Williams was litterally out of the door at the Red Cross offices today. One volunteer, Kayelynn Wright said, “The last couple of days we’d talked about it and said, ‘What can we do?’ So when I saw it (a call for volunteers) last night, I called (my neighbor) this morning and said, ‘We gotta go!'” The Red Cross has asked that you contact the local office if you plan on volunteering or donating any new clothing and other items to help the evacuees.

Volunteers from The Church of Jesus Christ of Latter-day Saints on Saturday gathered at the LDS Humanitarian Center in Salt Lake to assemble more than 50,000 hygiene kits for hurricane victims. Plastic bags were stuffed with toothbrushes and toothpaste, combs, soap, washcloths and hand towels. The supplies will be shipped to a church-owned storehouse Georgia for distribution.

Transportation requests are also being honored by the Utah state government, and evacuees are having transportation to anywhere in the United States paid for at state expense. In addition, a small amount of extra money is being donated directly to each family to help with immediate expenses. The Utah Transit Authority has already established a regular municipal bus service between Camp William and downtown Salt Lake City, which will begin formal service starting tomorrow morning.