Subprime Mortgage Lending 2007 Statement}

Posted on September 28, 2017September 28, 2017Categories Financial Services

Submitted by: Jane A. Smith

The United States Treasury Department, along with several other federal financial regulatory agencies, released a Statement on Subprime Mortgage Lending in June 2007. This sizeable document (it is 31 pages long) is aimed at people involved in borrowing and lending for mortgages at subprime rates. Of particular concern to the authors are adjustable rate mortgages (ARMs). The Statement provides guidelines that will ensure more appropriate practices regarding ARMs. The agencies are concerned that lenders persuade borrowers to take out ARM loans by giving them an extremely low rate of interest (called a teaser rate) for the first few months. Unfortunately, this rate adjusts upward very soon to a formula based on and exceeding the prime rate. Now the loan is no longer within the means of the person who is classified as a subprime borrower, and it will cause extreme financial hardship. Other issues covered by the Statement are below.

Adequate documentation of income for subprime borrowers is not always required by lenders. This practice is of concern to the agencies because it leads to so-called liar loans. A borrower can put whatever inflated number he chooses on the application form, knowing there will be no effort to verify that this is truly the amount of his income. These loans greatly increase the chance that the borrower will default, which is a problem for the lender as well.

The agencies also address the problem of the introductory rate period. Most ARM loans include significant penalties for early prepayment, and the penalties extend well past the initial period. In addition, borrowers are not always given full information about additional monthly payments that will be required, such as taxes and homeowners insurance. This failure to disclose such information leaves the borrower at an enormous disadvantage, and will no longer be permitted.

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It is interesting and unusual that, three months before releasing the Statement on Subprime Mortgage Lending, the agencies involved in creating it requested comment from the public, from members of Congress, and from financial institutions that engaged in mortgage lending. From the industry came the comment, over and over, that they are opposed to disclosing to borrowers all the details of ARM fees and rates. They think that would result in overloading the consumer with information! This is of great concern to the agencies, and to the author of this article as well. We dont think the average consumer requires the protection of subprime lending agencies from information overload. Consumers can handle information just fine! Failure to disclose costs and fees for which the borrower will be responsible is nothing short of deception.

Virtually all comments reflected uneasiness that there was no adequate definition of the term subprime within the Statement. When the final revision appeared in June, readers were requested to refer back to the definition of a subprime borrower contained in the earlier guidelines document Expanded Guidance for Subprime Lending (2001). All the pertinent characteristic are listed there, and can be used in determining whether a particular borrower should be classified as subprime.

The Statement also requires that every borrower be given a full repayment schedule, including information on amortization, and an estimate of the amount of insurance and taxes that will be applicable. This must be done whether or not the extra costs are escrowed and are included in the loan. The extra charges must be part of a mandatory and accurate calculation of the borrowers debt ratio.

The Statement on Subprime Mortgage Lending is a valuable effort to remedy some of the ailments of the current housing market, and insure that subprime borrowers as well as subprime lenders are not left with a financial disaster on their hands because of imperfect communication between them.

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Wikinews interviews Joe Schriner, Independent U.S. presidential candidate

Posted on September 27, 2017September 27, 2017Categories Uncategorized

Saturday, April 17, 2010

Journalist, counselor, painter, and US 2012 Presidential candidate Joe Schriner of Cleveland, Ohio took some time to discuss his campaign with Wikinews in an interview.

Schriner previously ran for president in 2000, 2004, and 2008, but failed to gain much traction in the races. He announced his candidacy for the 2012 race immediately following the 2008 election. Schriner refers to himself as the “Average Joe” candidate, and advocates a pro-life and pro-environmentalist platform. He has been the subject of numerous newspaper articles, and has published public policy papers exploring solutions to American issues.

Wikinews reporter William Saturn? talks with Schriner and discusses his campaign.

Opiekunki Warszawa}

Posted on September 27, 2017September 27, 2017Categories Dentist

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Submitted by: Josephine Devine

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Use our enquiry form to obtain information and prices from a range of cosmetic surgery companies. Search our database to find a clinic in your area. view our Guide to Cosmetic Surgery, or our Guide to Breast Implants. Find out what it costs for cosmetic surgery. We also make available to you medical websites offering information on cosmetic surgery abroad, and on cosmetic dentistry in the polish market.

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BTW – Florida has the second-highest percent of uninsured at 22.4 percent in 2009, up from 20 percent in 2008. That?s 4.1 million Floridians without health insurance, up from 3.6 million in 2008. Only Texas has a higher percent of uninsured at 26.1 percent.

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Irish inflation creeps upwards to 2.4%

Posted on September 27, 2017September 27, 2017Categories Uncategorized

Saturday, June 11, 2005

The inflation rate in Ireland, as measured by the Central Statistics Office (CSO), edged upwards to hit a five month high in May at 2.4%. This represents a 0.2% rise on the previous month when the rate stood at 2.2%.

The major contributors to the rise were increased transportation, healthcare, and education costs. In April the EU25 average rate of inflation was 2.1%, with Latvia having the highest rate at 7.1% and Sweden the lowest at 0.4%.

Despite the increase in the rate, Irish inflation remains very low – having hit 7% during 2000 and remaining around the 5% until the beginning of 2003. Another major factor easing any worries about the increase is Ireland’s very strong GDP growth – expected to be around 5.5% this year

On an annual basis the cost of footwear and clothing have fallen by 2.7% whilst energy costs have soared by 10.4%. The cost of food, furniture, and communications also fell over the last 12 months.

The Consumer Price Index is made up of over 55,000 prices consisting of 613 headings which cover over 1,000 different items.

Boston rings in the new year

Posted on September 27, 2017September 27, 2017Categories Uncategorized

Monday, January 1, 2007

Last night, 1 million people filed into Boston, Massachusetts to celebrate the 31st Annual First Night celebration. The people who attended the First Night celebration enjoyed live musical performances, ice sculptures, and finally, fire works.

Tonight was a great night for the ice sculptures and the people, as temperatures where around 40 degrees Fahrenheit (4 degrees Celsius).

At City Hill Plaza, Mayor Thomasn Menino made an appearance and held a countdown to noon for younger people who might not be able to stay up for the festivities that were to happen later in the night.

First Night celebrations were also held in Chatam, Fall River, New Bedford, and other towns and cities.

CoolBrands: New Zealand coolest place in the world

Posted on September 27, 2017September 27, 2017Categories Uncategorized

Tuesday, September 26, 2006

New Zealand has been voted the coolest place in the world by United Kingdom brand: CoolBrands.

Coolbrands is owned by a consultancy firm in the UK, called Superbrands. It started in 2001, CoolBrands is a way of telling how ‘cool’ a brand is. Superbrands defines “brands that have become extremely desirable among many style leaders and influencers. They have a magic about them, signifying that users have an exceptional sense of taste and style.”

George Hickton, chief executive of Tourism New Zealand, said: “This win is a vindication of the recent work we’ve put in to the UK market, with the Chelsea Flower Show and our 100% Pure New Zealand advertising campaign ensuring New Zealand stays top of mind with potential travellers.”

“It’s very gratifying to see we are such a desirable destination, especially as this poll includes opinion leaders who can have an real influence on people’s travel choices.” says Mr Hickton. “this is the second award New Zealand has received in the UK this September, with Conde Nast Traveller magazine also voting New Zealand best destination this month.”

Editor of Condé Nast Traveler Magazine, Sarah Miller, called New Zealand a “point of authenticity.” And professional nation brander, Wally Olin, said “New Zealand has been very, very clever. It has turned its disadvantages into advantages.”

“Reaping the benefits of its recent marketing campaign, New Zealand is apparently the hottest place to be,” said the London News.

650 brands were chosen by researchers which were then put before 23 judges and were made available for the public, of which 1,725 people participated in an online survey. Five percent of the original 650 made it to the finals, including Morocco, Maldive and Australia.

New Zealand receives most of its tourists from Australia, closely followed by the UK.

The top ten destinations included:

  1. New Zealand
  2. Morocco
  3. Fiji
  4. Prague
  5. Australia
  6. Maldives
  7. Amsterdam
  8. Brighton
  9. Bahamas
  10. Bermuda

Wikinews interviews Fred Karger, U.S. Republican Party presidential candidate

Posted on September 26, 2017September 26, 2017Categories Uncategorized

Saturday, April 28, 2012

United States political consultant and gay rights (LGBT) activist Fred Karger of California took some time to discuss his Republican Party presidential campaign with Wikinews reporter William Saturn. Karger holds the distinction as the first openly gay person to seek the presidential nomination of a major U.S. political party.

Before entering electoral politics, Karger worked as an adviser for such prominent Republicans and former U.S. Presidents Gerald Ford, Ronald Reagan and George H. W. Bush. Since retiring as an adviser in 2004, he has been involved in LGBT issues: opposing California Proposition 8, which banned same-sex marriage in the state; and leading investigations of such same-sex marriage opponents as the National Organization for Marriage (NOM) and the The Church of Jesus Christ of Latter-day Saints (The Mormon Church).

In 2010, Karger first announced his intentions to seek the Republican presidential nomination, but did not officially announce until March 2011. One of his early campaign goals was to participate in a GOP presidential debate, but was never invited due to polling thresholds. However, Karger argued that he did meet the requirement for an August debate, but was still excluded after the organizers deemed polls he cited as inadequate.

So far, Karger has appeared on four Republican primary ballots including Puerto Rico, where he was able to top Congressman Ron Paul, who, at the time was one of the four major candidates in the race. Karger will next appear on the ballots in California on June 5, and in Utah on June 26.

Karger brands himself as “a different kind of Republican” that wants to open the party to outsiders. He backs gay marriage, is pro-choice on abortion, and wants to lower the voting age. However, he also holds some traditional Republican views: he favors a strengthening of the private sector and believes the U.S. should be steadfast in its support for the nation of Israel.

In talking to Wikinews, Karger discusses his personal political background and activism, the 2012 presidential election and his GOP campaign, as well as his political views on both domestic and foreign affairs.

Contents

  • 1 Background
  • 2 2012 presidential campaign
  • 3 Political views
  • 4 Related articles
  • 5 Sources

Car bomb in Ciudad Juárez, Mexico kills several, many injured

Posted on September 26, 2017September 26, 2017Categories Uncategorized

Saturday, July 17, 2010

A car bomb that exploded at about 20:00 MDT Thursday (01:00 Friday UTC) in a violent area of Ciudad Juarez, Mexico killed several people and injured more.

Police spokesman Jacinto Seguro said Friday that Mexican federal police received a call that an officer was dead. Seguro went on to say, “When they went to check the car, there was a dead body in there, dressed up like a police officer, but it wasn’t one of ours. They put him in a civilian car but dressed him up in a municipal police uniform. That’s when the bomb went off. It’s like an act of terrorism.”

Federal police spokesman Ramon Salinas said the blast killed two officers, a paramedic, and one civilian, although Mayor Jose Reyes said that only three died. At least six others were injured, although reports have said the total injured may be as high as sixteen. Four remain in the hospital, including three paramedics and one civilian.

Mexican authorities say it was a car bomb, but counter-terrorism experts are still unsure as to what caused the vehicle to explode. Intelligence expert Fred Burton said, “For this to be an improvised grenade attack, in some capacity, it doesn’t surprise me.”

The Juarez cartel, one of the two drug-traffickers in the area, claimed responsibility for the bombing in a graffiti message. “We have more car bombs,” the graffiti said.

Ciudad Juárez has a history for trafficking drugs to the United States, especially into Texas.

Before the explosion, the police arrested a suspected leader of the Juarez cartel, Jesus Armando Acosta Guerrero.

This year more than 7,000 people have died as a result of drug-related violence in Mexico since this year began. Attorney General Arturo Chavez on Friday said nearly 25,000 people have died in the last three and a half year period.

Ten April Fool’s pranks of 2009

Posted on September 26, 2017September 26, 2017Categories Uncategorized

Friday, April 3, 2009

April Fools’ Day pranks harmlessly pervaded worldwide again this year. Media outlets and internet sites have joined family, office workers, and friends to provide a wide variety of practical jokes. Ireland, France, and the United States celebrate April Fools all day, whereas a few countries celebrate jokes only until noon such as the United Kingdom, Australia, New Zealand, Canada, and South Africa.

Car and Driver claimed that GM and Chrysler were ordered out of NASCAR by the White House by the end of 2009 in order to receive any more government loans. There are press releases about this short-lived prank which received controversial feedback.

The Swiss Tourism Board has announced that volunteers were desperately needed, The Association of Mountain Cleaners “makes sure that our holiday guests can always enjoy perfect mountains. Using brooms, brushes, water and muscle power, they clean the rocks of any bird droppings.”

This year Gmail produced a new autopilot feature for April 1, 2009 which can read your email and automatically respond to every message.

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BMW released its new Magnetic Tow Technology which allows your BMW to magnetically attach to the vehicle ahead of you. This enhanced technology allows the driver to remove their foot from the gas pedal and turn off the motor.

The Guardian proposed its move to Twitter, which would allow the newspaper to fit its article content into 140 character messages or “tweets”. Included in this venture was the archiving of past events reported by The Guardian, such as, “1927 OMG first successful transatlantic air flight wow, pretty cool! Boring day otherwise *sigh*”

Google’s technological break through for April Fool’s Day was CADIE, (Cognitive Autoheuristic Distributed-Intelligence Entity). By extracting internet search patterns combined with Brain Search, a part of CADIE technology, Google can now search your thoughts and memories.

Wikipedia even fooled Fox News who claimed that “every item on the home page of the user-generated site Wikipedia is fake. The featured Wikipedia article regaled the “Museum of Bad Art” in Boston.” However, each item on the main page was based on reality — even news articles such as NASA reports a shower of diamonds over the Republic of Sudan, which was based on a meteorite which passed over Sudan whose fragments did reveal diamonds upon discovery.

The Conficker Internet worm had been in the news warning of a worst case scenario when computers worldwide would be affected by the virus. Even the chief security adviser for Microsoft, Ed Gibson, didn’t want to make any predictions about what would happen. Experts just knew that it was set to go off on April 1. Several anomalous happenings were attributed to Conficker including Leroy “Mac” MacElrie who claimed to be the programmer of the Conficker worm and turned himself in to police.

Hotels.com ran an advertisement offering hotel room bookings on the moon which would be offered on European websites starting at £800 a night.

Qualcomm ingeniously revealed a new wireless networking technology called wireless convergence. Making use of the flight patterns of pigeons. They then use innovative solutions to converge the birds with wolves to protect the internal improvements.

Media outlets were not the only ones pulling pranks. Gaming websites across the internet Blizzard, Joystiq, and affiliates posted reviews and announcements of games with tongue in cheek. YouTube offered viewers a unique April Fool’s experience as videos were offered upside down. In Ireland, U2 fans received a U2opia concert on a shopping centre roof top concert rather than the real thing.

South African prosecutors charge ANC leader Jacob Zuma with corruption

Posted on September 26, 2017September 26, 2017Categories Uncategorized

Saturday, December 29, 2007

File:JacobZuma.jpg

Corruption-related charges have been brought against Jacob Zuma, the newly-elected leader of the African National Congress (ANC), according to his lawyer. A trial is scheduled to begin on August 14, 2008.

The charges stem from an arms deal with a French company, which is alleged to have involved bribes and fraud. Zuma’s financial adviser at the time, Schabir Shaik, was convicted in 2005 of attempting to solicit a bribe of US$72,500 per year from the arms company on Zuma’s behalf and was sentenced to 15 years in prison. Zuma was fired as deputy president in 2005 by South African President Thabo Mbeki due to the scandal.

Two-term ANC leader Mbeki recently lost an ANC leadership contest to Jacob Zuma, who garnered about 60 percent of delegate votes in his win.

Zuma had been charged with corruption in 2005, but the case was dismissed on procedural grounds. Michael Hulley, Zuma’s defence lawyer, indicated that they will strongly contest the new charges in court. Hulley also suggested that the South African government’s National Prosecuting Authority (NPA) and its anti-organised crime division known as The Scorpions, have carried out a smear campaign against Zuma.

“These charges will be vigorously defended, in the context of the belief that the Scorpions (NPA) have acted wrongly and with improper motive calculated to discredit Mr. Zuma and ensure that he play no leadership role in the political future of our country,” said Michael Hulley in a statement.

Given that the ANC has been the governing party in South Africa since the end of apartheid in 1994, it is likely that Jacob Zuma could become the next president after general elections in 2009. Zuma has said, however, that he would resign if he was found guilty by the courts.