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, October 3, 2016

On Friday, European Space Agency’s (ESA) spacecraft Rosetta ended its mission, crashing into Jupiter-family comet 67P/Churyumov–Gerasimenko. Rosetta is the first spacecraft to orbit a comet; it traveled in space for twelve years and about eight billion kilometres (about five billion miles).

The ESA’s Darmstadt, Germany control centre ceased to receive signals from the spacecraft, confirming the Rosetta mission’s end, at 11:19 UTC. Mission controllers said it was traveling about 90 centimeters per second on impact (two miles per hour), about a walking pace.

Almost two years ago, in November 2014, Rosetta successfully landed a probe called Philae onto 67P/Churyumov–Gerasimenko, with amongst its goals better understanding how the Solar System was formed. Philae’s discoveries included the presence of molecular oxygen and nitrogen on the comet. It also discovered water on the comet which, according to the scientists, had a different distribution of hydrogen isotopes from the water on earth.

The spacecraft studied the gas, dust, and plasma immediately surrounding the comet during its final approach.

ESA’s director general Johann-Dietrich Wörner said, “Rosetta has entered the history books once again[…] Today we celebrate the success of a game-changing mission, one that has surpassed all our dreams and expectations, and one that continues ESA’s legacy of ‘firsts’ at comets.”

Saturday, December 10, 2005

Australian Federal Police (AFP) have arrested six people following a breach of security at the secretive Pine Gap Joint Defence Facility in central Australia on Friday.

The members of the group Christians Against All Terrorism (CAAT) breached base security at dawn and two of them infiltrated two perimeter fences and scaled a building, before being arrested. Two of the protesters photographed themselves atop a building inside the spy base.

A Northern Territory police spokeswoman said three men and two women had been charged over the incident while another woman would be summoned to appear in Alice Springs court next week over obstructing police. The spokeswoman said the activists had allegedly cut holes in the external and internal fences at the defence facility. She said the combined charges carried a maximum penalty of seven years jail.

The group claims it was the first break-in of its kind at Pine Gap. The group spoke yesterday of their efforts to conceal a digital camera memory stick in the clothing of key members to avoid the images being confiscated by police.

Four of the protesters are from Queensland, one is from New South Wales, and the other is from Victoria. They say they wanted to conduct a citizens inspection of the controversial Pine Gap facility. “We could not allow the US and Australian governments to continue to conceal the role of Pine Gap in the ongoing war in Iraq,” said Sean O’Reilly of the group. “It’s time the Australian public knew the reality of what is happening on our land.”

Group member Jessica Morrison claims there is a lot of secrecy surrounding the facility. “So for me it was an attempt to come to a place that I think propagates death and start to proclaim truth,” she said.

Two of the group were released on bail facing charges, including: unlawfully entering a prohibited area destroying or damaging Commonwealth property; trespassing on Commonwealth land; damaging property under the NT law. A sixth member was arrested for aiding and abetting but was released without charge.

Up to 30 police officers were stationed at a roadblock at the turn-off to Pine Gap at 6:00 a.m. local time and Gap staff were ordered to remain in their cars at the roadblock.

CAAT member Brian Law, said four of the group split into two groups and entered the base in a co-ordinated movement. He said four members walked 10km through thick scrub and entered the base at 4:00 a.m. local time. Mr Law and the fourth member arrested, former human shield Donna Mulhearn, 37, (taken hostage by militants in Fallujah in Iraq last year) were released.

Mr O’Reilly said the group conducted a citizens’ inspection in protest at Pine Gap’s involvement in the ongoing war in Iraq after the group had been refused official entry by Defence Minister Robert Hill. “We could not allow the US and Australian governments to continue to conceal the role of Pine Gap in the ongoing war in Iraq,” Mr O’Reilly said.

It was unclear last night whether the group would be charged under the Federal Government’s tough new anti-terror laws. They were bailed to face the Alice Springs Magistrates Court next Wednesday.

Monday, April 7, 2008

The Australian Bureau of Statistics is responsible for some of Australia’s largest surveys, including the Census of Population and Housing, held every five years. At its head is the Australian Statistician. The current Statistician, Brian Pink, started in his position on March 5, 2007, following the retirement of predecessor Dennis Trewin. Wikinews recently caught up with Brian Pink to talk with him about his first year in the position, as well as his previous tenure as Government Statistician at Statistics New Zealand, and the state of mathematical education in Australia.

((WikiNews)) : Good afternoon.

Brian Pink: Good afternoon.

((WN)) : And congratulations on spending a year as Australian Statistician.

BP: Yes, it’s gone very quickly. (laughs)

See the discussion page for instructions on adding schools to this list and for an alphabetically arranged listing of schools.

Due to the damage by Hurricane Katrina and subsequent flooding, a number of colleges and universities in the New Orleans metropolitan area will not be able to hold classes for the fall 2005 semester. It is estimated that 75,000 to 100,000 students have been displaced. [1]. In response, institutions across the United States and Canada are offering late registration for displaced students so that their academic progress is not unduly delayed. Some are offering free or reduced admission to displaced students. At some universities, especially state universities, this offer is limited to residents of the area.

Monday, October 11, 2010

Wikinews interviewed author Amy Scobee about her book Scientology – Abuse at the Top, and asked her about her experiences working as an executive within the organization. Scobee joined the organization at age 14, and worked at Scientology’s international management headquarters for several years before leaving in 2005. She served as a Scientology executive in multiple high-ranking positions, working out of the international headquarters of Scientology known as “Gold Base”, located in Gilman Hot Springs near Hemet, California.