Mortgage Settlement's Next Step: Banks to Pay ... - AOL Real Estate

U.S. banks have taken another step to clear away the wreckage of the 2008 financial crisis by agreeing to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners.

The deal announced Monday could compensate hundreds of thousands of Americans whose homes were seized because of abuses such as "robo-signing," when banks automatically signed off on foreclosures without properly reviewing documents. The agreement will also help eliminate huge potential liabilities for the banks.

But consumer advocates complained that regulators settled for too low a price by letting banks avoid full responsibility for foreclosures that victimized families and fueled an exodus from neighborhoods across the country.

The settlement ends an independent review of loan files required under a 2011 action by regulators. Bruce Marks, CEO of the advocacy group Neighborhood Assistance Corp. of America, noted that ending the review will cut short investigations into the banks' practices.

"The question of who's to blame - the homeowners or the lenders - if you stop this investigation now, that will always be an open-ended question," Marks said.

The banks, which include JPMorgan Chase, Bank of America and Wells Fargo, will pay about $3.3 billion to homeowners to end the review of foreclosures.

The rest of the money - $5.2 billion - will be used to reduce mortgage bills and forgive outstanding principal on home sales that generated less than borrowers owed on their mortgages.

A total of 3.8 million people are eligible for payments under the deal announced by the Office of Comptroller of the Currency and the Federal Reserve. Those payments could range from a few hundred dollars to up to $125,000.

Homeowners who were wrongly denied a loan modification will be entitled to relatively small payments. By contrast, people whose homes were unfairly seized and sold would be eligible for the biggest payments.

Banks and consumer advocates had complained that the loan-by-loan reviews required under the 2011 order were time-consuming and costly and didn't reach many homeowners. Banks were paying large sums to consultants to review the files. Some questioned the independence of those consultants, who often ruled against homeowners.

The deal "represents a significant change in direction" that ensures "consumers are the ones who will benefit, and that they will benefit more quickly and in a more direct manner," Thomas Curry, the comptroller of the currency, said in a statement.

But Charles Wanless, a homeowner in the Florida Panhandle, is among those who question that promise. Wanless, who is fighting foreclosure proceedings with Bank of America, says he doubts the money will benefit many who lost homes.

"Let's say they already foreclosed on me and I lost my home," said Wanless, who runs a pool cleaning business in Crestview, Fla. "What's $1,000 going to do to help me? If they took my house away wrongfully, is that going to get me my house back? I might be able to find one if I'm one of the lucky ones who gets $125,000."

Diane Thompson, a lawyer with the National Consumer Law Center, complained that the deal won't actually compensate homeowners for the actual harm they suffered.

The deal "caps (banks') liability at a total number that's less than they thought they were going to pay going in," she said.

Thompson supports the decision to make direct payments to victimized homeowners. But she said the deal will work only if it includes strong oversight and transparency provisions.

The companies involved in the settlement announced Monday also include Citigroup, MetLife Bank, PNC Financial Services, Sovereign, SunTrust, U.S. Bank and Aurora. The 2011 action also included GMAC Mortgage, HSBC Finance Corp. and EMC Mortgage Corp.

Regulators announced the deal on the same day that Bank of America agreed to pay $11.6 billion to government-backed mortgage financier Fannie Mae to settle claims related to mortgages that soured during the housing crash.

The agreements come as U.S. banks are showing renewed signs of financial health, extending their recovery from the 2008 crisis that nearly toppled many of them. They are lending more and earning greater profits than at any time since the Great Recession began in December 2007.

Monday's foreclosure settlement doesn't close the book on the housing crisis, which caused more than 4 million foreclosures. It covers only consumers who were in foreclosure in 2009 and 2010. Some banks didn't agree to the settlement. And resolving millions of claims involving multiple banks and mortgage companies is complicated and time-consuming.

"It's going to take a few more years to get it sorted out," said Bert Ely, an independent banking consultant.

Michael Allen of Petersburg, Va., hopes to benefit from the settlement. He lost his home last month after 2? years of trying to modify his mortgage. He had fallen behind on his payments after the plant he was working closed.

"I was working with the banks to re-modify (my loan), and I'd get to the final stages and I'd have to start over again. They didn't give me any reason. I'd call them, they'd transfer me from one person to the next. ... They just kept giving me the runaround."

Citigroup said in a statement that it was "pleased to have the matter resolved" and thinks the agreement "will provide benefits for homeowners." Citi expects to record a charge of $305 million in the fourth quarter of 2012 to cover its cash payment under the settlement. The bank expects that existing reserves will cover its $500 million share of the non-cash foreclosure aid.

Bank of America CEO Brian Moynihan said the agreements were "a significant step" in resolving the bank's remaining legacy mortgage issues while streamlining the company and reducing future expenses.

Amy Bonitatibus, spokeswoman for JPMorgan Chase, said the bank had "worked very hard" on the foreclosure review and was "pleased to have it now behind us."

U.S. Bancorp, which owns U.S. Bank, said its part of the settlement includes an $80 million payment to homeowners. That payment will reduce its fourth-quarter earnings by 3 cents per share. It has also committed $128 million in mortgage aid.

Leaders of a House oversight panel have asked regulators for a briefing on the proposed settlement. Regulators had refused to brief Congress before announcing the deal publicly.

Rep. Elijah Cummings of Maryland, the top Democrat on the House Committee on Oversight and Government Reform, said the settlement "may allow banks to skirt what they owe and sweep past abuses under the rug without determining the full harm borrowers have suffered."

He complained that regulators failed to answer key questions about how the settlement was reached, who will get the money and what will happen to others who were harmed by these banks but were not included in the settlement.

The settlement is separate from a $25 billion settlement among 49 state attorneys general, federal regulators and five banks: Ally, formerly known as GMAC; Bank of America; Citigroup; JPMorgan Chase and Wells Fargo.

Source: http://realestate.aol.com/blog/2013/01/07/mortgage-settlements-next-step-banks-to-pay-8-5-billion-in-r/

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Hands On With Polaroid?s Three New Android-Based Interchangeable Lens Cameras

IMG_4024Polaroid saw the curtain raise early on its Android-based interchangeable lens cameras thanks to early leaks, but today was the first day we got to go hands on with the new cameras at CES 2013. The cameras, based on Android 4.1 (but fully upgradeable to 4.2, Polaroid tells me), feature a 10-30mm F2.8 lens (which maintains that aperture through the zoom range) and a pop-up flash, and it comes in three flavors, including two with built-in Wi-Fi.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/5o0SEPsHKSw/

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No Winners, Only Losers ? Monkey Soup

Today, let?s discuss how broken our foster care system is for a moment.

First a few facts about chilren in foster care.

On any given day there can be up to 400,000 children in care.??On average,?kids are in foster care for two years.? The average age of a child in foster care is nine-years-old.? More than 60,000 kids living in foster care have had their biological parental rights terminated, and are waiting to be adopted.? Eleven percent of kids will age out of foster care.

I have a friend who is currently attempting to adopt a child via inter-state adoption, by?foster care.? For more than a year, she and her family?have been put through the wringer.? For more than a year, the two states that she is working with to bring her son home, her home state and a neighboring state,?have basically played?the blame game with each other.? Neither side seems to know what the other side is doing, or at times what their own side is doing.

They have had visits with the child.? He calls, when the foster parents he lives with, allow him to call.? They Skype when possible.

She recently discovered that her agency, is closing its doors in the next few months.

They tried to have an at home visit over the Christmas holiday, but neither state could get their acts together about who was ?responsible? for her son while in his hopeful adoptive family?s care.? So instead he spent yet another Christmas in foster care.

I know that she is almost to the point of giving up.?

I know that she is questioning everything at this point.?

It is so unbelievably sad, that these two states cannot get their act together long enough to put things together so that this child can have a permanent family.

When we started the process to become a licensed foster/adopt family, we frequently sent inquiries on children whose photos/bio?s we had seen on our state?s Heart Gallery.? (Almost all states have a sight?similar to?this, and there are other national websites that you can see other foster children who are waiting for permanent families.)? Early on, we didn?t get very many responses from our own state.? So my husband and I started looking at the states that surround us.? We figured that if we needed to make a few hour car ride to visit and see our future child that it was just part of the journey to making our family grow.

Every single time we reached out to a neighboring state, we were either told that they would not work with our state, or that they had too many home studies to review for that particular case.? There were more than a few times that emails or phone calls that I made inquiring about a child or a sibling group just went unanswered completely.? So frustrating.

I know that there were several issues with our foster placement, D, with issues between states.? Shortly after D and his sisters were put in care, their mother moved back to the state that they had all originally been from.? Ultimately, it ended up that he was part Native American, the family?s?tribe intervened, and they just had the kid?s grandmother come down here and pick them up.? From the time that the tribe came forward to when they ultimately went home was a few weeks.? After six months of the two states bickering back and forth.

Now, Mea was in?our same state, just a different county and they still did some things differently than our county did.? The blessing in most everything with Mea?s case is that we had almost no contact with our own county and almost entirely dealt with the county where Mea was born, it was almost all done via email and phone.? I don?t know what would have happened had both counties been involved.? Seems like it would have been a mess.

There are so many children in our country that need a family.? Not only do they need a family, they deserve a family.? There are many families who have a loving home for these children, and most importantly children in need of a family.? I believe that for the most part the states are the ones making it difficult for the families.? Making them jump through hoops, losing paperwork.? Playing the blame game.? Not wanting to place children outside of their state because of money.??Whether it is money that the state?receives for placing the child, or the state where the placement will end up?not wanting to pay the?adoption subsidy and/or provide medical care for potential special needs.? None of these things are for the greater good of the children.?

None.

Now, I am not a social worker.? I am just a mom.? I have been out of the foster care system for almost five years, but I do know this?.

I think all?children deserve to have a family who can care for them properly and who will love them unconditionally.? There has to be a way to streamline this process so that it works the same in all fifty states.? So that the same paperwork is filed, so that background checks, and home studies are processed in the same way across all fifty states.? So that cases like my friend?s can work.? So that children who?are currently wards of the states can be adopted by families in a way that doesn?t cause them distress, and cause more emotional problems for them.? My?friends family is not the only one suffering here.? Somewhere out there, there is a little?boy who wants to go home to?his Momma who loves him and calls him her son.???

Something needs to be done.


Source: http://makingmonkeysoup.com/2013/01/08/nowinnersonlylosers/

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World's Largest Floor Cleaning Franchise to Expand Reach

Chem-Dry Carpet, Rug, Stone and Tile Cleaning Franchise Plans Global Expansion

NASHVILLE, TN - (Marketwire - Jan 8, 2013) - Chem-Dry, the world's largest floor cleaning franchise with 3,500 franchises in 35+ countries, is embarking on a global expansion. The company has identified several target markets including France, the Philippines, Turkey, Germany, Taiwan, India, Iceland, Brazil, Argentina and Chile.

Chem-Dry uses all-natural, green-certified cleaning solutions and patented equipment to clean a wide array of floor surfaces such as rugs, carpet, stone and tile as well as other surfaces including upholstery and drapes, serving both the residential and commercial markets.

Chem-Dry is seeking master franchise partners to oversee franchise expansion in these countries.

Chem-Dry's service lines up with key consumer trends, offering a unique approach and a powerful business model:

Green, Eco-Friendly, Healthy

Chem-Dry's hot carbonating extraction method uses 80% less water than steam cleaning, so it's better for the environment. And its primary cleaning solution, The Natural?, is green-certified and does not contain phosphates or detergents, making it safe and non-toxic for kids and pets. In contrast, steam cleaning uses soaps and detergents that can leave behind a residue that can trigger allergies and attract dirt, and the excessive water used in steam cleaning creates a breeding ground for mold and mildew.

A Trusted Brand

Chem-Dry has built a reputation as a trusted, respected brand due to outstanding products, such as its Pet Urine & Odor Removal (P.U.R.T.) treatment formulated not to merely mask scents but attack the chemical bonds that cause dried urine crystals to cling to surfaces, destroying the source of the stain and smell. Chem-Dry also uses a range of solutions to clean tile and stone floors, returning them to new condition; has achieved the highest customer satisfaction and customer repeat levels in the industry; and has been Entrepreneur Magazine's top-rated floor surface cleaning franchise for 25 years in a row.

Superior Technology, Training

Since 1977, Chem-Dry has been committed to R&D, which has enabled it to develop proprietary solutions and patented equipment that are the foundation of their franchisees' business.

To achieve our expansion, Chem-Dry also offers a conversion program for existing businesses that are interested in becoming part of a growing global brand. For more information, visit www.chemdryfranchise.com/international.

Contact:

Joe Manuszak
Chem-Dry Director of International Development
001-615-806-8093
joe.manuszak@hrisupport.com

###

Social Reach:

Viewer Response:

Source: http://www.franchising.com/news/20130108_worlds_largest_floor_cleaning_franchise_to_expand_.html

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Panasonic reveals 20-inch, 4K resolution Windows 8 tablet

Panasonic reveals 20inch, 4K resolution tablet

Wow. Panasonic has just dropped a bomb in the form of a 20-inch Windows 8 tablet sporting a whopping 4k resolution. Our man on the scene liveblogging, Mat Smith, said it "looks like a photo" in person, with great viewing angles, and it sports a touchscreen display and stylus, to boot -- with super-detailed stylus manipulation of images also possible according to Panasonic. The company hasn't revealed any more details, but we saw a similar screen from the company last year, and the beast is already parked at Panasonic's booth here at CES 2013, so we're planning to get our mitts on it and give a full report. Stay tuned!

Comments

Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/hZV7_MvbzEM/

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Information About Alcohol and Drug Abuse Discussed | health and ...

For anyone who is suffering with alcohol abuse or knows someone who is, there are a number of places to find info about drug and alcohol abuse. A very important thing to do is learn about dependency and what it does in order to better decide the type of rehab option that is going to work most effectively for you or someone you know. This kind of addiction to something is a type of loss of self-control, and it makes rehab a perfect alternative. You shouldn't postpone the choice to get help if you want it, and in case you know someone who is suffering, getting them in to a program will be crucial.

Millions of people just about everywhere have a dependency to drugs or alcohol these days. Some people become so accustomed to having it, that when they don't have it, it might be hard to function or to carry out daily life. In reality, with a lot more severe cases the person can frequently get mean and nasty if you attempt to stop them or get in their way of them getting their fix. It can lead to them getting physical and violent which is especially seen in individuals with a severe dependence on drugs. Even though the person by no means means to harm anyone, it does happen every once in awhile and it's something that shouldn't be encouraged.

Information About Alcohol and Drug Abuse Rehabilitation

With regards to therapy, there are a few different options which makes it ideal for anyone no matter the addiction or chosen substance. You're able to figure out how to react in common situations in which alcohol is included. The more booze you consume the worse off your brain is because it leads to brain destruction. Establishments put a halt to hurting others and yourself. One of the primary effects of drinking excessively is liver deterioration as well as obesity, and while people never intend to live this way, it becomes hard to control over a period of time.

When people start drinking, it can be so hard to stop and it soon gets control of their everyday life. Even people in rehab have a hard time with not having a drink. The point of these types of rehab clinics is to make it easier to recover alcohol and substance abuse, and they offer help you need to be able to defeat these problems.

Even though many people never have the intention in becoming an alcohol addict or an addict, it catches up with them sooner than they can stop it, and before they are fully aware of it the destruction is already done. Getting back to a clean lifestyle is something that certainly won't come easily, and there's a lot of information regarding substance abuse to help you discover the warning signs of things to look for in someone suffering with alcohol and drug abuse. By knowing what these warning signs are, you are going to have the ability to identify an issue in you or someone you know a lot quicker. By getting yourself checked into a facility or by helping someone you know get enrolled, you'll discoveran addiction to drugs or alcohol, as well as other resources that will help you live a normal life.

Source: http://healthandfitnessupdates.blogspot.com/2013/01/information-about-alcohol-and-drug.html

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Video: Al Roker's oldest daughter reflects

Dateline NBC

'Dateline NBC,' the signature broadcast for NBC News in primetime, premiered in 1992. Since then, it has been pioneering a new approach to primetime news programming. The multi-night franchise, supplemented by frequent specials, allows NBC to consistently and comprehensively present the highest-quality reporting, investigative features, breaking news coverage and newsmaker profiles.

Source: http://www.msnbc.msn.com/id/3032600/vp/50367174#50367174

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Homes For Sale Alamo Creek Danville CA December 2012 Alamo ...

--> ?2013 Bay East. ?2013 CCAR. ?2013 EBRD. All rights reserved. Information deemed reliable but not guaranteed. This information is provided from three separate sources: Bay East, CCAR and EBRD. The listings presented here may or may not be listed by the Broker/Agent operating this website. Information last updated on 1/6/13 10:40 PM PST.

This IDX solution is (c) Diverse Solutions 2013.

Source: http://vickiesellshomes.com/homes-for-sale-alamo-creek-danville-ca-december-2012-alamo-creek-danville-ca-real-estate-report-january-6-2013/

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