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CALIFORNIA | LOCAL
August 30, 2013 | By Anh Do
FBI agents arrested a Little Saigon businessman and a Westminster police officer early Friday, accusing the entrepreneur of running a loan shark operation and the officer of working as his "enforcer. " Kevin Khanh Tuan Do, who owns Do Design & Construction, allegedly worked with Anthony Duong Donner, a six-year patrol officer for the Westminster police. Donner was arrested when he showed up for work Friday. A 39-page FBI affidavit said the two lived together in Fountain Valley while masterminding illegal activities.
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BUSINESS
March 26, 2014 | By E. Scott Reckard and Walter Hamilton
Putting to rest one of its biggest remaining headaches, Bank of America Corp. has agreed to pay $9.5 billion to settle claims by Fannie Mae and Freddie Mac. The government-sponsored mortgage finance giants had demanded compensation from the Charlotte, N.C., bank for losses on securities backed by faulty loans issued during the housing boom. The bank said the settlement, announced Wednesday, resolves all claims against BofA by the Federal Housing Finance Agency, the agency that regulates Fannie and Freddie.
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NEWS
April 10, 2013 | By Ted Rall
A bill before the California Legislature to address soaring student loan debt would require high school students to take a personal finance class.  ALSO: Photo gallery: Ted Rall cartoons Stumbling into another Korean war Schwarzenegger: California's silent disaster Follow Ted Rall on Twitter @TedRall
SPORTS
March 26, 2014 | By Nathan Fenno
As Shabazz Muhammad's father is sentenced Thursday in U.S. District Court in Las Vegas for conspiracy to commit fraud, UCLA faces its most significant men's basketball game since 2008. Muhammad is in the NBA now, but the off-court problems he brought to UCLA last season continue to dog the school. According to a sentencing brief filed last week , Ron Holmes told the FBI he received a loan based on his son's future professional basketball earnings. Estimated at $350,000 in another court document, the loan was Holmes' principal source of income at the time and came from an unnamed "marketing company.
SPORTS
March 26, 2014 | By Nathan Fenno
As Shabazz Muhammad's father is sentenced Thursday in U.S. District Court in Las Vegas for conspiracy to commit fraud, UCLA faces its most significant men's basketball game since 2008. Muhammad is in the NBA now, but the off-court problems he brought to UCLA last season continue to dog the school. According to a sentencing brief filed last week , Ron Holmes told the FBI he received a loan based on his son's future professional basketball earnings. Estimated at $350,000 in another court document, the loan was Holmes' principal source of income at the time and came from an unnamed "marketing company.
ENTERTAINMENT
February 15, 2013 | By Richard Verrier
A federal judge approved a $17-million loan from two movie studios to keep the lights on at troubled Rhythm & Hues, the award-winning visual effects company that worked on the Oscar-nominated “Life of Pi.” Rhythm & Hues, based in El Segundo, on Wednesday filed for bankruptcy protection under Chapter 11 of the federal bankruptcy code after laying off 250 employees. As part of its plan to avoid liquidation, Rhythm & Hues said it secured a $17-million loan from Universal Studios and 20th Century Fox to complete work on current projects, including “R.I.P.D.” and “Percy Jackson: Sea of Monsters.” Warner Bros., which is owed $4.9 million, is not providing any financing, the company said in court filings.
BUSINESS
February 6, 2012 | By Jerry Hirsch
Fisker Automotive has stopped work at a former General Motors auto plant in Delaware where it plans to build Project Nina, a family-size plug-in hybrid that is expected to sell for about $50,000. The Anaheim-based auto company laid off 26 workers at the plant and let go 40 contract employees working at its headquarters .   That leaves the company with about 600 employees working on automotive development in Anaheim. The company said it “delayed work at the plant based on ongoing discussions” with the Department of Energy “regarding funding for the Project Nina program.” The agency is withholding loans for the Nina project because Fisker missed milestones in getting its first vehicle, the Karma sports car, to market.
SPORTS
January 7, 2014 | By Jim Peltz
Galaxy officials said Tuesday the team has acquired Brazilian forward Samuel Rosa Goncalves, known simply as Samuel, on loan from the Fluminense FC team of Brazil's Serie A. Samuel, 22, had 15 goals in 72 appearances over the last two seasons with Fluminense, across all competitions for the club based in Rio de Janeiro. Terms of the loan agreement were not disclosed. "We are pleased to add Samuel to our roster," Galaxy General Manager and Coach Bruce Arena said in a statement.
BUSINESS
April 5, 2009 | Stephen Glassman and Donie Vanitzian
Question: As a director and treasurer of our homeowner association board, I have a duty to inquire about the association's finances. Without my knowledge or consent, the other board directors committed our association to a loan with unfavorable terms. I have been asking a lot of questions regarding the loan agreement, but no one is giving me answers. The association's attorney informed the board, and our president affirmed, that "the board will not be liable for this loan."
CALIFORNIA | LOCAL
June 25, 2013 | By Robert J. Lopez
The U.S. Small Business Administration is scheduled to open a disaster loan outreach center for victims of the recent Powerhouse Fire that burned more than 30,000 acres across the Angeles National Forest and high desert, officials said Tuesday evening. The center is set to open in Lake Hughes to assist people with obtaining low-interest federal disaster loans, Los Angeles County's chief executive said in a statement. The loans are available for homeowners, business owners, renters and people who operate nonprofit organizations.
BUSINESS
March 24, 2014 | By Jim Puzzanghera
WASHINGTON - Four out of five people who take out a short-term payday loan either roll it over or take out another one within two weeks, pushing them into a cycle of debt, according to a report to be released Tuesday by the Consumer Financial Protection Bureau. Nearly a quarter of borrowers - 22% - renewed the loan at least six times, causing them to end up paying more in fees than they originally borrowed, the bureau said in an analysis of 12 million loans made by storefront payday loan companies.
BUSINESS
March 17, 2014 | By E. Scott Reckard
California victims of alleged foreclosure abuses will get $268 million in relief from a $2.1-billion national settlement with Ocwen Financial Corp., the nation's largest non-bank provider of mortgage customer service. Ocwen broke state law by improperly denying loan modifications, failing to honor modifications granted by prior servicers and charging unauthorized fees, according to the California Department of Business Oversight. "Californians should not lose their homes because of deceptive and poorly executed mortgage servicing practices," Commissioner of Business Oversight Jan Lynn Owen said Monday in a news release.
NEWS
March 13, 2014 | By Lisa Mascaro
WASHINGTON - Even areas of agreement in Congress get snarled in political gamesmanship. That's what's happening to a $1-billion Ukraine loan package that has widespread support, but is stalled by a partisan fight over other issues, including the Internal Revenue Service's regulation of political activity. As a result, Congress is now expected to recess for a week without approving the loan guarantees to the new government in Ukraine. Trouble hit when both Democrats and Republicans used the popular aid package as a vehicle to push through more divisive items that otherwise would not have had much of a chance.
BUSINESS
March 13, 2014 | By E. Scott Reckard
Mortgage rates edged higher early this week, with Freddie Mac's survey showing lenders offering 30-year fixed-rate loans to solid borrowers at 4.37%, up from 4.28% a week earlier. The average rate for a 15-year fixed home loan rose from 3.32% to 3.38%, according to Thursday's report , and the start rate also rose for variable-rate loans with an initial five years at a fixed rate. Analysts said a positive report on employment late last week contributed to the trend. The economy added a better-than-expected 175,000 jobs in February despite harsh weather, the government said, and figures for the two previous months each were revised upward by 25,000.
WORLD
March 6, 2014 | By Lisa Mascaro
WASHINGTON - The Republican-controlled House approved up to $1 billion in loan guarantees for Ukraine on Thursday, backing President Obama's request to help the new government. The aid package sailed through the House on a robust bipartisan vote of 385-23, even as Republicans in Congress have voiced criticism of Obama's foreign policy leadership. The measure won support from many fiscal conservatives who typically resist such spending bills because the funding will come from a State Department loan program that has already been allocated.
WORLD
March 5, 2014 | By Lisa Mascaro
WASHINGTON -- As Congress weighs imposing sanctions on Russia in response to military action in Crimea, Majority Leader Eric Cantor said Wednesday the House would vote "soon" on an aid package for Ukraine. Money for Ukraine's embattled government would come in the form of a loan, Republican officials said, tapping into already funded accounts so approval would be easier in the fiscally conservative House. The Senate is working on its own measures to respond to the crisis in the former Soviet republic.
NEWS
December 24, 2013 | By Kevin Baxter
Remember how excited Clint Dempsey was to come home to the U.S. when he signed with the Seattle Sounders of Major League Soccer in August? Well, now he's going home again -- this time flying the other way. Dempsey, stalwart of the U.S. national team, has accepted a two-month loan with Fulham of the English Premier League, where he had previously played for 5-1/2 seasons. U.S. national team Coach Juergen Klinsmann had strongly urged his MLS players to take winter loans to Europe to prepare for next summer's World Cup. So far Dempsey is the only one who has taken the hint.
NEWS
March 4, 2014 | By Kathleen Hennessey
WASHINGTON - The Obama administration will ask Congress to approve $1 billion in loan guarantees and other assistance to help stabilize the new, pro-Western government in Ukraine, Treasury Secretary Jacob Lew said Tuesday. The loans will be part of a larger international aid package coordinated by the U.S. and European allies, and distributed largely through the International Monetary Fund. The money is needed to close a gaping budget hole left when the Ukraine opposition deposed President Viktor Yanukovich and rejected a loan package from Moscow.
BUSINESS
February 27, 2014 | By E. Scott Reckard
Here's some welcome news for first-time and lower-income mortgage borrowers: Home loans insured by the Federal Housing Administration are getting easier to come by. The average credit score on FHA-backed loans declined steadily in 2013, Inside Mortgage Finance reported Wednesday. The trade publication said FHA borrowers' average debt-to-income ratio - a measure of how much of their earnings are needed to keep up with housing and other debt payments - rose noticeably as well. That's another sign that banks have eased up a bit. QUIZ: How much do you know about mortgages?
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