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CALIFORNIA | LOCAL
December 6, 2013
Peter Graf Father of tennis great was jailed for tax fraud Peter Graf, 75, who mentored his daughter, tennis great Steffi Graf, but then went to jail for evading taxes on her earnings, died Nov. 30 at his home in Mannheim, Germany, his family said. German media reported last year that he had pancreatic cancer. Graf, who sold used cars and had other businesses, placed a sawed-off tennis racket in his daughter's hand before she was 4 years old, rewarding her with ice cream when she was able to sustain long rallies on an improvised tennis court in the family living room.
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ENTERTAINMENT
December 3, 2013 | By David Ng
[This post has been corrected.] The Huntington in San Marino is receiving a loan of a rarely seen 15th century painting depicting Christ that was created by Flemish Renaissance artist Hans Memling. The painting, which was recently acquired by Lynda and Stewart Resnick, is scheduled to go on display Dec. 13, said the Huntington. "Christ Blessing," which dates from circa 1480 to 1485, will be displayed as part of two Memling portraits of Christ in the current exhibition "Face to Face: Flanders, Florence and Renaissance Painting.
BUSINESS
December 2, 2013 | By Walter Hamilton
Students who get the runaround from companies handling their college loans soon may get help from the federal government. The Consumer Financial Protection Bureau said it will begin regulating the nation's largest student-loan servicing firms, which manage student accounts, process monthly payments and respond to borrower questions. Though they don't make the loans, the companies are the main point of contact for borrowers. They effectively serve as gatekeepers that have enormous influence over requests for deferments or loan modifications.
BUSINESS
December 1, 2013 | Liz Weston, Money Talk
Dear Liz: We took a home equity loan against our house to open a business in 2006. We also ran up credit card debt for the business. The business went under, and we're struggling to pay off the loan, which is $150,000 (a $1,150 payment every month), and the credit card debt, which we got down to about $20,000 from $37,000. Is there any way to get relief from the loan since it was a legitimate business (a franchise we bought from another franchisee)? We don't know what to do and have been taking money out of our savings to pay the debt.
BUSINESS
November 21, 2013 | By E. Scott Reckard
Fixed mortgage rates fell early this week in the wake of a decline in the inflation rate, with Freddie Mac pegging the 30-year loan at an average of 4.22%, down from 4.35% last week. But the trend Thursday was once again toward higher rates. Freddie Mac's weekly survey of what lenders are offering showed the average rate for a 15-year fixed home loan fell from 3.35% last week to 3.27%. The start rate for a popular variable mortgage that is fixed for the first five years also declined slightly.
BUSINESS
November 19, 2013 | By Jim Puzzanghera
WASHINGTON - The federal government's consumer financial watchdog will require lenders to issue shorter, easier-to-understand mortgage disclosure forms to home buyers that more clearly show the costs and terms of the loans. The Consumer Financial Protection Bureau plans to issue the rule Wednesday, following through on what was an initiative launched in 2011 as the then-fledgling agency's first major action. The early Know Before You Owe forms were welcomed by consumer and industry groups as an improvement over the more complex disclosures required under federal law for more than 30 years.
BUSINESS
November 18, 2013 | By E. Scott Reckard
Online lender Quicken Loans sits atop J.D. Power & Associates' survey of mortgage customer satisfaction for a fourth straight year. Quicken rated 841 overall out of a possible 1,000, according to J.D. Power, a Westlake Village market researcher. The Detroit-based lender received top ratings in all categories: the application and approval process, interactions with loan representatives, the closing experience, and level and quality of contact. BB&T Corp. of Winston-Salem, N.C., ranked second at 798 with high scores in all categories.
CALIFORNIA | LOCAL
November 15, 2013 | By Jeff Gottlieb and Ruben Vives
The potential lawbreaking in Bell, or the just plain strange ways of doing business there, were on full display Friday in the corruption trial of the city's former assistant city manager. The day began dramatically when prosecutors revealed documents showing that after the City Council passed a resolution in 2006, it was altered to support then-Chief Administrative Officer Robert Rizzo's contention that it gave him greater power. The revelation came during the second day of the prosecutor's cross-examination of Angela Spaccia, Bell's former second in command.
BUSINESS
November 3, 2013 | By Kenneth R. Harney
WASHINGTON - Should you be concerned that the maximum loan amount you'll be able to obtain through the biggest players in the mortgage industry - Fannie Mae and Freddie Mac - might be cut sometime next spring? Maybe you should. That's because mortgage applicants who no longer qualify under the revised limits will be forced to shop in the so-called jumbo arena, where minimum credit scores and financial reserve requirements tend to be tougher and down payments heftier than in the conventional space dominated by Fannie and Freddie.
SPORTS
October 25, 2013 | By Kevin Baxter
Less than a year after taking a self-imposed three-month sabbatical to deal with soccer burnout, the Galaxy's Landon Donovan may find himself working overtime if he hopes to secure a key spot on the U.S. team for next summer's World Cup. National team coach Juergen Klinsmann said this week that players who compete in Major League Soccer need to stay active in the MLS off-season, which begins after December's MLS Cup final. And he's urging the likes of Donovan, Seattle's Clint Dempsey and Sporting Kansas City's Graham Zusi to play on loan in Europe during their vacation.
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