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BUSINESS
March 28, 2013 | By E. Scott Reckard, Los Angeles Times
In a push to simplify mortgage modifications, federal regulators announced a streamlined process that doesn't require borrowers to prove a hardship. "This new option gives delinquent borrowers another path to avoid foreclosure," Edward J. DeMarco, acting director of the Federal Housing Finance Agency, said in a statement announcing the modifications Wednesday. The new modifications, however, would not include reducing the loan balance, a move promoted by housing advocates and others but resisted by DeMarco, who says it would end up costing taxpayers money and would encourage defaults.
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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.
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BUSINESS
October 2, 2013 | By E. Scott Reckard and Andrew Tangel
Wells Fargo & Co. subjects borrowers seeking mortgage modifications to "Kafkaesque delays and obstructions," in violation of last year's $25-billion national mortgage settlement, New York Atty. Gen Eric Schneiderman said in a federal lawsuit. The suit, filed Wednesday, asks the federal court in Washington to force the bank to comply with the landmark agreement. It alleges that the bank on at least 210 occasions violated timelines imposed by the settlement. At a news conference at his Manhattan offices, Schneiderman mocked a Wells Fargo letter to a homeowner.
CALIFORNIA | LOCAL
February 11, 2014 | By Paul Pringle and Jack Leonard
The Los Angeles County district attorney's office is looking into whether thousands of dollars in taxpayer money was misspent on improvements to Supervisor Mark Ridley-Thomas' home last year, an office spokeswoman said Tuesday. Newly released records show that a contractor charged the county $6,239 to perform work during a project to install a security system that included replacing interior walls in Ridley-Thomas' converted garage and trenching the property for an electrical upgrade.
BUSINESS
April 11, 2011 | David Lazarus
Like a lot of homeowners, Mar Vista residents Faith and Gary Hunt found money a little tight during the recession and hoped they could work out some more accommodating terms with their lender, Chase bank. To improve their odds, they said they turned to a law firm that said it could possibly cut their mortgage payment in half. They also signed on with a "debt management" company that, according to the Hunts, said it could eliminate their credit card debt. After making thousands of dollars in payments, the Hunts said, neither business would return their calls or emails, and the couple received no assistance with their mortgage or their plastic.
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.
BUSINESS
August 19, 2013 | By W.J. Hennigan
For Air Force Capt. Daniel "Swoop" Welch, flying a B-52 bomber has become the family business. His father, retired Lt. Col. Don Welch, was trained to drop nuclear bombs with the aircraft during the height of the Cold War. His grandfather, retired Col. Don Sprague, flew B-52 combat missions in Vietnam. "It is definitely a testament to the robust design of the B-52," said Welch, 28. "Getting to fly the same aircraft as my father and grandfather has been pretty cool. " Despite the bomber's more than half-century of service, the Air Force believes that modifications and overhauls have made the B-52 ageless.
NEWS
September 6, 2001 | From Times Wire Reports
British and French authorities cleared the way for the Concorde to resume commercial service next month after approving a number of modifications to the world's only civilian supersonic airliner. Just over a year after an Air France Concorde's fiery crash outside Paris, in which 113 people died, officials on both sides of the English Channel said they would allow the luxury airliners to resume flying once the changes were complete.
BUSINESS
August 29, 2012 | By Jim Puzzanghera, This post has been corrected. See the note below for details.
WASHINGTON -- The nation's largest banks have provided nearly 140,000 homeowners with a total of $10.6 billion in relief under a $25-billion national settlement reached in February, the monitor for the agreement said Wednesday. The largest category of relief was in short sales, in which the banks forgave about $8.7 billion in first- or second-mortgage debt to allow the borrower to sell a home for less than what is owed. The report showed that Bank of America Corp. faltered in one key area of the settlement, completing no modifications of first mortgages from March 1 to June 30, the period covered in the first status report released by the Office of Mortgage Settlement Oversight.
BUSINESS
December 20, 1988 | United Press International
The Bureau of Reclamation has awarded a $375,000 contract to a Utah construction company for modifications to the spillway gates at Glen Canyon Dam in northern Arizona, bureau spokesman Barry Wirth said. The contract with G.V. Contracting, Midvale, Utah, calls for removal of the flashboards on four of the huge spillway gates at the dam and installation of reinforcements on the gate arms, Wirth said.
BUSINESS
February 9, 2014 | By Kenneth R. Harney
WASHINGTON - Got problems with the company that services your home mortgage - the one that collects your payments, keeps track of your escrow account and lets you know when you're late? So your monthly numbers don't look right? You got blown off by servicing personnel when you tried to get inaccuracies in your account corrected? Well, move over. You've got lots of grumpy company. As of Jan. 31, just under half of the 187,818 complaints filed with the federal watchdog Consumer Financial Protection Bureau concerned mortgage foul-ups, and the vast majority of these involved servicing, loan modification and foreclosure activities by servicers.
BUSINESS
December 2, 2013 | By Hugo Martin
The Federal Aviation Administration is proposing a $325,000 fine against Southwest Airlines, claiming it improperly modified equipment on a small jet that has since flown more than 1,000 flights. The fine involved an anti-icing warning system on the windshield of a AirTran Airways Boeing 717 that was allegedly modified incorrectly in August 2011, according to the FAA. Southwest Airlines purchased AirTran Airways in 2012 and is in the process of merging the two carriers. Since then, the 717 plane has flown 1,140 flights, according with the FAA. The Boeing 717 is a twin-engine, single-aisle jet airliner with up to 138 seats, depending on the configuration.
BUSINESS
October 2, 2013 | By E. Scott Reckard and Andrew Tangel
Wells Fargo & Co. subjects borrowers seeking mortgage modifications to "Kafkaesque delays and obstructions," in violation of last year's $25-billion national mortgage settlement, New York Atty. Gen Eric Schneiderman said in a federal lawsuit. The suit, filed Wednesday, asks the federal court in Washington to force the bank to comply with the landmark agreement. It alleges that the bank on at least 210 occasions violated timelines imposed by the settlement. At a news conference at his Manhattan offices, Schneiderman mocked a Wells Fargo letter to a homeowner.
BUSINESS
October 1, 2013 | By E. Scott Reckard
New York's top prosecutor has decided to sue Wells Fargo & Co. over its alleged failure to comply with customer-service reforms mandated by last year's landmark $25-billion national mortgage settlement. The lawsuit follows months of fruitless negotiations between New York Atty. Gen. Eric Schneiderman and Wells Fargo, according to several people briefed on the decision. Schneiderman has threatened since May to file a lawsuit against the San Francisco bank, which is the largest mortgage lender and servicer.
BUSINESS
August 19, 2013 | By W.J. Hennigan
For Air Force Capt. Daniel "Swoop" Welch, flying a B-52 bomber has become the family business. His father, retired Lt. Col. Don Welch, was trained to drop nuclear bombs with the aircraft during the height of the Cold War. His grandfather, retired Col. Don Sprague, flew B-52 combat missions in Vietnam. "It is definitely a testament to the robust design of the B-52," said Welch, 28. "Getting to fly the same aircraft as my father and grandfather has been pretty cool. " Despite the bomber's more than half-century of service, the Air Force believes that modifications and overhauls have made the B-52 ageless.
CALIFORNIA | LOCAL
August 9, 2013 | By Tony Perry
SAN DIEGO - Mayor Bob Filner will complete his "voluntary" behavioral modification therapy on Saturday, earlier than anticipated, his lawyers said Friday. Filner will take "some personal time" and be unavailable for comment, said a statement by the law firm of Payne & Fears, which is assisting Filner in his defense against a sexual harassment lawsuit filed by a former staff member. He is set to return to City Hall on Aug. 19. Filner will continue therapy as an outpatient, his lawyers said.
BUSINESS
January 28, 2009 | Times Wire Reports
Countrywide Financial Corp., the Calabasas mortgage lender bought last year by Bank of America Corp., agreed to settle a probe of its home-lending practices in Maryland. Maryland Atty. Gen. Douglas F. Gansler said Countrywide would offer loan modifications and relocation assistance to some borrowers who are unable to retain their homes, and pay more than $2.1 million into a foreclosure-relief program.
NEWS
June 18, 1987
Carson's plans to sponsor a $75-million hotel and office complex near its civic center moved a step forward Monday as the council accepted modifications to a proposed agreement that were suggested by the project's developers. The modifications, which leave unchanged the financial arrangements between the city and the developers, give the builders more time to complete the project. The city's previous position was that Gestec Properties and the Muller Co. had to complete construction by Dec.
BUSINESS
July 25, 2013 | By W.J. Hennigan
Aerospace giant Boeing Co., which for years has been cutting its workforce in Southern California, announced that the work performed by 375 people in the Puget Sound region around Seattle is being moved to Long Beach over the next 18 months. Tim Copes, the company's vice president of commercial aviation fleet services, wrote in a note to employees Thursday that the business of modifying Boeing's commercial airplanes will gradually shift to the Southland. Boeing said it did not know exactly how many jobs the shift from the Seattle area would mean for Southern California yet, but it is the second big announcement this year by the company involving the facility located near Long Beach Airport.
BUSINESS
May 10, 2013 | By Lew Sichelman
Financially strapped homeowners who are close to foreclosure may want to face the music now rather than continuing to struggle with their monthly payments. There's a high probability of losing the house anyway, even with the government's help. According to a new report, people who take advantage of a key federal program to modify their mortgages in an effort to save their homes are defaulting "at an alarming rate. " The report from the special inspector general for the Treasury Department's Troubled Asset Relief Program doesn't say why an inordinately high percentage of owners who take part in the Home Affordable Modification Program, or HAMP, are unable to maintain their loan modifications.
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