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BUSINESS
November 10, 2013 | By Kenneth R. Harney
WASHINGTON - Could the real estate market be heading for a new financial storm? Maybe. Some mortgage and credit experts worry that billions of dollars of home equity credit lines that were extended a decade ago during the housing boom could be heading for big trouble soon, creating a new wave of defaults for banks and homeowners. That's because these credit lines, which are second mortgages with floating rates and flexible withdrawal terms, carry mandatory "resets" requiring borrowers to begin paying both principal and interest on their balances after 10 years.
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BUSINESS
September 25, 2013 | By E. Scott Reckard
When five giant mortgage firms signed a landmark $25-billion mortgage settlement last year, officials hailed debt forgiveness as the primary strategy to preserve homeownership. The banks hoped to avoid further enforcement action over widespread foreclosure abuses; federal regulators and state attorneys general aimed to prevent even more foreclosures. "This isn't just about punishing banks for their irresponsible behavior," Housing and Urban Development Secretary Shaun Donovan said.
CALIFORNIA | LOCAL
September 24, 2013 | By Stephen Ceasar
The Los Angeles County district attorney's office has opened an investigation into Beverly Hills High School Principal Carter Paysinger and the for-profit summer sports camp he owns, according to several people with knowledge of the inquiry. The district attorney's office would not confirm the investigation, but acknowledged that the public integrity division had received a complaint about Paysinger and the sports program. The investigation comes six weeks after The Times reported that the Beverly Hills Sports Academy, held on campus, is owned by Paysinger and operated by two school employees.
CALIFORNIA | LOCAL
September 21, 2013 | By Abby Sewell and Adolfo Flores
The principal at Marina High School in Huntington Beach had made a vow before one of his students - a transgender teen - was crowned homecoming queen Friday night. "If Marina High School is to make high-profile news during its homecoming week this year," Principal Paul Morrow said before the ceremony, "then we are proud that the message is one of equity and individual respect. " Cassidy Lynn Campbell, who was born male but told The Times she always felt like a girl, broke down in tears during the homecoming ceremony at the school's football game.
CALIFORNIA | LOCAL
September 11, 2013 | By Tony Perry
A San Diego elementary school principal has been put on leave after being arrested on suspicion of possession of drugs, authorities said Wednesday. Rachel Escobedo, 45, principal of Lee Elementary School in the Paradise Hills neighborhood, was arrested Saturday while sitting in a car with a male companion. Police found a small amount of marijuana and also a white substance that is being tested, officials said. The case is under review by the district attorney's office, which has not yet filed charges.
CALIFORNIA | LOCAL
September 4, 2013 | By Joseph Serna and Jill Cowan
A Bakersfield elementary school principal who was arrested in connection with her husband's death has been released pending further investigation, the Kern County Sheriff's Department said. Leslie Jenea Chance, 46, was released from custody Tuesday evening after five days in jail. Chance was expected to be arraigned in the shooting death of her husband, 45-year-old Todd Chance, but just hours after investigators gave Kern County prosecutors their report on the slaying, prosecutors sent it back and ordered her released.
BUSINESS
August 23, 2013 | By Ken Bensinger
Argentina's long slugfest with Wall Street over its sovereign debt default - the largest ever - has left the South American nation unbowed after losing another round in U.S. courts. A federal appeals court ruled Friday that Argentina must pay a group of bond investors more than $1.3 billion, the full amount of principal and interest, if it wants to continue making discounted payments that other creditors have agreed to accept. Argentina has publicly vowed to never pay face value on those notes, so the unanimous decision by the three-judge panel of the U.S. 2nd Circuit Court of Appeals could force a default on the country's other debts.
CALIFORNIA | LOCAL
August 19, 2013 | By Stephen Ceasar
Carter Paysinger, the principal of Beverly Hills High School, said Monday that he welcomes an independent review called by the Beverly Hills Unified School District into the for-profit summer sports camp he owns. The review was in response to an article in The Times last week that reported that the Beverly Hills Sports Academy, held on campus, is owned by Paysinger and operated by two school employees. Parents say they were led to believe that the academy was a mandatory school-sanctioned camp for athletes and that fees would help fund sports teams.
CALIFORNIA | LOCAL
August 15, 2013 | By Stephen Ceasar
The Beverly Hills school district will conduct an independent review of its relationship with a for-profit summer sports camp for Beverly Hills High School athletes that is owned by the school's principal. The review was in response to an article in The Times that found the Beverly Hills Sports Academy, held on campus, is owned by Principal Carter Paysinger and operated by two other school employees. Parents say they were led to believe that the academy was a school-sanctioned mandatory camp for athletes and that fees would help fund sports teams.
CALIFORNIA | LOCAL
August 15, 2013 | By Stephen Ceasar
The Beverly Hills Unified School District intends to conduct an independent review of its relationship with a for-profit summer sports camp for Beverly Hills High School athletes that is owned by the school's principal. The proposed review was in response to an article in The Times that found the Beverly Hills Sports Academy, held each summer on-campus, is owned by Principal Carter Paysinger and operated by two other school employees. Parents say they were led to believe that the academy was a school-sanctioned, mandatory camp for athletes and that fees would help fund athletic teams.
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