TD Financial to acquire Hudson United Bancorp

Tuesday, July 12, 2005

Canadian TD Financial Group has come to a deal with the regional U.S. bank, Hudson United Bancorp, to buy Hudson for US$1.9 billion. The new addition will be folding into itsMaine-based TD Banknorth, which is 51% owned by TD Financial. The acquisition will bring in 204 new branches and increase TD’s footprint to New Jersey, New York, Connecticut and Pennsylvania. In total this will give TD 590 branches, 751 banking machines and more than US$26-billion in deposits across eight northeastern states.

Hudson specialises in commercial real estate, consumer and credit card loans to individuals and businesses. The bank also had $8.85 billion US in assets at the end of it’s first quarter, on March 31. The company’s shares had been dropping in the course of the past year because of allegations of money-laundering violations and after an earnings warning, making it a good steal for TD. The acquisition will greatly increased TD’s influence in America.

This continues the recent trend for Canadian banks expanding into the U.S. where regulation on bank mergers is less strict than in their home country.

“This transaction delivers on our shared vision for growth and marks a significant milestone in TD Banknorth’s expansion strategy,” TD Bank CEO and president Ed Clark said in a statement.

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Race to save Chilean miners trapped underground from spiralling into depression continues

Thursday, September 2, 2010

Rescue efforts to save the 33 Chilean miners trapped 700 meters from the surface continue. After seeing video images filmed by one of the miners Ruth Contreras, the mother of Carlos Bravo, who is trapped in the mine, said the “he’s skinny, bearded and it was painful to see him with his head hanging down, but I am so happy to see him alive.” Image: Desierto Atacama.

It has emerged that the 33 Chilean miners trapped underground after the mine they were working in collapsed could be brought to the surface in a shorter time than was initially feared. While officials publicly announced that the men would not be brought to the surface until Christmas, sources inside technical meetings have revealed that they could in fact be on the surface by early November. The news comes as families were allowed to speak by radio-telephone to their trapped loved ones on Sunday. Over the weekend, video images filmed by the miners emerged showing the miners playing dominoes at a table and singing the Chilean national anthem. The miners also used the camera to send video messages to their families on the surface, saying that they regularly broke into tears, but were feeling better having received food and water.

The grainy nightvision images, filmed on a high definition camcorder that was sent down a small shaft to the mine, show the men in good spirits, chanting “long live Chile, and long live the miners.” They are unshaven and stripped to the waist because of the heat underground, and are seen wearing white clinical trousers that have been designed to keep them dry. Giving a guided tour of the area they are occupying, Mario Sepúlveda, one of the miners, explains they have a “little cup to brush our teeth”, and a place where they pray each day. “We have everything organized,” he tells the camera. Gesturing to the table in the center of the room, he says that “we meet here every day. We plan, we have assemblies here every day so that all the decisions we make are based on the thoughts of all 33.” Another unidentified miner asks to rescuers, “get us out of here soon, please.” A thermometer is shown in the video, reading 29.5C (85F).

As the film continues, it becomes evident that the miners have stuck a poster of a topless woman on the wall. The miners appear shy, and one man puts his hand to his face, presumably dazzled by the light mounted on the cameraman’s helmet. One miner sent a message to his family. “Be calm”, he says. “We’re going to get out of here. And we thank you from the bottom of our hearts for your efforts.” Another said that the miners are “sure that there are people here in Chile that are big people, that are powerful people, that are intelligent people, and they have the technology and they will all work together to get us out of here.” Speaking to the camera, one says: “we have had the great fortune that trapped in this mine there are good, professional people. We have electricians, we have mechanics, we have machine operators and we will let you know that while you are working to rescue us on the surface, we are down here ready to help you too.” It has been reported that Mario Gómez, 63, has become the group’s “spiritual leader”, having worked in the mines for over fifty years. He has requested that materials to build a shrine be sent down to the cavern.

Upon seeing the video in a private screening, family members, who are living in a small village of tents at the entrance to the San José copper-gold mine—which they have named Camp Hope—were elated. “He’s skinny, bearded and it was painful to see him with his head hanging down, but I am so happy to see him alive”, said Ruth Contreras, the mother of Carlos Bravo, who is trapped in the mine. The video, of which only a small portion has been released to the public, shows the miners, many of them wearing helmets, cracking jokes and thanking the rescuers for their continued efforts. The supplies are being sent to the men through a small shaft only twelve centimeters wide, and a laboratory has been set up with the purpose of designing collapsible cots and miniature sandwiches, which can be sent down such a narrow space.

CNN reported on Friday that “officials are splitting the men into two shifts so one group sleeps while the other works or has leisure time .. On average, each man has lost 22 pounds (10 kilograms) since they became trapped three weeks ago, and dehydration remains a threat. But a survey of the men indicates that at least nine miners are still too overweight to fit through the proposed rescue shaft. Initially, the miners survived by draining water from a water-cooled piece of equipment. To stay hydrated in the 90-degree mine, each miner must drink eight or nine pints of water per day.”

But while there are jubilant celebrations on the surface that the miners are alive, officials are now nervous that the miners could become depressed, trapped in a dark room the size of a small apartment. Chilean health minister Jaime Mañalich said that, on the video, he saw the telltale signs of depression. “They are more isolated, they don’t want to be on the screen, they are not eating well”, he said. “I would say depression is the correct word.” He said that doctors who had watched the video had observed the men suffering from “severe dermatological problems.” Dr. Rodrigo Figueroa, head of the trauma, stress and disaster unit at the Catholic University in Santiago, Chile, explained that “following the euphoria of being discovered, the normal psychological reaction would be for the men to collapse in a combination of fatigue and stress … People who are trained for emergencies – like these miners – tend to minimize their own needs or to ignore them. When it is time to ask for help, they don’t.” NASA has advised emergency workers that entertaining the miners would be a good idea. They are to be sent a television system complete with taped football matches. Another dilemma facing Mañalich is whether the miners should be permitted to smoke underground. While nicotine gum has been delivered to the miners, sending down cigarettes is a plan that has not been ruled out.

The message sent up confirming that the miners were alive. “We are fine in the shelter the 33” [of us], it reads.

With the news that drilling of the main rescue tunnel was expected to begin on Monday, officials have informed the media that they hope to have the miners out of the mine by Christmas—but sources with access to technical meetings have suggested that the miners could actually be rescued by the first week of November. A news report described the rescue plan—”the main focus is a machine that bores straight down to 688m and creates a chimney-type duct that could be used to haul the miners out one by one in a rescue basket. A second drilling operation will attempt to intercept a mining tunnel at a depth of roughly 350m. The miners would then have to make their way through several miles of dark, muddy tunnels and meet the rescue drill at roughly the halfway point of their current depth of 688m.” Iván Viveros Aranas, a Chilean policeman working at Camp Hope, told reporters that Chile “has shown a unity regardless of religion or social class. You see people arriving here just to volunteer, they have no relation at all to these families.”

But over the weekend, The New York Times reported that the “miners who have astonished the world with their discipline a half-mile underground will have to aid their own escape — clearing 3,000 to 4,000 tons of rock that will fall as the rescue hole is drilled, the engineer in charge of drilling said Sunday … The work will require about a half-dozen men working in shifts 24 hours a day.” Andrés Sougarret, a senior engineer involved in operating the drill said that “the miners are going to have to take out all that material as it falls.”

The families of those trapped were allowed to speak to them by radio-telephone on Sunday—a possibility that brought reassurance both the miners and those on the surface. The Intendant of the Atacama Region, Ximena Matas, said that there had been “moments of great emotion.” She continued to say that the families “listened with great interest and they both felt and realized that the men are well. This has been a very important moment, which no doubt strengthens their [the miners’] morale.” The phone line is thought to be quite temperamental, but it is hoped that soon, those in the mine and those in Camp Hope will be able to talk every day. “To hear his voice was a balm to my heart … He is aware that the rescue is not going to happen today, that it will take some time. He asked us to stay calm as everything is going to be OK … He sounded relaxed and since it was so short I didn’t manage to ask anything. Twenty seconds was nothing”, said said Jessica Cortés, who spoke to her husband Víctor Zamora, who was not even a miner, but a vehicle mechanic. “He went in that day because a vehicle had broken down inside the mine … At first they told us he had been crushed [to death].”

Esteban Rojas sent up a letter from inside the mine, proposing to his long-time partner Jessica Yáñez, 43. While they have officially been married for 25 years, their wedding was a civil service—but Rojas has now promised to have a church ceremony which is customary in Chile. “Please keep praying that we get out of this alive. And when I do get out, we will buy a dress and get married,” the letter read. Yáñez told a newspaper that she thought he was never going to ask her. “We have talked about it before, but he never asked me … He knows that however long it takes, I’ll wait for him, because with him I’ve been through good and bad.”

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Fiddle Legend Vassar Clements dead at 77

Wednesday, August 17, 2005

Vassar Clements, age 77, a legendary fiddle player who took bluegrass music from an obscure cultural art form to a mainstream influence, and who played on over 2000 albums, passed away at his Goodlettsville, Tennessee home August 16th 2005 at 8:35 am Nashville time (CST) from lung cancer which had metastasized to his liver and brain.

Mr. Clements taught himself to play the fiddle at age 7, and though he had no formal training was recognized as one of the world’s most versatile fiddle players and was considered a virtuoso. The first song he learned was “There’s an Old Spinning Wheel in the Parlor”. He described his talent saying, “It was God’s gift, something born in me. I was too dumb to learn it any other way. I listened to the (Grand Ole) Opry some. I’d pick it up one note at a time. I was young, with plenty of time and I didn’t give up. You’d come home from school, do your lessons and that’s it. No other distractions. I don’t read music. I play what I hear.”

He didn’t always earn his living playing music, though. In the mid-1960s he was employed briefly at the Kennedy Space Center in Florida, where he worked on plumbing. He also performed several other blue-collar jobs including work in a Georgia paper mill, as switchman for Atlantic Coast Railroad; he even sold insurance and once owned a potato chip franchise.

In his 50 year career he played with artists ranging from Woody Herman, and the Nitty Gritty Dirt Band to The Grateful Dead, Linda Ronstadt and Paul McCartney, and earned at least five Grammy nominations and numerous professional accolades. He once recorded with the pop group the Monkees by happenstance, when he stayed behind after an earlier recording session. He also appeared in Robert Altman‘s 1975 film “Nashville”.

His 2005 Grammy award for best country instrumental performance was for “Earl’s Breakdown,” by the Nitty Gritty Dirt Band, and featured Mr. Clements, Earl Scruggs, Randy Scruggs and Jerry Douglas.

Mr. Clements, whose last performance was February 4 in Jamestown, N.Y., was hospitalized earlier this year for 18 days to receive chemotherapy and other treatment. He had been diagnosed in March 2005.

Born in Kinard, South Carolina, his musical career began at age 14 when he associated with Bill Monroe, and later officially joined the Blue Grass Boys band where he remained for seven years. In 1957 he joined bluegrass band Jim & Jesse McReynolds where he remained until 1962. In 1967 he returned to Nashville where he became a much sought after studio musician.

After a brief touring stint with Faron Young he joined John Hartford‘s Dobrolic Plectral Society in 1971 when he met guitarist Norman Blake and Dobro player Tut Taylor, and recorded Aereo Plain, a widely acclaimed newgrass album that helped broaden the bluegrass market and sound. After less than a year he joined Earl Scruggs, who first earned widespread renown for playing the theme to sitcom The Beverly Hillbillies.

His 1972 work with the Nitty Gritty Dirt Band on their album Will the Circle Be Unbroken earned him even wider acclaim, and later worked with the Grateful Dead’s Wake of the Flood and Jimmy Buffett‘s A White Sport Coat and a Pink Crustacean.

Though he played numerous instruments, Mr. Clements indicated that he chose the fiddle over guitar recalling that, “I picked up a guitar and fiddle and tried them both out. The guitar was pretty easy, but I couldn’t get nothing out of the fiddle. So every time I’d see those instruments sitting side by side, I’d grab that fiddle.”

Big band and swing music were considerable influences upon his style and musical development, and he said that, “Bands like Glenn Miller, Les Brown, Tommy Dorsey, Harry James and Artie Shaw were very popular when I was a kid. I always loved rhythm, so I guess in the back of my mind the swing and jazz subconsciously comes out when I play, because when I was learning I was always trying to emulate the big-band sounds I heard on my fiddle.”

His last album ‘Livin’ With the Blues’, released in 2004, featured guest appearances by Elvin Bishop, Norton Buffalo, Maria Muldaur and others.

Mr. Clements’ daughter Midge Cranor wrote on his website [1] that “As I was still holding his hand his breathing stopped. I looked at the clock and it was 7:20 am.”

Mr. Clements’ remains have been transported to Bond Memorial Chapel, 1098 Weston Drive, Mt. Juliet, TN 37122; (615) 773-2663.

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Cool Stuff: How To Build Rep And Sales Via Guest Blogging

Submitted by: Chinavasion Wholesale

Cool stuff like the latest phones and cutting-edge tablets practically sell themselves. They re also easier to store, ship and sell than most other products ideal for those looking to start their first ecommerce business from the comfort of their home.

If you re one such e-entrepreneur in the business of selling similar products, then you ll definitely want to guest blog to spread the word about your products.

Guest blogging involves finding blogs in a certain niche (particularly one that specializes in cool gadgets), contacting the blog host and posting relevant posts on their blog. The exchange is often mutual, with both you and the blogger sharing posts on each other s blog.

You then piggyback on the popularity of another site by guest blogging. This is a great way to promote the cool stuff you re selling on your own site or blog.

There are, however, a few things to keep in mind when guest blogging. Here are two of the more important ones:

Be relevant

[youtube]http://www.youtube.com/watch?v=sev9f_AWkZQ[/youtube]

One of the worst mistakes you can make when guest blogging is to just butt in and promote your products.

This is actually not guest blogging but simple and unabashed self-promotion.

Bloggers don t take kindly to people coming to their site just to profit off of them without leaving at least something useful in return. They are more likely to delete your posts than let you waste space on their blog.

This is why you have to find topics that will benefit both your business and the blog you re writing on. Explore the blog a little, read past posts and find out what the purpose of the blog is.

If the blog talks about the ups and downs of cool devices like tablets, then offer your knowledge or opinion of the items in question. Compare and contrast the latest products, or give your own thoughts on the latest developments in the market.

This is why you have to know more about the cool stuff you re selling than just the price tag. If you don t have anything to bring to a blog, then you won t find anyone willing to have you as a guest on their blog.

Be reciprocal

Another important point to remember is to make sure that the blog host benefits from your posts in exchange for letting you to discreetly promote your own site.

It is more obvious on your side. Simply insert a link to your own blog or website that is relevant to the cool stuff the host blog talks about. This will show potential customers an easy route to your site to check out what cool gizmos they can get.

Helping the host blog, however, is a bit trickier.

You can t simply walk up to the blogs of your direct competitors and ask them to host your posts. You wouldn t want people stealing your customers just as much as they don t want you to steal theirs.

This is why you have to approach blogs that offer products and services that run parallel to your own products and services.

Let s say you sell cool stuff like the latest phones on your site.

A competing blog would be one that sells the latest phones. A parallel blog would be one that recommends cool gifts for teens, highlights cool presents for the rugged outdoorsman, reviews the latest cell phones, talks about the latest bits of gossip in the world of cell phones and so on and so forth.

The point here is that directly competing blogs and sites won t accept your requests to guest post no matter how much you try and approach them. This is why you have to focus on the blogs that will benefit from your guest posts.

Be relevant and reciprocal. Keep these two core principles in mind and you ll find guest blogging to be a great way to build both traffic and recognition. That ll make it easier to sell all the cool stuff on your own site!

If you own your own ecommerce business selling the latest gadgets, then you ll definitely want to check out what Chinavasion has to offer. Established in 2005, Chinavasion has built up a reputation by wholesaling all the latest cool stuff at low prices but with high quality. This is thanks to Chinavasion s unique location in Shenzhen, the manufacturing heart of China. Visit Chinavasion.com today to learn more!

About the Author: Online Wholesale Electronics store at China having a wide collection of all Cool Stuff. Order your electronic equipments like Cool Gadgets, Solar Products, LED Watches, Geek Gifts, Laser Gadgets at very reasonable price from Chinavasion.

chinavasion.com/china/wholesale/Electronic_Gadgets

Source:

isnare.com

Permanent Link:

isnare.com/?aid=1789939&ca=Internet

Australia/2005

[edit]

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CanadaVOTES: NDP candidate David Sparrow in Don Valley West

Friday, October 10, 2008

In an attempt to speak with as many candidates as possible during the 2008 Canadian federal election, Wikinews has talked via email with David Sparrow. Sparrow is a candidate in Ontario’s Don Valley West riding, running under the New Democratic Party (NDP) banner. The riding was set to vote in a by-election on September 22, 2008, following the resignation of John Godfrey, but Stephen Harper’s sudden election call nulled that effort.

Also running in the Toronto riding are Liberal Rob Oliphant, Conservative John Carmichael, Green Georgina Wilcock, and Communist Catherine Holliday.

The following is an interview with Sparrow, conducted via email. The interview is published unedited, as sent to Wikinews.

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Cleveland, Ohio clinic performs US’s first face transplant

Thursday, December 18, 2008

A team of eight transplant surgeons in Cleveland Clinic in Ohio, USA, led by reconstructive surgeon Dr. Maria Siemionow, age 58, have successfully performed the first almost total face transplant in the US, and the fourth globally, on a woman so horribly disfigured due to trauma, that cost her an eye. Two weeks ago Dr. Siemionow, in a 23-hour marathon surgery, replaced 80 percent of her face, by transplanting or grafting bone, nerve, blood vessels, muscles and skin harvested from a female donor’s cadaver.

The Clinic surgeons, in Wednesday’s news conference, described the details of the transplant but upon request, the team did not publish her name, age and cause of injury nor the donor’s identity. The patient’s family desired the reason for her transplant to remain confidential. The Los Angeles Times reported that the patient “had no upper jaw, nose, cheeks or lower eyelids and was unable to eat, talk, smile, smell or breathe on her own.” The clinic’s dermatology and plastic surgery chair, Francis Papay, described the nine hours phase of the procedure: “We transferred the skin, all the facial muscles in the upper face and mid-face, the upper lip, all of the nose, most of the sinuses around the nose, the upper jaw including the teeth, the facial nerve.” Thereafter, another team spent three hours sewing the woman’s blood vessels to that of the donor’s face to restore blood circulation, making the graft a success.

The New York Times reported that “three partial face transplants have been performed since 2005, two in France and one in China, all using facial tissue from a dead donor with permission from their families.” “Only the forehead, upper eyelids, lower lip, lower teeth and jaw are hers, the rest of her face comes from a cadaver; she could not eat on her own or breathe without a hole in her windpipe. About 77 square inches of tissue were transplanted from the donor,” it further described the details of the medical marvel. The patient, however, must take lifetime immunosuppressive drugs, also called antirejection drugs, which do not guarantee success. The transplant team said that in case of failure, it would replace the part with a skin graft taken from her own body.

Dr. Bohdan Pomahac, a Brigham and Women’s Hospital surgeon praised the recent medical development. “There are patients who can benefit tremendously from this. It’s great that it happened,” he said.

Leading bioethicist Arthur Caplan of the University of Pennsylvania withheld judgment on the Cleveland transplant amid grave concerns on the post-operation results. “The biggest ethical problem is dealing with failure — if your face rejects. It would be a living hell. If your face is falling off and you can’t eat and you can’t breathe and you’re suffering in a terrible manner that can’t be reversed, you need to put on the table assistance in dying. There are patients who can benefit tremendously from this. It’s great that it happened,” he said.

Dr Alex Clarke, of the Royal Free Hospital had praised the Clinic for its contribution to medicine. “It is a real step forward for people who have severe disfigurement and this operation has been done by a team who have really prepared and worked towards this for a number of years. These transplants have proven that the technical difficulties can be overcome and psychologically the patients are doing well. They have all have reacted positively and have begun to do things they were not able to before. All the things people thought were barriers to this kind of operations have been overcome,” she said.

The first partial face transplant surgery on a living human was performed on Isabelle Dinoire on November 27 2005, when she was 38, by Professor Bernard Devauchelle, assisted by Professor Jean-Michel Dubernard in Amiens, France. Her Labrador dog mauled her in May 2005. A triangle of face tissue including the nose and mouth was taken from a brain-dead female donor and grafted onto the patient. Scientists elsewhere have performed scalp and ear transplants. However, the claim is the first for a mouth and nose transplant. Experts say the mouth and nose are the most difficult parts of the face to transplant.

In 2004, the same Cleveland Clinic, became the first institution to approve this surgery and test it on cadavers. In October 2006, surgeon Peter Butler at London‘s Royal Free Hospital in the UK was given permission by the NHS ethics board to carry out a full face transplant. His team will select four adult patients (children cannot be selected due to concerns over consent), with operations being carried out at six month intervals. In March 2008, the treatment of 30-year-old neurofibromatosis victim Pascal Coler of France ended after having received what his doctors call the worlds first successful full face transplant.

Ethical concerns, psychological impact, problems relating to immunosuppression and consequences of technical failure have prevented teams from performing face transplant operations in the past, even though it has been technically possible to carry out such procedures for years.

Mr Iain Hutchison, of Barts and the London Hospital, warned of several problems with face transplants, such as blood vessels in the donated tissue clotting and immunosuppressants failing or increasing the patient’s risk of cancer. He also pointed out ethical issues with the fact that the procedure requires a “beating heart donor”. The transplant is carried out while the donor is brain dead, but still alive by use of a ventilator.

According to Stephen Wigmore, chair of British Transplantation Society’s ethics committee, it is unknown to what extent facial expressions will function in the long term. He said that it is not certain whether a patient could be left worse off in the case of a face transplant failing.

Mr Michael Earley, a member of the Royal College of Surgeon‘s facial transplantation working party, commented that if successful, the transplant would be “a major breakthrough in facial reconstruction” and “a major step forward for the facially disfigured.”

In Wednesday’s conference, Siemionow said “we know that there are so many patients there in their homes where they are hiding from society because they are afraid to walk to the grocery stores, they are afraid to go the the street.” “Our patient was called names and was humiliated. We very much hope that for this very special group of patients there is a hope that someday they will be able to go comfortably from their houses and enjoy the things we take for granted,” she added.

In response to the medical breakthrough, a British medical group led by Royal Free Hospital’s lead surgeon Dr Peter Butler, said they will finish the world’s first full face transplant within a year. “We hope to make an announcement about a full-face operation in the next 12 months. This latest operation shows how facial transplantation can help a particular group of the most severely facially injured people. These are people who would otherwise live a terrible twilight life, shut away from public gaze,” he said.

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Thermatex Equestrian Brand An Overview

Thermatex Equestrian Brand An overview

by

Tammy Patterson

Thermatex are a very well established UK company working within the equestrian industry, providing technologically advanced wicking exercise rugs, stable rugs and travel rugs for horses for over 25 years. They are well known for their high quality and after sales services. The technology involved in providing their fantastic wicking products is what makes their items so unique and why they have been used and appreciated worldwide by professional and amateur riders for the last two decades.

The fabric is a woollen type material made up of two knitted layers, holding a middle insulation layer made of polypropylene. It is this three layer system that creates the wicking properties from the inside of the rug allowing it to evaporate into the atmosphere. The materials used to manufacture Thermatex rugs are spun specifically for Thermatex, making these rugs totally unique!

Just some of the qualities these rugs have include;

Light to handle

[youtube]http://www.youtube.com/watch?v=kYXZyoL1oWg[/youtube]

Thermal value compared to its bulk is very high

The wicking properties of the rug mean water drawn out to the surface of the rug can be shaken off

All sizes fit into domestic washing machines

No shrinkage

Outer surface does not absorb water

The filling will never drop and will always stay in place

Thermatex also manufacture leg wraps and bandages, head and neck covers to fit their horse rugs, numnahs, travel boots and saddle pads all with the same high quality and performance that is known, loved and sought after across the country. Their Snood Horse rug has advanced high performance quilted wicking fabric and is a very popular item from Thermatex. It has all the usual features of horse rugs, belly surcingles, fillet string and double front closure but also features a wither pad, attached neck cover with hook and loop fastening and are individually hand cut from a more precise fit.

All Thermatex rugs can be made from a choice of 19 colours and with the option of double or single binding, both of which can be chosen in a choice of 19 colours. This means that your Thermatex rug can be unique to your horse, stand out from the crowd and do the job you need it to do, each and every time.

Tammy is a avid horse rider who likes to advertise the best ways to be treating horses. Tammy works part time for a company who specialise in

Thermatex Rugs

as well as champion body protectors and equestrian waterproof clothing in the UK. For more info, read our

equine articles

Article Source:

ArticleRich.com

Bank of America leads Consumer Financial Protection Bureau complaints about mortgages

Thursday, October 3, 2013

A review this week by Wikinews of US Consumer Financial Protection Bureau (CFPB) complaints about mortgages in the United States shows Bank of America leads all lending institutions in complaints.

Since mortgages complaints were recorded in December 2011, 77,622 total have been added to CFPB’s database. 29.2% of these complaints involved Bank of America, with the second most received by Wells Fargo, accounting for 15.5% of all complaints. JPMorgan Chase ranked third by volume of complaints with 9.8%. Ocwen was fourth with 8.7% and Citibank was fifth with 4.8%. Nationstar Mortgage; Green Tree Servicing, LLC; HSBC; PNC Bank; U.S. Bancorp; OneWest Bank; SunTrust Bank; Flagstar Bank; and Select Portfolio Servicing, Inc. each had between 1.0 and 3.8% of total complaints. The remaining 14.4% of all complaints about consumer mortgages were divided between about 530 other lending institutions.

The Motley Fool reported last month that for the past fiscal quarter, the biggest US based mortgage lenders were from first to fifth Wells Fargo, JPMorgan Chase, Bank of America, Quicken Loans and U.S. Bancorp.

According to the US Federal Reserve, debt for family residences stands at US$10.706 trillion for the second quarter of 2013. As of the end of June of this year, Bank of America is the United States’s second largest commercial bank with US$1.343 trillion in domestic assets. Wells Fargo is the fourth largest commercial bank with US$1.251 trillion in domestic assets. JPMorgan Chase is the largest US commercial bank with US$1.329 trillion in domestic assets and US$1.947 trillion in total assets.

The mortgage complaints in the CFPB report include several subproducts. Conventional fixed mortgages account for 27.1% of all complaints. Conventional adjustable mortgages account for 10.0%. FHA mortgages account for 7.7% of all complaints. Home equity loans or lines of credit account for 3.8% of all complaints. VA mortgages are 1.4% of all complaints. Second mortgages and reverse mortgages each account for 0.6% of complaints. The remaining 48.7% of complaints are about other mortgages or other mortgage issues. A few years ago, FHA loans accounted for about 10% of all US mortgages while VA loans accounted for about 3%. Prime loans accounted for over 75% of the market and the rest were subprime mortgages.

Total complaints against mortgage companies by state Image: Laura Hale.

California leads all states by volume of complaints with 14768. It is followed by Florida, New York, Georgia and Texas. When complaints are divided by a state’s total population, New Hampshire leads. The state is followed by Washington D.C., Maryland, Georgia and Florida. Complaints do not correlate with national rankings for August’s foreclosure rate by state where Nevada topped the list, followed by Florida, Ohio, Maryland and Delaware.

Two zip codes account for over 1,000 total complaints between them. 565 complaints originated in the 48382 zip code, which is in Commerce Township, Michigan, located in suburban Detroit. 553 complaints originated in the 33071 zip code, in Coral Springs, Florida. According to real estate website Zillow, there are currently 1,033 properties in foreclosure in Coral Springs while Commerce Township only has 131 properties currently in foreclosure. Four other zip codes have 100 plus complaints originating from them. 91730, in Rancho Cucamonga, California, had 158 complaints. 33409, in West Palm Beach, Florida, had 132. 92626, in Costa Mesa, California, had 125 complaints. 92660, in Newport Beach, California, had 122 complaints. Respectively, the towns had 534, 1,068, 153, and 134 properties currently in foreclosure. These numbers are higher than for the cities of a few sampled zip codes where there was only one complaint, such as Gold Hill, Oregon which has 4 properties in foreclosure, and Decatur, Illinois which has 6 properties in foreclosure.

For the top 5 lenders by volume of complaints, the percentage of complaint types against them. Image: Laura Hale.

The CFPB categorizes complaints into six categories: “Loan modification, collection,foreclosure” or problems when a person is unable to pay; “Loan servicing, payments, escrow account” or problems with making a payment; “Application, originator, mortgage broker”; “Credit decision / Underwriting”; “Settlement process and costs”, and “Other”. The CFPB says the complaint types indicate consumers “appear to be driven by a desire to seek agreement with their companies on foreclosure alternatives. The complaints indicate that consumer confusion persists around the process and requirements for obtaining loan modifications and refinancing, especially regarding document submission timeframes, payment trial periods, allocation of payments, treatment of income in eligibility calculations, and credit bureau reporting during the evaluation period.” Currently, 59.6% of all complaints against lenders deal with being unable to pay. 25.1% deal with problems in making a payment. 7.0% have to do with the application process.

Of the complaint-heavy zip codes, for 48382 in Commerce Township, Michigan, 98.9% of all complaints have to deal with being unable to pay. Accounting for 23.4% of all mortgage complaints in Commerce Township, 132 of the complaints for being unable to pay were made regarding Bank of America, accounting for 97.8% or all but 3 complaints against them from the zip. 121 of the Bank of America responses in Commerce Township were closed with explanation and 12 were closed with non-monetary relief. 33071 in Coral Springs is different, with 537 of the 553 complaints being categorized under other. Only 11 complaints relate to foreclosure and issues with being able to pay. 92626 in Costa Mesa, where 32% of the mortgage complaints were about Bank of America and 26.4% were about Wells Fargo, had 93.6% of its complaints dealing with being unable to pay. 5 total complaints dealt with payment issues and 3 dealt with applications.

Beyond regional variance in complaint types lodged, the top five mortgage lenders by volume of complaints all had being unable to pay as their top complaint category, ranging between 55.8% for Citibank and 69.4% for Bank of America. Problems with payment accounted for the second largest area of complaints, with Ocwen having the largest percentage of complaints at 31.9% and Bank of America having the smallest at 18.8%. Foreclosure was the top area of complaints for a number of other lending institutions including 1st Alliance Lending, OneWest Bank, Ally Bank, Banco Popular de Puerto Rico, Bank of the West, BMO Harris, BOK Financial Corp, Caliber Home Loans, Inc, Capital One, Deutsche Bank and EverBank.

By state complaints against mortgage lenders by monthImage: Laura Hale.

Nationally, complaints reached a high of 5,840 for January 2013, 1,107 more than the next highest month of April 2013. The total emerging for September is the second lowest since records were first kept in December 2011. On a state by state level, this pattern largely repeats with a major exception for Florida which saw a peak of 849 complaints in June 2012. Then, as now, Florida was one of the top five states in the nation in its foreclosure rate. The national January spike came as the Qualified Mortgage standard required by the The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 came into play. It required mortgage lenders to take steps to insure borrowers could repay their mortgages.

Bank of America’s complaint volume follows the national trend, with a spike in January 2013 with 1,925 total complaints. Unlike nationally, the next month by volume of complaints was February of this year with 1,598 complaints. Prior to that, the highest month was May 2012 with 1,418 complaints. The lowest volume of complaints is September this year with 334.

Wells Fargo matched national trends for volume of complaints by month, with the exception of the current month being the lowest on record for number of complaints with 197 compared to the next lowest month, December 2011, when they had 221. JPMorgan’s complaint volume by month spiked in January and March of this year with 504 complaints. April of this year was the next highest month with 493 complaints, edging out May of last year with 488 complaints. September this year is on track to be the lowest month by complaint volume.

The federal government shutdown is unlikely to impact the current mortgage situation in the United States directly for most consumers, though mortgage processing by the Federal Housing Administration could be slower, resulting in fewer mortgages processed.

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Monster.com aquires Yahoo’s HotJobs service for $225 million

Thursday, February 4, 2010

The Yahoo logo.

Yahoo announced plans to sell its HotJobs employment search service to Monster Worldwide for $225m, the companies said yesterday. Monster currently controls one third of online jobs postings in the United States. The two companies also struck a three-year agreement under which Monster will provide career and job content for the Internet giant’s homepage in the U.S. and Canada.

Terms of the deal include Monster being paid for providing job-related postings for Yahoo’s homepage in the US and Canada for three years and other expressions of interest. Yahoo, who bought HotJobs in 2001 for $436 million, last month agreed to sell email provider Zimbra to VMWare Inc. for an undisclosed amount, having it acquired for $350 million two years ago.

“HotJobs with its significant customer base plus the traffic agreement are an ideal complement to Monster’s innovative recruitment solutions and global reach,”

“HotJobs with its significant customer base plus the traffic agreement are an ideal complement to Monster’s innovative recruitment solutions and global reach,” said Sal Iannuzzi, chairman, CEO and president of Monster Worldwide. “Monster will be able to offer its employers a significantly larger pool of candidates across diverse geographies and industries,” the company said in a statement.

Buying Yahoo out of the online recruitment business leaves Monster with only one major competitor, Careerbuilder.com. “We have substantially added quality traffic, while substantially increasing our customer base,” he added.

HotJobs averaged 12.6 million unique visitors a month, according to Media Metrics comScore. HotJobs generates annual revenue of about $100 million while Monster’s revenue totalled $905 million in 2009. Alexa.com rates HotJobs at rank 3 while Monster.com at rank 531.

== Sources ==

*Mike Swift. “Yahoo to sell HotJobs employment service to Monster for $225 million” — Mercury News, 3 February, 2010

*Nick Zieminski and Alexei Oreskovic. “Monster to pay $225 million for Yahoo’s HotJobs site” — Reuters, 3 February, 2010

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