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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.

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.

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.

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.

Wednesday, February 7, 2018

Early on Sunday morning, Amtrak’s passenger train number 91, the Silver Star, bound for Miami from New York, slammed into a stationary CSX freight train in Cayce, about ten miles (16 km) south of Columbia, capital of the US state of South Carolina. Two Amtrak employees were killed and at least 116 were injured, some seriously.

The two killed were 54-year-old engineer Michael Kempf of Savannah, Georgia, and 36-year-old conductor Michael Cella of Orange Park, Florida. Robert Sumwalt, chairman of the National Transportation Safety Board, told a press conference the passenger train had been diverted into a siding by a switch left “literally locked, with a padlock” in that position.

The collision happened at about 2:35 am local time (0735 UTC) at a switching yard in the small city of Cayce. The Amtrak train, with reportedly 139 passengers and eight employees aboard, collided head on with the freight train, which was parked with no one on board. The Amtrak locomotive and the leading locomotive on the freight train were destroyed; the Amtrak locomotive and some of its passenger cars derailed, and one of those cars was folded in half. Several freight cars were crumpled, Reuters reported. In a press conference, the state governor, Henry McMaster, said the Amtrak locomotive was “barely recognizable” and described it as “a horrible thing to see, to understand the force involved”.

Harrison Cahill, a spokesman for Lexington County, gave a count of 116 injured, up from an initial report of 70; according to Derrec Becker, public information officer for the South Carolina Emergency Management Division, injuries ranged “from cuts and bruises to severe broken bones”. On Monday a Palmetto Health spokesperson said two patients were in serious and two in critical condition at their facilities. A spill of approximately 5,000 gallons of fuel from the freight train posed no safety hazard, according to officials.

Passenger Derek Pettaway told the CNN network that like most others, he had been sleeping when the collision happened. He said Amtrak staff cleared the passengers from the train rapidly, and there was no panic; “I think people were more in shock than anything else”, he said.

“Key to this investigation is learning why the switch was lined that way”, Sumwalt said. Amtrak’s CEO, Richard Anderson, speaking to reporters on Sunday, held CSX responsible; he stated the track in that area is operated by CSX and the signals, which CSX operates, were not working at the time of the collision and a CSX dispatcher was therefore directing the Amtrak train’s movements. Sumwalt noted an automatic monitoring and braking system called positive train control, which was not in use on the stretch of line, could have forestalled the collision.

Several fatal incidents involving Amtrak trains have occurred in the past three months. On December 18, the inaugural train on a new route in Washington state derailed at high speed while crossing above a highway, killing three; on January 31, the driver of a garbage truck was killed in Virginia when he collided with an Amtrak train chartered to take Republican lawmakers to a retreat.

Wednesday, June 16, 2021

In early May, Wikinews extended an invitation to Vitaly Filipchenko, an independent candidate in the 2021 New York City mayoral election, set to take place November 2nd, alongside other candidates. Filipchenko answered some questions about his policies and campaign during a phone interview.

Filipchenko, registered on the New York City Campaign Finance Board as Vitaly A. Filipchenko, is the first Russian candidate for New York City mayor, being born in Tomsk, Siberia in 1973, according to news agency Sputnik. He has since naturalised as a United States citizen. According to the web site, Filipchenko has been educated in road construction and maintenance and owns a moving services company; he describes himself on his web site as a “small business owner”. On his web site’s platform page, he says that “[m]y English may not be perfect – but my platform is.”

Incumbent Democrat mayor Bill de Blasio, who won re-election in the 2017 New York City mayoral election by 66.5%, cannot run for a third term under term limits. As of April 28, 22 candidates are currently running, the majority of whom are also Democrats. Ahead of the June Democratic primary for New York City mayor, a poll conducted May 23 and 24 by WPIX and Emerson College of 12 Democratic candidates with a margin of error of 3.2 per cent has former commissioner for the New York City Department of Sanitation Kathryn Garcia and Borough President of Brooklyn Eric Adams leading with 21.1% and 20.1%, respectively.

Tuesday, June 7, 2022

A Washington D.C. grand jury today indicted Henry “Enrique” Tarrio, former chairman of the Proud Boys, and four other members of the far-right U.S. organization on charges of seditious conspiracy regarding the January 6, 2021 insurrection. On that day, a large crowd of Donald Trump supporters stormed into the United States Capitol to prevent the US Congress from certifying the votes from the 2020 United States presidential election. The charges state the riot was not a spontaneous or impromptu act but rather deliberately planned.

Tarrio has faced other charges related to January 6 before, but today’s are the most serious: the charges state Tarrio and fellow Proud Boys Ethan Nordean, Joseph Biggs, Zachary Rehl, and Dominic Pezzola criminally conspired to prevent then-President-elect Joe Biden from taking power by helping to organize the riots. All five have pleaded not guilty.

The specifics of the indictment say the accused met and planned the attack on the Capitol, sometimes communicating via encrypted messages. Prosecutors claim they obtained Baofeng radios that rioters could use to coordinate without others eavesdropping. They also say, on January 6, members of the Proud Boys broke down metal barricades and led the rest of the rioters inside. Prosecutors claim Tarrio helped plan the siege but did not physically enter the Capitol himself. He had been arrested two days earlier for vandalizing a Black Lives Matter banner, for which he served five months in prison.

The crime of “seditious conspiracy” dates to the American Civil War era. If convicted, the accused could face up to 20 years in prison.

“Seditious conspiracy requires the use of force, and [Rehl] never used any force nor thought about using any force,” said Carmen Hernandez, lawyer for Zachary Rehl.

Federal authorities have accused more than three dozen members of the Proud Boys of leadership roles in the attack on the Capitol. Some have already pleaded guilty or agreed to cooperate with prosecutors.

The Proud Boys are self-proclaimed “western chauvinists” whom the Southern Poverty Law Center classifies as a hate group.

Wednesday, February 16, 2005According to computer security expert Bruce Schneier, a widely-used cryptography algorithm, known as SHA-1, has been broken by three researchers at Shandong University in China. Designed by the US intelligence agency NSA, SHA-1 has been adopted as an official US government standard and has become widely-used in security applications worldwide, notably digital signatures. The three female researchers, Xiaoyun Wang, Yiqun Lisa Yin, and Hongbo Yu, have reduced the amount of time needed to find two documents with the same signature by a factor of more than 2000.

The SHA-1 algorithm is used to compute a short string of numbers, known as a hash, for any digital document. The algorithm is constructed such that small changes in the document cause the hash to change drastically. By this means, the hash can be used to verify that a document has not been tampered with.

The attack that Schneier describes is a “collision attack,” rather than the more useful “pre-image” attack. In a pre-image attack, the codebreaker is able to find a document with different contents that matches an existing hash and so can claim an existing signature was on something else. In the somewhat less valuable “collision attack,” the codebreaker is able to devise two documents that both have some particular hash. A adversary might use this to claim that an altered document is the original on the grounds that they have the same hash. A crafty adversary might also be able to trick someone into signing an innocuous document, one of a pair from a collision. The other document, which might not be as harmless, would then also appear to have been signed by the same person. If collisions can be found for SHA-1, then digital signatures will no longer vouch for a document’s authenticity.

The attack, for now, is more of a theoretical than a practical kind: it would currently take thousands of years on a modern personal computer, and would still be slow even if a large number of computers were used in parallel.

Xiaoyun Wang is currently a professor at Shandong University, while Hongbo Yu is a doctoral candidate at the same institution. Yiqun Lisa Yin is currently a visiting researcher at the Princeton Architecture Laboratory for Multimedia and Security (PALMS). Last year, Xiaoyun Wang and Hongbo Yu also took part in breaking a series of similar algorithms, including the widely used MD5 hash, as documented in their paper presented at the Crypto 2004 conference.

Officials from the National Institute of Standards and Technology (NIST) have recently recommended dropping SHA-1 in favor of stronger, slower algorithms, such as SHA-256, Federal Computer Week reported on February 7, 2005, just 7 days before Schneier announced the SHA-1 break. Despite deprecating SHA-1, William Burr, the head of NIST’s security technology group, said that “SHA-1 is not broken, and there is not much reason to suspect that it will be soon.”

Friday, September 14, 2007

Semicon Taiwan goes to the final day on September 14, one of exhibitors Siemens AG imported containers named “exiderdome” to Taiwan and held an exhibition at A13 Parking Lot in Xinyi District, Taipei City for professionals from some industries such as automation, semiconductor, and electronics experiencing the advantages on automation solutions by Siemens.

For this special exhibition, Wikinews Reporter Brock interviewed Stephen Huang (International Account Manager of Automation and Drives Department, Siemens Limited) and Ken Cheng (Director of Automation and Drives Department, Siemens Limited) for information on this exhibition.