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Bank of America, JPMorgan Chase, Wells Fargo, Citibank & Ally Financial: Agree to $25B Mortgage Deal after Deceptive Practices

The nation’s five largest mortgage lenders have agreed to overhaul their industry after deceptive foreclosure practices drove homeowners out of their homes, government officials said Monday.

A draft settlement between the banks and U.S. states has been sent to state officials for review. The Five Major Banks involved include: Bank of America, JP Morgan Chase, Wells Fargo, Citibank and Ally Financial, along with U.S. State Attorneys General could adopt the agreement within weeks, according to two officials briefed on the discussions. They spoke on condition of anonymity because they are not authorized to discuss the agreement publicly.

The settlement would be the biggest in a single industry since the 1998 multistate tobacco deal. And it would end a painful chapter that grew out of a 2008 financial crisis.

Those who lost there homes to foreclosure are unlikely to get their homes back or benefit much financially from the settlement, which could be as high as $25 billion. About 750,000 Americans; about half of the households who might be eligible for assistance under the deal, will likely receive checks for about $1800.

However, the agreement could reshape long-standing mortgage lending guidelines and make it easier for those at risk of foreclosure to restructure their loans. Roughly, one million homeowners could see the size of their mortgage reduced.

The settlement would only apply to privately held mortgages issued between 2008 and 2011, not those held by government-controlled Fannie Mae and Freddie Mac. Fannie and Freddie own about half of all U.S. mortgages, roughly about 31 million U.S. home loans. Nearly 8 million Americans have faced foreclosure since the housing bubble burst.

About 1 million homeowners could also get the principal amount of their mortgages written down by an average of $20,000. One in four homeowners with a mortgage – or roughly 11 million people – owe more than their home is worth. These so-called “underwater” borrowers have little chance of refinancing.

Under the deal:
• $17 billion would go toward reducing the principal that struggling homeowners owe on their mortgages.

• $5 billion would be placed in a reserve account for various state and federal programs; a portion of that money would cover the $1,800 checks sent to those homeowners affected by the deceptive practices.

• $3 billion would go to help homeowners refinance at 5.25 percent.

Comment: “And at the end of the day millions of homeowners and their families are displaced, never to be made whole again and not one person involved [in what could be termed “The Biggest Rape of the People in American History”] will go to jail. Only in America!”

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January 25, 2012 Posted by | Business News | , , , , , , , , , | Leave a comment

FIU FORUM: Two Harvard Professors and 70 Community Leaders Brainstorm on Miami’s Future

Praise the Lord! The “Angels of Grace & Mercy” has awakened to the cries of the people. The people in Miami-Dade County has been crying out for sometime for a hand-up and not just a hand-out.

The negative figures in almost every area of Miami-Dade are so high that as an accountant, you would be forced to flip the general ledger to the next page and shake his head in pure astonishment as to how could a city still be viable in light of its present circumstances.

Miami-Dade County finds itself at the crossroads; either to eternal abyss and ultimate bankruptcy or stare the beast in its face and deciding to turn things around, such as: Miami‘s present fiscal state, the high number of unemployed, high number of underemployed, high number of baby boomers with experience that are being overlooked, not because of skill but because of age and high numbers of foreclosures followed by the increase in crime as a result of all these situations.

The group should ask themselves “how did we get in this predicament and what will it take to get ourselves out of it?” And focus on coming up with some doable-action plans that they can start working on tomorrow, because somewhere along the line, there is a major disconnect.

Florida International University is an excellent venue to hold this community-saving-forum with Harvard Professors and the 70 community leaders that will be in attendance by invitation only.

For the 70 community leaders that will be attending the forum, look at this opportunity as a “We are the World” project, whereby Quincy Jones advised all of the stars to check their ego’s at the door and focus on “one common denominator,” because there was much work to be done.” This is certainly a “We are the World” moment for the city and the citizens of Miami-Dade County.

I have been fortunate enough to attend F.I.U. along with some of the top administrators within Miami-Dade County via The Administrative Office of the Courts and received invaluable business skills and life lessons in their: Academy for Strategic Management- Excellence & Ethics in Management” course.

What an excellent move not to have press or politicians at the forum, so the participants can be free to be open and honest about what they perceive to be good business sense and what’s just not working.

I like it! . . . . . . . . . I like it! . . . . . .. I like It!

The forum will be held at the Leadership Center at FIU’s Business school, which is the brainchild of retired FIU President Modesto “Mitch” Maidique, said Myra Beers, Director of Operations.

** Reporters are also welcome to interview participants as they have lunch afterward.**

January 15, 2012 Posted by | Business News | , , , , , , , , , | Leave a comment

Jackson Health System, Doctor’s Group & ACC/GP Development: Legal Contract or Draft Copy

Where will Jackson Health System will find their answer to the million dollar question, “Did Roldan enter into a legal and binding contract between the “Doctors Group and Aventura’s “ACC/GP Development” on January 31?” or did each she reach beyond the scope of her executives power?

The answer lies in the wording of the by-laws as it refers to former Chief Executive Eneida Roldan position and her power with regards to soliciting, negotiating, reviewing and subsequently getting the nod of approval from the legal department at Jackson.

Without having privy to the actual document that was signed by the parties involved, any comments will be subjective in nature.

“Food For Thought!!!

A legal document can cause its organization millions by a simple play of one or two words, such as: “and /or “, in addition to “i/we.”

The devil is in the details of the bylaws for Jackson.

What exactly did the contract specify?

1. While Eneida Roldan appeared to have “carte blanche” with Jackson’s coffers, was there an amount that she could not exceed without full review from the Board of Directors?

2. Did Roldan have a “fiduciary responsibility” to keep the board members informed and also to work closely with the legal department, especially with a no-bid contract lasting for a period of 10+ years?

3. Did the legal department also have a responsibility to question a document they determined would have adverse affects on the future of Jackson?

4. Did the “Doctors Group” & ACC/GP Development” understand that the contract was a “draft” subject to review by the legal department and other entities, before a final contract would be presented for signatures?

5.Since Roldan co-signed with a group of 12 doctors, [who are affiliated with South Florida Multispecialty Associates] entered into an agreement which was never reached between the two aforementioned partners, because one [Jackson Health System] or the other decided that the deal was not in their best interest, then in principle, you have an “impasse “one party backed away after performing their “due diligence,” then in the spirit of the contract, it could not be worded “Jackson Health System and Doctors Group.” In order for the contract to then be legal, it would have to be worded Jackson Health System “or” Doctors Group.

6.Even though Roldan initiated the contract on behalf of Jackson Health System, Jackson Health System ultimately exercised its “due diligence” and after considering other “mitigating factors,” decided not to proceed.

7.Does the contract state that it must be signed and agreed upon by a specific time?

8.Remember that all parties can enter their “John Hancock” but it must be approved and ratified to be official.

9.Unfortunately, there are “loopholes” in 95% of all contracts!

10.The question remains: “Will the loopholes be used for or against you?”

January 1, 2012 Posted by | Business News | , , , , , , , , , | Leave a comment

Verizon Wireless instituting a $2 “convenience charge” for paying with plastic


Effective 01/15/2012, Verizon Wireless will institute a $2 “convenience charge” for paying either online or by telephone.

There will be three ways for the customer to avoid the “convenience charge.”

1. Make a one-time payment using an electronic check.
2. Use your home banking account.
3. Use a Verizon gift card or rebate card.

Otherwise, a $2 “convenience charge” will be included in a statement with your name on it. However, all is not lost! You can enroll in a program that debits your bank account or credit card on a recurring basis for free. Still not happy; okay, you can pay your bill the ole fashion way, by mail or you can take a nice ride to your nearest Verizon store to meet and greet its staff and pay in person.

Verizon currently has about 91 million customers. The genius that thought of the $2 “convenience charge” will certainly be on track to get a healthy bonus at the end of the year; for all the money the new charge will generate from their loyal customers. Can you say “whistling Dixie all the way to the bank?”

December 30, 2011 Posted by | Business News | , , , , | Leave a comment

New Nike Air Jordan XI limited edition shoes causes crowd to break through store door!

The Michael Jordan dynasty continues. Even though the price tag is somewhat pricey at $180, Nike has a loyal fan base. Maybe a bit too loyal as they trampled over the fallen to make
their way into an Indianapolis store that took to long to open.

The policeman had to be called to restore peace and order and subsequently made several arrest, including a customer that left
her two little children locked in the car. Policeman ask her why she left her two children the the car and her response was “I was looking for my cousin.” Policeman ask another customer if all the chaos was worth it, she quickly responded, “Yes, I got my grandson’s their Christmas present!”

It’s amazing to see so many people show up for such a limited amount of Air Jordan XI sneakers. The store had only 300 pairs of shoes in stock, yet about 500 or more showed up for their chance to have bragging rights as one of the first to get in on a limited edition of Nike Air Jordan XI sneakers. At $180 dollars a pair, maybe they should call them the King’s Landing Gear or something more up-scale than sneakers. Just a thought! Nike.

You can hit me up a pair, size 10 for my son for Christmas if you like!

Merry Christmas & Happy New Year !!!

December 24, 2011 Posted by | Business News | , , , , | 2 Comments

The IMF is Desperately Seeking a Replacement for the American Dollar: SDR’s Maybe Their Temporary Solution

The International Monetary Foundation (IMF) is growing increasing anxious over the continuous financial crisis that the US can’t seem to find a resolution too. In the beginning the IMF believed that the US had enough brilliant minds to find a workable plan to turn their debt crisis around, unfortunately, it’s becoming painfully clear that the US economy is in serious trouble.

America’s constant political bickering on National Television will ultimately be their downfall. Sam Houston the Emancipator once wrote:

“A nation divided against it self cannot stand!”

Does it feel like the US is tilted on an axel these days? Every time we take one positive step forward, we take two negative steps backwards, effectively wiping out any positive outcomes we made in the past.

Can ordinary everyday people understand or appreciates how close the US is to financial ruin? This is the first time in recent years that the House & Senate have been so ineffective for so long, making the US vulnerable in more ways than one. If you could only grasp what is being said, you would be up in arms with all your political figures. Do you consider yourself “collateral damage?”

Well, thanks to your politicians, that’s exactly what you are! If the dollar should collapse tomorrow, it is certain that they have a plan b? It’s also certain to suggest that you would be on your own, effectively, making you “collateral damage to whatever is yet to come. Do you like that position? If you answered No! Then do something about it. Call your prospective representatives’ and voice your opinion.

The IMF disclosed recently that Special Drawing Rights (SDRs) could help stabilize the global financial system – at the expense of the American dollar that is. Could this be the American dollar’s fall from grace? IMF appears adamant about replacing the American dollar and justifies its insistent of SDRs as a viable replacement that could help stabilize the global financial system and calm the other countries down.

According to CNN money, “SDRs represent potential claims on the currencies of IMF members. They were created by the IMF in 1969 and can be converted into whatever currency a borrower requires at exchange rates based on a weighted basket of international currencies. While they are not a tangible currency, some economists argue that SDRs could be used as a less volatile alternative to the U.S. dollar.”

Constitutional Reference for Today:

“It is hardly too strong to say that the Constitution was made to guard the people against the dangers of good intentions. There are men in all ages who mean to govern well, but they mean to govern. They promise to be good masters, but they mean to be masters.” — Daniel Webster

December 21, 2011 Posted by | Business News | , , , , , , , , , | Leave a comment

It’s a Bird! . . . It’s a Plane! . . . No! It’s a Fed-Ex Driver throwing a Computer Monitor Over a Fence! Merry Christmas!

Customer waiting at her home with the doors wide open, couldn’t believe her eyes. As she stands by the door with anxious anticipation, the Fed-Ex Delivery man pulls up in front of her house, get’s out of his truck and retrieves her computer monitor, then proceeds to toss the computer monitor over the fence and casually turns around and walks off.

If you didn’t see it with your own eyes, you wouldn’t believe! Merry Christmas to you too, Fed-Ex!

December 20, 2011 Posted by | Business News | , , , , | Leave a comment

Do You Know Your Candidate of Choice? Do Your Own Homework: Your Vote … Is your Voice and You Do Have a Choice!

Your Vote is really Your Voice! And guess what? You do have a choice, if you start early and do your homework. You have no excuse. There are many venues whereby you can seek out information on the candidates.There’s radio- talk shows, newspapers, magazines, television, blogs and last but not least and certainly the most powerful, drum roll, please, “The Almighty “Internet,” which creates a multiplicity of sites to retrieve your information into the candidate’s background and history.

I know that you have heard the phrase “Your Vote . . . Your Voice” over and over again lately on TV. The truth is that phrase was created by little ole me, with my blog on WordPress Brp 305’s Blog on “Why Just Voting is Not Enough!” created on 03/09/2011

One Caveat however: you need to have the ability to distinguish between opinion and facts, also you must possess the ability to decipher the truth amongst the tons of demagoguery that you will have to read and/or listen too, before you get to the truth at the bottom of the pile. Oh! Don’t just rely on one source for your information; make sure you cross-reference your facts.

Benjamin Franklin quotes:
“Believe none of what you hear and half of what you see.”

“Being ignorant is not so much a shame, as being unwilling to learn.”

December 18, 2011 Posted by | Business News | , , , , , , , , , | Leave a comment

Politics + No Vested Interest Creates “Continual Gridlock” on Capital Hill

Would it be fair to say that if the politicians were deciding on issues that affected them, bills would be flowing out of Congress like a well-oiled conveyor belt? But because the issues that the House and the Senate discuss on a daily basis will not affect them in the least and they have no vested interest in the “bill of the moment” outcome, then it becomes a game of monopoly, me versus you and I will trade all my railroads for your boardwalk property and at the end of the day, they can all walk away without guilt.

 Why? Because the actors and actresses on Capitol Hill appear to be acting out a script in a play rather than seriously entertaining any dialogue that would be beneficial to the public-at-large. Somebody needs to shake them out of their movie star roles, and get them to understand that their continual stance of ‘”I got one over them!” roles will haunt them come election time. Do they not understand that the United States is going through the worst recession/depression in its history, with no real light at the end of tunnel for years to come?

Who do they think will be held accountable? Can’t you hear them say collectively, like a well rehearsed choir, “NOT ME?” That’s where they’re wrong! The politicians need to run don’t walk and look at the face staring back at them in the mirror. Have they taken a good look, yet? Good! That’s the person that the public will hold accountable for this mess that we can’t seem to even begin to dig ourselves out of! Why, because, “Politics + No Vested Interest Creates “Continual Gridlock” on Capitol Hill.”

This is our government at work! Don’t worry, they will surely blow the budget and cry to the public to give them more time, during election time, to spend more money for even less work, if you can call it that! At this moment, it looks like they are having an extended ‘frat party” until the public wakes up and smell the coffee.

Let’s just tell it like it is! The politicians’ have no vested interest in the decisions or lack of decisions that they continually seem unable, incapable or unwilling to make. It makes the general public, sick to their stomach, to consistently see the politicians make the shameful walk to the podium and began to talk about what they want individually , but not what could be possible if they all took a step back on a daily basis and ask themselves, “Who put me in this position?” and “Why did they select me over the other candidate?” and “ What do I owe  my constituents’ for putting their trust in me and voting for me to hold this prestigious office?”

Each politician should ask, “What is my duty as a civil servant to my constituents’ and what is my duty to myself to be worthy of such an honor?”  All the “Grand Standing” needs to cease and desist.

All those clowns on Capitol Hill need to audition for Ringling Brothers Circus and leave the work on Capitol Hill for “Thinkers, Decision-Makers, and Movers & Shakers!” Oh! Don’t forget to chisel the oversized gavel from oversized Bone-Head Boehner’s Hands!”

December 18, 2011 Posted by | Business News | , , , , , , , | Leave a comment

The Occupy Wall Street Movement is here to stay

The Occupy Wall Street Movement will only increase as time goes by. “What do they want? Some have asked! They want the same rights and privileges that were afforded to their parents and grandparents and subsequently to the banks and big corporations “that were too big to fail.”

The billions of dollars that were given to the banks, large corporations and Wall Street were from the backs of taxpayers. The government is the taxpayer. Without the taxpayers, there would be no government and certainly ‘no bail out!

Yes, it was given by the “administration” but where do you think the administration get their monies from? They get their monies from you, me and all the other citizens who pay taxes!

In the beginning the Occupy Wall Street participants were 30 and under, but as time passes, you see that more and more mature participants over 30 joining the cry of their young. “We are the 99% and we want the same options that were given to those who were” too big to fail!”

The movement cry is “where is my bailout?” Why aren’t the big corporations and banks and all the other entities that have their hands in the government coffers mandated to help the very people that allowed them to re-open their doors or kept them from shutting their doors forever.

There are banks in every state of these United States that have received monies from the “You’re too big to fail fund.” There should not be any contracts whereby the administration has given millions perhaps billions to businesses to stay open and not have accountability to the administration and/or the taxpayers.

The movement started in earnest by the young men and women who are fed up with the administration pandering to the rich and powerful at the expense of the underprivileged, working-class poor and the middle class. They’re also fed up with politics and propaganda and want jobs that can pay their bills and health insurance that will keep them out of the emergency room.

They are fed up with the banks and big corporations crying “Help me! Help me!” then post millions in profits at the end of the year and proceed to show their appreciation to their employees by giving them Year-End or Christmas bonuses that could pay someone’s annual salary.

What the movement is trying to show their friends, their neighbors, their mayor and yes! Even their governor that they have followed the rules: got good grades in school and went on to community and 4 -year colleges and universities, to get that much needed piece of paper called “ certificate of completion or college degree,” to enter the real world and began to make a positive contribution to society.

But, unfortunately, the last chapter in the story has turned from a dream to a nightmare, with no real hope in the foreseeable future.

All the financial wizards agree on one thing. “It will take at least 10 maybe 15 years until the financial disaster that we currently find ourselves in too turn around. Most people understand that message loud and clear!

Do you think that “The Occupy Wall Street Movement Participants” want to sleep outside in parks and other various places across this country, if they could at least see a glimmer of hope at the end of the rainbow? “The participants want to be heard but more than anything, they want and need jobs; jobs and more jobs and they need them now!”

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November 18, 2011 Posted by | Business News, Keeping It Real | , , , , , , , | Leave a comment