Monthly Archives: July 2022

Tuesday, October 8, 2013

Unlike some parts of the US Federal Government, the Consumer Financial Protection Bureau (CFPB) has been open during the federal government shutdown and recording a record-low number of complaints submitted by consumers against mortgage companies, credit card companies, student loan providers, banks, money transfer providers, companies who provide credit reports, and other companies providing consumer loans.

With data not available for yesterday, the first four days of the shutdown had daily totals of 37, 16, 13, and 3 complaints. With the exceptions of September 29 with 15 complaints and September 28 with 23, it is the lowest daily total since March 16 of this year when 36 total complaints were recorded and February 23 of this year with 14. The total complaints are also down from the same dates last year, when the total complaints per day for the first four days of October 2012 were 272, 298, 288, and 225.

Of the 69 filed complaints recorded so far this month, 27 were complaints about mortgage companies, 21 were about bank accounts and 10 were about credit card companies. 40% of credit card companies complaints, 42.9% of bank account complaints and 48.1% of mortgage complaints are currently listed as still in progress. Most of the rest have been closed with an explanation.

Bank of America leads all companies in terms of total complaints filed this month with 9. Bayview Loan Servicing, LLC andJPMorgan Chase have 7 complaints each. Ally Bank, Sovereign Bank, and Wells Fargo have 4 each. Flagstar Bankand Equifax have 3 each. Citibank, Nationstar Mortgage, TD Bank, Amex, and FirstMerit Bank have 2 complaints each. 18 financial services companies have 1 complaint each filed against them.

During the government shutdown, some CFPB staff have voiced their opinions on Twitter. Dan Munz, deputy assistant director for consumer engagement at the CFPB, tweeted, “Boy, shutdown week has really created a sudden bumper crop of amateur federal management experts.”; “Also, seems like Boehner is singlehandedly undoing whatever progress he’d made in portraying this as a Dem [Democratic Party] shutdown.”; and “Basically, there’s now a strong incentive to fill legislation with minor symbolic things you can bargain away later to protect the core.”

The agency has been able to stay open during the government shutdown because it is funded by the Federal Reserve. According to Amanda Terkel at the Huffington Post, Republican members of the United States House of Representatives have put closing the CFPB on their wish list of items in negotiating for a new debt ceiling limit. Party members have previously stalled the appointment of Richard Cordray as the CFPB boss as a way of hindering it from engaging in oversight of financial organizations in the the US.

Tuesday, April 20, 2021

Wikinews extended invitations by e-mail on March 23 to multiple candidates running in the Texas’ 6th congressional district special election of May 1 to fill a vacancy left upon the death of Republican congressman Ron Wright. Of them, the office of Democrat Daryl Eddings, Sr. agreed to answer some questions by phone March 30 about their campaigns and policies. The following is the interview with Ms Chatham on behalf of Mr Eddings, Sr.

Eddings is a federal law enforcement officer and senior non-commissioned officer in the US military. His experience as operations officer of an aviation unit in the California National Guard includes working in Los Angeles to control riots sparked by the O. J. Simpson murder case and the police handling of Rodney King, working with drug interdiction teams in Panama and Central America and fighting in the Middle East. He is the founder of Operation Battle Buddy, which has under his leadership kept in touch with over 20 thousand veterans and their families. He was born in California, but moved to Midlothian, Texas. He endeavours to bring “good government, not no government”. Campaign manager Faith Chatham spoke to Wikinews on matters ranging from healthcare to housing.

An Inside Elections poll published on March 18 shows Republican candidate Susan Wright, the widow of Ron Wright, is ahead by 21% followed by Democrat Jana Sanchez with 17% and Republican Jake Ellzey with 8% with a 4.6% margin of error among 450 likely voters. The district is considered “lean Republican” by Inside Elections and voted 51% in favour of Donald Trump in last year’s US presidential election. This is down from 54% for Trump in 2016’s presidential election, the same poll stated.

Tuesday, October 14, 2008

The San Diego, California suburb of Chula Vista has responded to the recent housing crisis with an aggressive blight control ordinance that compels lenders to maintain the appearance of vacant homes. As foreclosures increase both locally and throughout the United States, the one year old ordinance has become a model for other cities overwhelmed by the problem of abandoned homes that decay into neighborhood eyesores.

Chula Vista city code enforcement manager Doug Leeper told the San Diego Union Tribune that over 300 jurisdictions have contacted his office during the past year with inquiries about the city’s tough local ordinance. Coral Springs, Florida, and California towns Stockton, Santee, Riverside County, and Murietta have all modeled recently enacted anti-blight measures after Chula Vista’s. On Wednesday, 8 October, the Escondido City Council also voted to tighten local measures making lenders more accountable for maintenance of empty homes.

Under the Chula Vista ordinance lenders become legally responsible for upkeep as soon as a notice of mortgage default gets filed on a vacant dwelling, before actual ownership of the dwelling returns to the lender. Leeper regards that as “the cutting-edge part of our ordinance”. Chula Vista also requires prompt registration of vacant homes and applies stiff fines as high as US$1000 per day for failure to maintain a property. Since foreclosed properties are subject to frequent resale between mortgage brokers, city officials enforce the fines by sending notices to every name on title documents and placing a lien on the property, which prevents further resale until outstanding fines have been paid. In the year since the ordinance went into effect the city has applied $850,000 in fines and penalties, of which it has collected $200,000 to date. The city has collected an additional $77,000 in registration fees on vacant homes.

Jolie Houston, an attorney in San Jose, believes “Lenders will respond when it costs them less to maintain the property than to ignore local agency requirements.” Traditionally, local governments have resorted to addressing blight problems on abandoned properties with public funds, mowing overgrown lawns and performing other vital functions, then seeking repayment afterward. Chula Vista has moved that responsibility to an upfront obligation upon lenders.

As one of the fastest growing cities in the United States during recent years, Chula Vista saw 22.6% growth between 2000 and 2006, which brought the city’s population from 173,556 in the 2000 census to an estimated 212,756, according to the U.S. Census Bureau. Chula Vista placed among the nation’s 20 fastest growing cities in 2004. A large proportion of local homes were purchased during the recent housing boom using creative financing options that purchasers did not understand were beyond their means. Average home prices in San Diego County declined by 25% in the last year, which is the steepest drop on record. Many homeowners in the region currently owe more than their homes are worth and confront rising balloon payment mortgages that they had expected to afford by refinancing new equity that either vanished or never materialized. In August 2008, Chula Vista’s eastern 91913 zip code had the highest home mortgage default rate in the county with 154 filings and 94 foreclosures, an increase of 154% over one year previously. Regionally, the county saw 1,979 foreclosures in August.

Professionals from the real estate and mortgage industries object to Chula Vista’s response to the crisis for the additional burdens it places on their struggling finances. Said San Diego real estate agent Marc Carpenter, “that kind of measure will add additional costs to banks that have been hit really hard already and ultimately the cost will be transferred down to consumers and investors.” Yet city councils in many communities have been under pressure to do something about increasing numbers of vacant properties. Concentrations of abandoned and neglected homes can attract vandals who hasten the decline of struggling neighborhoods. Jolie Houston explained that city officials “can’t fix the lending problem, but they can try to prevent neighborhoods from becoming blighted.”

CEO Robert Klein of Safeguard, a property management firm, told the Union Tribune that his industry is having difficulty adapting to the rapidly changing local ordinances. “Every day we discover a new ordinance coming out of somewhere”, he complained. Dustin Hobbs, a spokesman from the California Association of Mortgage Bankers agreed that uneven local ordinances are likely to increase the costs of lending. Hobbs advised that local legislation is unnecessary due to California State Senate Bill 1137, which was recently approved to address blight. Yet according to Houston, the statewide measure falls short because it fails to address upkeep needs during the months between the time when foreclosure begins and when the lender takes title.

Monday, December 14, 2020

On Tuesday, US-based software company Red Hat announced their plans to shift their focus away from CentOS in favour of CentOS Stream.

In the blog post Chris Wright, the Chief Technological Officer of Red Hat said Red Hat had informed the CentOS governing board that Red Hat was “shifting our investment fully from CentOS Linux to CentOS Stream”. At least five of the nine CentOS Governing Board listed on the project are Red Hat employees.

Started in 2004, CentOS has been a free-of-cost free/libre open source software which provided binary-code compatibility with Red Hat Enterprise Linux (RHEL) — Red Hat’s GNU General Public Licensed paid operating system. CentOS was absorbed into Red Hat in 2014, with Red Hat gaining the trademark rights of “CentOS”.

Red Hat also sponsors the Fedora operating system. Red Hat even gives the software engineering interns laptops with Fedora on it. Till now, software development took place on Fedora, which was later adopted in RHEL, which the Red Hat maintained and provided support for, for those customers who had RHEL subscription. CentOS would then follow RHEL to provide the same features free of cost, but without the support.

Stream was announced in September 2019, just two months after Red Hat was acquired by IBM. CentOS Stream’s development cycle had new features added to it before the features became a part of RHEL. Stream receives more frequent updates, however, it does not follow RHEL’s release cycle.

With CentOS Stream, developments from the community and the Red Hat emplyees would take place beforehand on both Fedora, and Stream as a rolling release, before those features are absorbed into RHEL. CentOS followed the release cycle of RHEL and therefore it was a stable distribution. Features available in CentOS were tried and tested by Fedora, and then RHEL maintainers. Stream, on the other hand, has features added to it before those features become a part of RHEL. That implies Stream would be ahead of RHEL’s development, containing new features which are not yet tried and tested by RHEL developers, and not be binary code-compatible with RHEL.

Writing “The future of CentOS Linux is CentOS Stream”, Wright further wrote in the announcement, CentOS Stream “provides a platform for rapid innovation at the community level but with a stable enough base to understand production dynamics.” Wright also said, “CentOS Stream isn’t a replacement for CentOS Linux; rather, it’s a natural, inevitable next step intended to fulfill the project’s goal of furthering enterprise Linux innovation.”

Since the announcement was made, many people expressed their anger on Internet Relay Chat (IRC), Reddit and CentOS project’s mailing list. CentOS 8’s End of Life (EOL) has been moved up from May 2029 to December 31, 2021, while CentOS 7 is expected to receive maintenance updates through June 2024, outliving CentOS 8.

Gregory Kurtzer, who had started the CentOS project, announced a new operating system, Rocky Linux. Rocky Linux describes itself as “a community enterprise Operating System designed to be 100% bug-for-bug compatible with Enterprise Linux”. The project said “Rocky Linux aims to function as a downstream build as CentOS had done previously, building releases after they have been added to the upstream vendor, not before.” The project maintainers have not decided a date for when the operating system will be released.

Kurtzer explained the reason to call the OS as Rocky Linux: “Thinking back to early CentOS days… My cofounder was Rocky McGaugh. He is no longer with us, so as a H/T [hat tip] to him, who never got to see the success that CentOS came to be, I introduce to you…Rocky Linux”.

Wikinews reached out to the members of the CentOS project, Pablo Greco and Rich Bowen, to discuss this move, its implications as well as the future of CentOS. Greco is a maintainer of armhfp (32-bit processors) and is a part of the CentOS’ quality assurance team. Bowen — who unlike Greco, works for Red Hat — is the community manager of the CentOS project.

Tuesday, June 28, 2011

Workers in Greece have gone on strike in protest against the government’s second round of austerity packages. Greek prime minister George Papandreou announced €28 billion in cuts Monday; loans worth up to €155 billion from the European Union and International Monetary Fund depend on the measures passing.

Tens of thousands of workers are planning to march through Athens and five thousand police officers have been brought into the capital to supervise the strike. Most public services in Greece are affected, including hospitals, ambulances, trains, buses, ferries and even air traffic control. The Athens metro will remain open “so as to allow Athenians to join the planned protests in the capital.” Thanassis Pafilis, an MP with the Greek Communist Party, said that the budgetary measures “are a massacre for workers’ rights,” adding, “It will truly be hell for the working man. The strike must bring everything to a standstill.”

With a sixteen percent unemployment rate in Greece, between 70 and 80 percent of Greek citizens oppose the cuts. The measures are “tough and in many respects unfair,” said Greek finance minister Evangelos Venizelos, but the government continues to push for austerity measures, as failure to secure credit may force the government and banks of Greece to default as early as July on the €380 billion in debt owed to France, Germany, the United Kingdom, the United States, Italy, Switzerland, Japan and Spain.

Friday, October 10, 2008

The head of the World Trade Organization, Pascal Lamy, has called for a meeting to assess the trade finance situation, including the impact on developing countries. The meeting, which is schedule for November 12, will allow credit institutes and government officials to review the current trade credit situation.

“A number of WTO members, in particular developing countries, have flagged the problems they are facing in arranging trade financing,” wrote WTO Director-General Lamy.

“The purpose of our next meeting will be to review how the international market for trade-financing is faring in view of the current very difficult conditions on international financial markets,” he continued.

Credit is vital to trade with around 90 percent of the US$14 trillion in world trade financed by credit. While this market has done well compared to other credit markets, bankers are suggesting that problems might occur shortly. Rates on these trade loans have increased by 3 percent.

Developing countries have seen several recent years of positive growth but the effects of the global financial crisis on these countries have pushed growth levels down.

Lamy has asked that the heads of the World Bank, International Monetary Fund, and other regional development banks to attend. He also invited the five leading commercial banks in trade finance: Citigroup, Commerzbank, Royal Bank of Scotland, JPMorgan Chase, and HSBC.

Lamy also said that work on the Doha Development Round of trade is continuing but did not say if it would be finished this year.

Wednesday, February 6, 2008

The hunt for alleged kidney harvester, Dr. Amit Kumar, has led investigators to Brampton, a city in the Greater Toronto Area (GTA) of Ontario, Canada.

Indian investigators allege that Kumar is the kingpin of a ring that removed kidneys of poor laborers in India for transplantation to the highest bidding patients, usually foreigners. After a request by Indian police via an Interpol “red notice”, Canadian police located a house in Brampton owned by Kumar, who has been dubbed “Dr. Horror” by the Indian press.

The house is occupied by a woman, presumed to be his wife, and two young children. Kumar purchased the 5,600 sq ft (~510 m²) home on February 2, 2007 for C$610,000. Reportedly, additional upgrades were performed at the home, including an in-ground pool, at a cost of C$100,000. The family drives an expensive SUV. The children, two boys aged 4 and 5, are said to be enrolled at private schools.

Dr. Kumar, a nephrologist, born Santosh Rameshwar Raut, was known to his neighbors. He told them that he was a cardiovascular surgeon in India, but that he wanted to buy a hotel in Canada and, after one last trip to India to tie up loose ends, permanently relocate to Canada.

“We are completely shocked,” a neighbor told the Toronto Star. “We used to joke at parties that he must be loaded to get such a beautiful wife, but nothing prepared us for this.” Another neighbor told the paper, “It’s very unusual for someone to come here from India and buy a big house like this and a Lexus. Doctors in India just don’t make that kind of money.”

Meanwhile, investigators are no closer to Amit Kumar, than they were a few days ago. It is widely believed that he is trying to flee India for Canada via Nepal, a country for which he is alleged to have a passport.

Police in Mumbai, however, believe he is still in India. “He is very much in India,” commissioner Rakesh Maria said on Tuesday. “We suspect he will never leave.”

“He will stay in India — it won’t be easy to conduct his illegal activities anywhere else,” he said. “In a country like Canada, it would almost be impossible to find [kidney] donors in large numbers.”

However, after a request by the Haryana state government, the Central Bureau of Investigation (CBI) will soon take lead in the investigation.

“We haven’t yet received a final word to start investigations,” CBI Director Vijay Shankar said. “We will begin working on the case as per legal process.” Thus far, police in Gurgoan, Moradabad, Mumbai and Rajasthan have been investigating the case separately.

The case has called attention to medical tourism, the practice of traveling abroad for health care at more affordable rates. Kumar is alleged to have charged US$50,000 for a kidney transplant. The donors are said to have been paid the equivalent of US$1,200. Even so, the donors, according to widespread reports and testimonials, may not have realized what they were getting into when they went with a stranger for a well-paying job.

The Toronto Star interviewed a medical tourism travel agent, who operates openly. Aruna Thurairajan, who runs Overseas Medical Services in Calgary, Alberta, says that she frequently gets calls from patients in need of a kidney. Thurairajan refuses to give referrals for transplants because it “gives medical tourism a bad rap.”

“Money is a big factor for people to decide where to go. Often they want to bargain how much to pay the vendor [organ donor]. Some of them can be quite selfish and mean. They think they can buy the kidney for peanuts. That’s why the likes of [Amit Kumar] can prosper. So the patient should also be blamed along with him, because the patient bargains down the price,” said Thurairajan.

But the victims of this illegal trade are not exclusively the poor day laborers but sometimes the clients themselves, according to a report by Hindustan Times. The investigation cited a driver for a close associate of Amit Kumar and claims that at least three foreigners died on Dr. Kumar’s operating table. He was able to name three Turkish nationals who all died in India between 2003 and 2005, officially from cardiac arrest. The driver, Harpal, says that the bodies were brought to a hospital in Ballabgarh, Faridabad, where the local authorities colluded with the doctors to list the cause of death as heart failure.