Brown’s office said the lawsuit, filed in Los Angeles Superior Court, also seeks unspecified restitution for homeowners who were allegedly conned into risky, costly loans they did not understand by brokers desperate to meet unrealistic production goals. The suit further accuses Countrywide Chairman and Chief Executive Angelo Mozilo and David Sambol, president of Countrywide Home Loans Inc, of purposely easing underwriting standards for mortgages and home equity lines of credit in a play to double to company’s share of the US mortgage market. After problems surfaced with a large number of its loans, Countrywide turned a blind eye to consumer complaints that they did not understand the terms of their loans or had been conned by brokers, the lawsuit said. “Countrywide made one in six US mortgage loans last year and is closely associated with the collapsed housing bubble.
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It now appears the some construction workers set fire to the Universal Studios backlot over the weekend…I sure hope they have good commercial insurance! The workers were working on the roof of one of the backlot buildings, using a blowtorch no less, when they accidentally lit the fire that swept through the studio.At least that the word from fire officials on Monday.
Its not clear at this time if the workers where employees of Universal or contractors engaged to perform the work. If they are contractors, I can only imagine the horrific thoughts going through their minds if they don’t have any or enough insurance to cover any losses they might have caused. Read the rest of this entry »
I saw a post on one of my favorite news blogs quoting Walter over at Dreamland BBQ about the rising food costs and what its doing to business at Dreamland BBQ. But it is way beyond that, those costs trickle down to the consumers ( you and me ) and pinch our personal finances.
In case you’ve been hiding under a rock for the past few years, our collective financial state in the United States is in the crapper! The refinance craze back in the 90’s left everyone with more owing more for their houses than they are worth. The big truck & SUV craze has left hundreds of thousands of consumers with a $40,000 Suburban that they can’t get $10,000 for because no one can afford to put gas in it! Read the rest of this entry »
