US Morning Call – 10/06/11 Breaking news Bagarre combattants et généraux congolais2 BREAKING NEWS: NATO NOW TARGETING GADHAFI Scotty2hotty123 says: * BREAKING NEWS * Aston Villa have just contacted my goodself with a view to becoming their new manager!!!
Continue reading …Solicitor at speeding hearing says police found ‘electronic device’ on England defender’s Range Rover England footballer John Terry’s car was “bugged” by members of the press, it was claimed in court on Friday. The allegation emerged as magistrates disqualified the Chelsea defender from driving for 28 days and fined him £750 after he admitted a speeding offence. Terry, who was not present at Staines magistrates court, in Surrey, was defended by solicitor Nick Freeman. Speaking after the hearing, Freeman said Terry had been caught by a speed camera doing 77mph in a 50mph zone along the A3 near Hook, Surrey, on 29 December last year. But Terry claimed he had only accelerated because he was being pursued by two photographers on motorbikes and he was concerned for the safety of his twin son and daughter, who were in the back of his Range Rover. Freeman said he told magistrates: “He was the number one target for paparazzi. He accepts he is a target and they have a job to do, but because of the level of attention he had been receiving for several months, he made a complaint to police. “Police swept his vehicle and found an electronic device that would have assisted whoever planted it there in knowing his whereabouts.” A spokesman for Essex police confirmed that officers had investigated the discovery of a tracking device on Terry’s car, but declined to say whether the investigation was ongoing. “I can confirm that Kent and Essex serious crime directorate did investigate the presence of a tracking device in respect of a car owned by John Terry,” said the spokesman. Freeman said Terry was not able to attend the hearing as he is on holiday with his wife Toni Poole. John Terry Chelsea Matthew Taylor guardian.co.uk
Continue reading …Solicitor at speeding hearing says police found ‘electronic device’ on England defender’s Range Rover England footballer John Terry’s car was “bugged” by members of the press, it was claimed in court on Friday. The allegation emerged as magistrates disqualified the Chelsea defender from driving for 28 days and fined him £750 after he admitted a speeding offence. Terry, who was not present at Staines magistrates court, in Surrey, was defended by solicitor Nick Freeman. Speaking after the hearing, Freeman said Terry had been caught by a speed camera doing 77mph in a 50mph zone along the A3 near Hook, Surrey, on 29 December last year. But Terry claimed he had only accelerated because he was being pursued by two photographers on motorbikes and he was concerned for the safety of his twin son and daughter, who were in the back of his Range Rover. Freeman said he told magistrates: “He was the number one target for paparazzi. He accepts he is a target and they have a job to do, but because of the level of attention he had been receiving for several months, he made a complaint to police. “Police swept his vehicle and found an electronic device that would have assisted whoever planted it there in knowing his whereabouts.” A spokesman for Essex police confirmed that officers had investigated the discovery of a tracking device on Terry’s car, but declined to say whether the investigation was ongoing. “I can confirm that Kent and Essex serious crime directorate did investigate the presence of a tracking device in respect of a car owned by John Terry,” said the spokesman. Freeman said Terry was not able to attend the hearing as he is on holiday with his wife Toni Poole. John Terry Chelsea Matthew Taylor guardian.co.uk
Continue reading …Polls say AKP leader Recep Tayyip Erdogan could score a crushing victory with up to 50% of the vote in Sunday’s election From a five-storey billboard on the Tarlabasi Boulevard in downtown Istanbul, Turkey’s prime minister is making some typically bombastic promises. Vote for me, says a shirt-sleeved Recep Tayyip Erdogan, and the traffic-congested megalopolis will be rewarded with a third airport and a third bridge across the Bosphorus. The pledges are just two examples of what even Erdogan describes as his “crazy projects” – the most memorable of which is probably his plan to build a mega-canal in Istanbul linking the Black Sea to the Sea of Marmara . The 57-year-hopes his grand designs will ensure that he not only wins a third term in Sunday’s national elections, but is elected with such a “supermajority” that he would be able to singlehandedly rewrite Turkey’s heavily criticised constitution in his own favour. Pollsters say his Justice and Development party (AKP) is likely to triumph with up to 50% of the vote, leaving the main opposition Republican People’s party (CHP) trailing at 28%. The extent of Erdogan’s victory will have wide repercussions for this country of 74 million people straddling east and west. Round the corner from the gargantuan poster, barber Hasan Keke cites Erdogan’s infrastructure projects when explaining his approval of the prime minister. Keke says everyday life has got easier since Erdogan took power in 2003. “I’ll give you an example,” says Keke, as he gives a customer a cut-throat shave. “In 2002, I used to have to bring water with me to work. Tarlabasi had such an unreliable water supply back then. Now,” he says, turning on a tap, “that isn’t a problem.” In the pre-AKP days, when inflation reached 138% and buying a kebab in the old currency cost a seven-figure sum, Keke was constantly raising his prices. They have stayed the same now for four years. And, like many Turks, he feels richer: “Before Erdogan came in, I had never been on a plane. Now, I can pay just 35 Turkish lira (£13.50) to fly back to my home town, Kayseri [500 miles away in central Turkey].” Most people agree that the AKP has done a good job of rescuing Turkey’s economy from the abyss it fell into in the 2001 crash, getting inflation down to a sensible 7.2% while increasing wages. Some analysts see storm clouds ahead, but Turkey now boasts the sixth strongest economy in Europe and the 17th largest in the world, allowing the country to meet two of the four Maastricht criteria for EU entry – more, as Erdogan never tires of pointing out, than many EU members. The AKP has dragged Turkey’s legal system into the 21st century, too: before 2004, rapists were able to get a reduced sentence if they agreed to marry their victims, for example. But human rights organisations say Turkey still imprisons far too many people on spurious charges – especially Kurds – and free speech is not yet a reality. The gulf in support between the AKP and CHP was illustrated last weekend at rival rallies at Istanbul’s Kazlicesme Square. Erdogan got to his rally on Sunday almost two hours late. He arrived by helicopter wearing aviator shades and strode on stage with his headscarved wife, Emine, to a rock star’s welcome. “Papa Tayyip!” chanted hundreds of thousands in the crowd, cheering as he promised everything from ebooks for all students to earthquake-proof housing. “We had to bring in 600 people overnight to completely rebuild the stage and site it by the old city walls to fit in all our supporters,” said one adviser. The party put on “thousands” of buses to ship in voters from around the city. The day before, the opposition leader Kemal Kilicdaroglu had set out to the Guardian what he sees as the dangers of continued AKP rule. “They are putting pressure on business people, they’re putting pressure on the media, on universities. We’re entering a crisis situation,” he said. Earlier this month, the campaign had got grubby when Erdogan started suggesting Kilicdaroglu was not a “real Muslim” because the opposition leader is believed to be an Alevi, a liberal branch of Shia Islam. “AKP is not a democratic party,” said Kilicdaroglu, who has been nicknamed Gandhi for his passing resemblance to the late Indian democratic leader. “Their goal is simply to never lose power. If Erdogan senses he is losing ground, he starts to come out with this stuff.” Under party laws, Erdogan cannot run again as prime minister in 2015. But if he wins 367 seats or more in the 550-seat legislature, he could push constitutional reforms through parliament without calling a referendum. His opponents claim his real desire is to turn Turkey into a presidential system, installing himself again in the top job. In Kasimpasa, the working-class district of Istanbul where Erdogan grew up, some people expressed criticism. Sakir Sefer is a rare critic of the local-boy-done-good. “On a personal level, I like the man – I’ve known him for 10, 12 years,” says Sefer, who runs a shop selling pizza-like pide . “But I don’t like the way he is starting to separate people rather than bring them together.” Overhearing this, a customer butts in. “Don’t listen to him” she says. “Erdogan is the apple of our eye.” Elsewhere, Sati Aydin, who runs a chicken kebab shop is furious with Erdogan for bringing religion into the elections. “Until recently, it wasn’t an issue that we were Alevi. No one mentioned it. I’m very angry that Erdogan has made this a topic of discussion in the elections.” Baker Ali says Erdogan’s politics have torn his family apart. “Because of him,” says the 49-year-old Kurd, “my sister and brother are in jail and I may lose my property.” His neighbourhood, the predominantly Kurdish Tarlabasi , is earmarked for a controversial urban regeneration project and his ramshackle house is one of 278 set to be bulldozed to make way for a luxury gated development. Ali blames Erdogan: the contractors given the tender are part of a conglomerate headed by the prime minister’s son-in-law. The imprisonment of Ali’s siblings, meanwhile, is directly related to what most commentators agree is Turkey’s biggest problem: the treatment of the estimated 14 million Kurds who make up about a fifth of the population. Ali’s 24-year-old sister gave birth to her first son in jail last year. A former town hall worker, she is one of 151 people – NGO workers, Kurdish politicians and their employees – charged in 2009 with supporting terrorism. His brother, meanwhile, is facing a seven-year sentence for throwing a stone at police during a demonstration. “In 2005, Erdogan said to us, I will solve this problem. He is a liar,” says Ali, referring to the landmark moment in 2005 when the prime minister became the first modern Turkish leader to admit the Kurds had been mistreated by Ankara administration . “We might have believed that he was going to help us at the last elections, but we’re not going to fall for it again.” The Kurds are still banned from using their own language in any official contexts , particularly in schools, and Ankara has not yet worked out a political solution to the bloody conflict between the Turkish army and the separatist Kurdistan Workers’ party (PKK), which is estimated to have claimed 45,000 lives since 1984. After a long honeymoon with commentators at home and abroad, it is clear Erdogan does not enjoy the support he once did. “He could have become the new Ataturk,” says Cengiz Aktar, professor of EU studies at Bahcesehir University in Istanbul, referring to the idolised founder of the secular Turkish republic whose likeness still adorns the walls of millions of Turkish homes and businesses today. “If you go back to the golden years of Turkish democracy – 2002, 2003, 2004 – Erdogan was on that track. “One example of that would be how the AKP managed to curtail the power of the army, which used to be a big problem in this country. But in 2004, he stopped reforming. Now he talks like an old conservative. He cares less and less about joining the European Union. He doesn’t think he needs to. This over-confidence is very much there, not just vis-a-vis the EU but also the whole world,” said Aktar, referring particularly to what many see as a failure of Turkey’s “zero problems with the neighbours” policy in the light of the Arab spring. But Sinan Ulgen, a former career diplomat in the Turkish foreign office who now runs the Centre For Economic and Foreign Policy Studies thinktank in Istanbul, says Turkey is an inspiration: “There are a number of areas were we can say that Turkey’s experience could be an aspiration or inspiration for Arab states. “For example, how Turkey has been able to combine a predominantly Muslim state with democracy and economic success, as well as social development.” But will Turkey still be an inspiration in years to come? Will it regress or progress? Shift to the east or the west? The result on Sunday night should provide a clue. Polls suggest the Justice and Development party (AKP) will win 45-50% of the vote, as in 2007, but whether this gives it a constitutional majority will depend on the performance of smaller parties. Under the current constitution, in order to send MPs into parliament in Ankara, a party must win at least 10% of the national vote. Though the CHP will almost certainly make that hurdle, the question is whether the far-right Nationalist Action Party (MHP) will manage the leap after a serious of grubby scandals involving sex tapes forced 10 senior members to resign. If the MHP does not make the grade, its votes will be divided between the AKP and CHP and could give the AKP a supermajority. If they end up with more than two-thirds of the vote, the AKP does not legally need to consult the rest of parliament when rewriting Turkey’s constitution – though Erdogan claims he will, whether he has to or not. All sides agree the constitution needs to be radically updated – although it has been amended a few times, it is essentially the 1982 text that was drafted by the army after a military coup in 1980. But Erdogan’s opponents fear that left to his own devices, he will simply install an AKP version of democracy which would concentrate too much control in his own hands. There are also worries that an AKP-approved constitution would put an end to Turkey’s EU hopes. The talks are already deadlocked over a number of issues and without some progress after the election, perhaps by a unilateral concession to allow Cypriot ships to dock in Turkish ports, the talks might yet break down. The parties Polls suggest the Justice and Development party (AKP) will win 45-50% of the vote in Sunday’s election but whether this gives it a constitutional majority will depend on the performance of smaller parties. Under the current constitution, in order to send MPs to parliament, a party must win at least 10% of the national vote. The Republican People’s party (CHP) will almost certainly make that hurdle, but it is unclear whether the far-right Nationalist Action party (MHP) will do the same after sex scandals forced 10 senior members to resign. If the MHP fails to make the grade, its votes will be divided between the AKP and CHP. If it gets more than two-thirds of the vote, the AKP does not legally need to consult the rest of parliament when rewriting the constitution – though Recep Tayyip Erdogan claims he would do so anyway. All sides agree the constitution needs to be radically updated: although it has been amended a few times, it is essentially the 1982 text that was drafted by the army after a military coup in 1980. But Erdogan’s opponents fear that left to his own devices, he would concentrate too much control in his own hands. There are also worries that an AKP-approved constitution would put an end to Turkey’s EU hopes. Turkey Middle East Europe Helen Pidd guardian.co.uk
Continue reading …Polls say AKP leader Recep Tayyip Erdogan could score a crushing victory with up to 50% of the vote in Sunday’s election From a five-storey billboard on the Tarlabasi Boulevard in downtown Istanbul, Turkey’s prime minister is making some typically bombastic promises. Vote for me, says a shirt-sleeved Recep Tayyip Erdogan, and the traffic-congested megalopolis will be rewarded with a third airport and a third bridge across the Bosphorus. The pledges are just two examples of what even Erdogan describes as his “crazy projects” – the most memorable of which is probably his plan to build a mega-canal in Istanbul linking the Black Sea to the Sea of Marmara . The 57-year-hopes his grand designs will ensure that he not only wins a third term in Sunday’s national elections, but is elected with such a “supermajority” that he would be able to singlehandedly rewrite Turkey’s heavily criticised constitution in his own favour. Pollsters say his Justice and Development party (AKP) is likely to triumph with up to 50% of the vote, leaving the main opposition Republican People’s party (CHP) trailing at 28%. The extent of Erdogan’s victory will have wide repercussions for this country of 74 million people straddling east and west. Round the corner from the gargantuan poster, barber Hasan Keke cites Erdogan’s infrastructure projects when explaining his approval of the prime minister. Keke says everyday life has got easier since Erdogan took power in 2003. “I’ll give you an example,” says Keke, as he gives a customer a cut-throat shave. “In 2002, I used to have to bring water with me to work. Tarlabasi had such an unreliable water supply back then. Now,” he says, turning on a tap, “that isn’t a problem.” In the pre-AKP days, when inflation reached 138% and buying a kebab in the old currency cost a seven-figure sum, Keke was constantly raising his prices. They have stayed the same now for four years. And, like many Turks, he feels richer: “Before Erdogan came in, I had never been on a plane. Now, I can pay just 35 Turkish lira (£13.50) to fly back to my home town, Kayseri [500 miles away in central Turkey].” Most people agree that the AKP has done a good job of rescuing Turkey’s economy from the abyss it fell into in the 2001 crash, getting inflation down to a sensible 7.2% while increasing wages. Some analysts see storm clouds ahead, but Turkey now boasts the sixth strongest economy in Europe and the 17th largest in the world, allowing the country to meet two of the four Maastricht criteria for EU entry – more, as Erdogan never tires of pointing out, than many EU members. The AKP has dragged Turkey’s legal system into the 21st century, too: before 2004, rapists were able to get a reduced sentence if they agreed to marry their victims, for example. But human rights organisations say Turkey still imprisons far too many people on spurious charges – especially Kurds – and free speech is not yet a reality. The gulf in support between the AKP and CHP was illustrated last weekend at rival rallies at Istanbul’s Kazlicesme Square. Erdogan got to his rally on Sunday almost two hours late. He arrived by helicopter wearing aviator shades and strode on stage with his headscarved wife, Emine, to a rock star’s welcome. “Papa Tayyip!” chanted hundreds of thousands in the crowd, cheering as he promised everything from ebooks for all students to earthquake-proof housing. “We had to bring in 600 people overnight to completely rebuild the stage and site it by the old city walls to fit in all our supporters,” said one adviser. The party put on “thousands” of buses to ship in voters from around the city. The day before, the opposition leader Kemal Kilicdaroglu had set out to the Guardian what he sees as the dangers of continued AKP rule. “They are putting pressure on business people, they’re putting pressure on the media, on universities. We’re entering a crisis situation,” he said. Earlier this month, the campaign had got grubby when Erdogan started suggesting Kilicdaroglu was not a “real Muslim” because the opposition leader is believed to be an Alevi, a liberal branch of Shia Islam. “AKP is not a democratic party,” said Kilicdaroglu, who has been nicknamed Gandhi for his passing resemblance to the late Indian democratic leader. “Their goal is simply to never lose power. If Erdogan senses he is losing ground, he starts to come out with this stuff.” Under party laws, Erdogan cannot run again as prime minister in 2015. But if he wins 367 seats or more in the 550-seat legislature, he could push constitutional reforms through parliament without calling a referendum. His opponents claim his real desire is to turn Turkey into a presidential system, installing himself again in the top job. In Kasimpasa, the working-class district of Istanbul where Erdogan grew up, some people expressed criticism. Sakir Sefer is a rare critic of the local-boy-done-good. “On a personal level, I like the man – I’ve known him for 10, 12 years,” says Sefer, who runs a shop selling pizza-like pide . “But I don’t like the way he is starting to separate people rather than bring them together.” Overhearing this, a customer butts in. “Don’t listen to him” she says. “Erdogan is the apple of our eye.” Elsewhere, Sati Aydin, who runs a chicken kebab shop is furious with Erdogan for bringing religion into the elections. “Until recently, it wasn’t an issue that we were Alevi. No one mentioned it. I’m very angry that Erdogan has made this a topic of discussion in the elections.” Baker Ali says Erdogan’s politics have torn his family apart. “Because of him,” says the 49-year-old Kurd, “my sister and brother are in jail and I may lose my property.” His neighbourhood, the predominantly Kurdish Tarlabasi , is earmarked for a controversial urban regeneration project and his ramshackle house is one of 278 set to be bulldozed to make way for a luxury gated development. Ali blames Erdogan: the contractors given the tender are part of a conglomerate headed by the prime minister’s son-in-law. The imprisonment of Ali’s siblings, meanwhile, is directly related to what most commentators agree is Turkey’s biggest problem: the treatment of the estimated 14 million Kurds who make up about a fifth of the population. Ali’s 24-year-old sister gave birth to her first son in jail last year. A former town hall worker, she is one of 151 people – NGO workers, Kurdish politicians and their employees – charged in 2009 with supporting terrorism. His brother, meanwhile, is facing a seven-year sentence for throwing a stone at police during a demonstration. “In 2005, Erdogan said to us, I will solve this problem. He is a liar,” says Ali, referring to the landmark moment in 2005 when the prime minister became the first modern Turkish leader to admit the Kurds had been mistreated by Ankara administration . “We might have believed that he was going to help us at the last elections, but we’re not going to fall for it again.” The Kurds are still banned from using their own language in any official contexts , particularly in schools, and Ankara has not yet worked out a political solution to the bloody conflict between the Turkish army and the separatist Kurdistan Workers’ party (PKK), which is estimated to have claimed 45,000 lives since 1984. After a long honeymoon with commentators at home and abroad, it is clear Erdogan does not enjoy the support he once did. “He could have become the new Ataturk,” says Cengiz Aktar, professor of EU studies at Bahcesehir University in Istanbul, referring to the idolised founder of the secular Turkish republic whose likeness still adorns the walls of millions of Turkish homes and businesses today. “If you go back to the golden years of Turkish democracy – 2002, 2003, 2004 – Erdogan was on that track. “One example of that would be how the AKP managed to curtail the power of the army, which used to be a big problem in this country. But in 2004, he stopped reforming. Now he talks like an old conservative. He cares less and less about joining the European Union. He doesn’t think he needs to. This over-confidence is very much there, not just vis-a-vis the EU but also the whole world,” said Aktar, referring particularly to what many see as a failure of Turkey’s “zero problems with the neighbours” policy in the light of the Arab spring. But Sinan Ulgen, a former career diplomat in the Turkish foreign office who now runs the Centre For Economic and Foreign Policy Studies thinktank in Istanbul, says Turkey is an inspiration: “There are a number of areas were we can say that Turkey’s experience could be an aspiration or inspiration for Arab states. “For example, how Turkey has been able to combine a predominantly Muslim state with democracy and economic success, as well as social development.” But will Turkey still be an inspiration in years to come? Will it regress or progress? Shift to the east or the west? The result on Sunday night should provide a clue. Polls suggest the Justice and Development party (AKP) will win 45-50% of the vote, as in 2007, but whether this gives it a constitutional majority will depend on the performance of smaller parties. Under the current constitution, in order to send MPs into parliament in Ankara, a party must win at least 10% of the national vote. Though the CHP will almost certainly make that hurdle, the question is whether the far-right Nationalist Action Party (MHP) will manage the leap after a serious of grubby scandals involving sex tapes forced 10 senior members to resign. If the MHP does not make the grade, its votes will be divided between the AKP and CHP and could give the AKP a supermajority. If they end up with more than two-thirds of the vote, the AKP does not legally need to consult the rest of parliament when rewriting Turkey’s constitution – though Erdogan claims he will, whether he has to or not. All sides agree the constitution needs to be radically updated – although it has been amended a few times, it is essentially the 1982 text that was drafted by the army after a military coup in 1980. But Erdogan’s opponents fear that left to his own devices, he will simply install an AKP version of democracy which would concentrate too much control in his own hands. There are also worries that an AKP-approved constitution would put an end to Turkey’s EU hopes. The talks are already deadlocked over a number of issues and without some progress after the election, perhaps by a unilateral concession to allow Cypriot ships to dock in Turkish ports, the talks might yet break down. The parties Polls suggest the Justice and Development party (AKP) will win 45-50% of the vote in Sunday’s election but whether this gives it a constitutional majority will depend on the performance of smaller parties. Under the current constitution, in order to send MPs to parliament, a party must win at least 10% of the national vote. The Republican People’s party (CHP) will almost certainly make that hurdle, but it is unclear whether the far-right Nationalist Action party (MHP) will do the same after sex scandals forced 10 senior members to resign. If the MHP fails to make the grade, its votes will be divided between the AKP and CHP. If it gets more than two-thirds of the vote, the AKP does not legally need to consult the rest of parliament when rewriting the constitution – though Recep Tayyip Erdogan claims he would do so anyway. All sides agree the constitution needs to be radically updated: although it has been amended a few times, it is essentially the 1982 text that was drafted by the army after a military coup in 1980. But Erdogan’s opponents fear that left to his own devices, he would concentrate too much control in his own hands. There are also worries that an AKP-approved constitution would put an end to Turkey’s EU hopes. Turkey Middle East Europe Helen Pidd guardian.co.uk
Continue reading …Click here to view this media As Cenk pointed out, while the media is busy with wall to wall coverage of the Anthony Weiner scandal, they’re completely ignoring stories like this one. Rep. Vern Buchanan’s former company violated law, Federal Election Commission says : The Federal Election Commission is asking a federal court to impose a $67,900 fine on a company formerly co-owned by Rep. Vern Buchanan that it says engaged in an “extensive and ongoing scheme” to reimburse employees who made contributions to the Sarasota Republican’s congressional campaign. In a motion for default filed Friday in U.S. District Court in Florida, the FEC says Hyundai of North Jacksonville — which Buchanan once partially owned — violated federal campaign finance law by making contributions in excess of the legal limit and by reimbursing employees who made the contributions. Buchanan is not named as a defendant in the suit. The owner of the company said Tuesday he’s acknowledged the company reimbursed employees, but said it was a “directive” issued by Buchanan. “I’ve done nothing wrong,” said Sam Kazran, who said he told the FEC he was unfamiliar with campaign finance law. “I am not a politician, just a regular Joe. I had no idea.” He said Buchanan told a group he needed to raise $1 million “to look good. “It was ‘This is what I need to do and this is what you need to do to take care of it,’ ” Kazran said. Read on…
Continue reading …WASHINGTON — The Treasury Department will temporarily withhold payments to the nation’s three largest mortgage companies for failing to comply with the Obama administration’s signature foreclosure-prevention effort, perhaps finally making good on a 19-month-old threat, officials announced Thursday. Bank of America, Wells Fargo and JPMorgan Chase, which collectively service about half of all home loans, abused homeowners and violated the rules of the Making Home Affordable (MHA) program, Treasury said. The initiative aims to lower monthly payments, reduce loan balances or enable distressed borrowers to sell their homes before they’re seized by awarding a series of incentive payments to banks, investors and homeowners when foreclosures are averted. Treasury is only withholding pay to the three banks. The three were found to need “substantial improvement,” the agency said in a statement. Cumulatively, they received $24 million in government incentive payments last month. Last quarter, the three financial behemoths collectively reported about $11.4 billion in net income. (Another firm came in for criticism, but it was spared the momentary financial penalty because its results were skewed due to an acquisition.) The remaining six of the 10 largest mortgage companies that were audited were found to need “moderate improvement.” None passed with flying colors. Bank of America, the worst performer, was found to have poor internal controls for identifying and contacting homeowners. Its error rates were also more than four times Treasury’s benchmark when calculating borrowers’ income. JPMorgan improperly calculated the incomes of nearly a third of borrowers when it was trying to determine their eligibility for the program — more than six times the limit. And Wells Fargo had poor processes for determining borrowers’ eligibility. Its income error rates were also more than five times Treasury’s max. Treasury first identified potential mass non-compliance in November 2009, warning the participating companies that those failing to meet their obligations to homeowners under their contracts with the federal government “will be subject to consequences which could include monetary penalties and sanctions.” The Obama administration spent the next year and a half defending itself against accusations levied by federal auditors, members of Congress and consumer groups that it was soft on the big banks’ abusive behavior due to its reluctance to follow through on that threat. But the punishment that has been so long in coming may prove to be short-lived: Treasury will return the money they’re withholding from the three banks once they make the needed improvements. “If they fix the problem, they will get the money,” said Tim Massad, Treasury’s acting assistant secretary for financial stability, during a conference call with reporters. He added that Treasury had conducted 400 compliance reviews. Massad declined to answer questions over why the administration waited 19 months to make good on its threat. News that Treasury would temporarily withhold payments to the three companies was first reported by the Washington Post. More homeowners have been kicked out of the program than are receiving assistance, Treasury data show. Nearly half of them either face foreclosure proceedings, are in foreclosure, or have lost their homes. The initiative will fail to keep President Barack Obama’s promise of helping 3 million to 4 million homeowners avoid foreclosure, auditors have concluded. Potentially “thousands” of troubled homeowners were denied opportunities to lower their monthly mortgage payments under the administration’s program due to servicer errors and inadequate oversight by Treasury, according to a June 2010 audit by the Government Accountability Office (GAO). “All this appears to be is that, after the servicers seemingly violated their agreements with Treasury with impunity, Treasury’s sole response is to give them a temporary time-out before paying them in full,” said Neil M. Barofsky, the former special inspector general for the Troubled Asset Relief Program. His critical reports on the bailout earned him plaudits in Congress for looking out for taxpayers, but enemies at Treasury, which administered the TARP. “It further reaffirms Treasury’s long-running toothless response to the servicers’ disregard of their contract with Treasury, and by extension, the American taxpayer,” added Barofsky, who now serves as a senior research scholar and fellow at New York University School of Law. In statements, Bank of America said it’s working to improve its results while JPMorgan said it disagrees with Treasury’s conclusions. Wells Fargo went a step further, and said it is “formally disputing” the government’s findings. Like other companies, Wells has been in constant communication with Treasury and its auditors. Massad said government watchdogs have long been inside the companies’ offices, keeping tabs on their activities. But Wells Fargo said Thursday’s report “contradicts previous written assessments shared with us by the Treasury.” The withholding of incentives “mean very little to this company,” said Teri A. Schrettenbrunner, a senior vice president at Wells Fargo’s mortgage unit in Des Moines, Iowa. “We’re really in this to get the housing market stabilized. It’s in the best interest of everyone.” Most experts in and out of government agree that the MHA program has been a dismal failure. Home prices today are lower than when the initiative was launched. Home repossessions continue at a near-record pace. And Americans’ equity in their homes is at a two-year low, Federal Reserve data show. A substantial portion of them blame the Obama administration — rather than the mortgage industry — for its failure to police the mortgage companies, structure a program that dealt with the biggest drivers of default like negative equity and commit enough money. Indeed, government auditors have long faulted Treasury for its lack of oversight. An October 2009 report by the Congressional Oversight Panel, another federal watchdog created to keep tabs on the bailout, recommended that the administration develop “strong, appropriate sanctions to ensure that all participants follow program guidelines.” In its last report before disbanding, the panel noted that Treasury had yet to take any action. “There’s no way to help those who have already been harmed by this program,” Barofsky said. “The damage has been done.” More than three of every four housing counselors surveyed by the GAO said borrowers had either a “negative” or “very negative” experience with the administration’s primary initiative, the Home Affordable Modification Program, better known as HAMP. Just 9 percent described borrowers’ overall experience as “positive” or “very positive,” according to the May report. The counselors’ most popular recommendation to improve HAMP was for Treasury to enforce sanctions on mortgage companies for noncompliance. “In many ways, Treasury’s shameful enablement of servicer misconduct has contributed to this program’s abysmal failure,” Barofsky said. ************************* Shahien Nasiripour is a senior business reporter for The Huffington Post. You can send him an email; bookmark his page; subscribe to his RSS feed; follow him on Twitter; friend him on Facebook; become a fan; and/or get email alerts when he reports the latest news. He can be reached at 917-267-2335.
Continue reading …J. Cole ” Nothing Like It ” Lyrics (HERE to We Got A Buzz Now Mixtape) DOWNLOAD Dragon NaturallySpeaking Preferred 10.1 FULL VERSION FREE J. Cole ” See It To Believe It ” Lyrics (HERE to We Got A Buzz Now Mixtape) RobertoDeiust says: God i dun wanna wake up for my stupid job tomorrow… this lady inspires me!! http://l.pr/a4zej5
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