Mortgage scam crackdown targets loan modification schemes
The Federal Trade Commission sent warnings to 71 companies peddling suspicious ads claiming to help modify or refinance millions of mortgages. The agency filed three new complaints against California firms Federal Loan Modification Law Center LLP Newport Beach and Florida firm Home Assure LLC and Bailout.hud geo.us, and their operators.
MENTIONED IN THIS ARTICLE
Illinois Aftor
Federal Trade Commission
Stocks fall after four week rally and bank concerns
Wall Street pulled back after a four week rally as investors worried about bank balance sheets and upcoming quarterly results. In Cincinnati the hospital chief will step down by year end after twelve years of growth in patient numbers research funding and capacity at the renowned medical center. A search committee aims to appoint a new CEO by December 31.
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New York
Wall Street
Cincinnati
Kent
James Anderson
U.S. News & World Report
Medical Center
BalAm
BondAm
Eurpacgramfb
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Dodge & Cox intiStk
Pimco TotRetis
Vanguard
Ind Manta
Wmta i
AP targets Web piracy in coordinated effort
The Associated Press and the newspaper industry will pursue an aggressive plan to track copyright violators on the Internet and divert traffic from unlicensed news sites. AP chairman Dean Singleton called for action and noted collaboration with newspapers and broadcasters to guide readers to legitimate AP landing pages.
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San Diego
Associated Press
Dean Singleton
MediaNews Group Inc
No layoff approach seen at Costco and Marvin Windows
Costco Wholesale cut profits 27 percent year over year with a hiring freeze at headquarters and only seasonal hires let go. Firms pursue savings by cutting hours and pay instead of layoffs, a path echoed by Marvin Windows and Doors which reduced weekly hours from 40 to 32 for 5,300 workers while preserving jobs.
MENTIONED IN THIS ARTICLE
Costco Wholesale Corp
Costco
Sean Snaith
University of Central Florida
Wynn Resorts
Credit Agency
Equifax Inc
U.S
John Challenger
Marvin Windows and Doors
Minnesota
David Peterson
Peterson
Treasury relaxes rules for toxic asset program
The Treasury extends the private investment partnership deadline by two weeks to April 24 and loosens the $10 billion capital under management requirement to broaden hedge fund and minority owner participation. Firms need only show the ability to raise $500 million in new capital or experience with mortgage backed securities, with three criteria evaluated holistically.
MENTIONED IN THIS ARTICLE
Washington
Treasury Department
Treasury
Department
Merkin Faces Civil Charges Over Madoff Hedge Fund Ties
New York Attorney General Cuomo filed civil fraud charges against J Ezra Merkin former GMAC Financial Services chair for concealing links to Bernard Madoff and misrepresenting investments. He allegedly collected 470 million in fees while directing client cash to Madoff and used Gabriel Capital funds for personal purchases including 91 million in artwork.
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Merkin
Madoff
New York
Wall Street
Bernard Madoff
J. Ezra
Gmac Financial Services
Tory
Andrew Cuomo
Gabriel Capital Group
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