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Saturday, September 8, 2007

A minimum of 85 Hindu pilgrims have been killed in India and 64 injured after their lorry and trailer plunged 24m (80ft) into a river gorge late last night.

Approximately 150 people were on board when the driver lost control on a sharp bend near the village of Nagbavji, Rajasthan, smashing through a concrete crash barrier and continuing down into the valley, coming to rest inverted.

An overnight rescue operation was initiated, removing both survivors and bodies of the dead from the wreck, with the aid of cranes and spotlights. Ambulances and medical teams rushed to the scene from surrounding areas. Of the 64 who were hospitalised, three are reported to be in critical condition. The Press Trust of India reported that as many as 130 were injured, and Al Jazeera reported that there may have been 200 people on board. It is believed the death toll could rise still further, as many people remain trapped beneath the trailer.

The truck was a 12-wheeled model designed for hauling shipping containers, and was carrying pilgrims from three nearby villages Shiwal, Madri and Bhawa. The driver had offered to take them to their destination for free, a practise common in India, despite the fact that such trucks are not safe for passenger transport, being designed primarily as freight transporters.

The vehicle had been destined for the temple of Ramdev, a site considered by both Hindus and Muslims as being of high spiritual significance. The temple is the subject of an annual ten-day pilgrimage every September, which begins on September 13, although most of the 250,000 pilgrims who flock to the site arrive several days in advance of the festival.

The Chief Minister of Rajasthan Vasundhara Raje visited the three villages in which the victims resided. The local government has initiated a full inquiry into the disaster.

Thursday, October 3, 2013

A review this week by Wikinews of US Consumer Financial Protection Bureau (CFPB) complaints about mortgages in the United States shows Bank of America leads all lending institutions in complaints.

Since mortgages complaints were recorded in December 2011, 77,622 total have been added to CFPB’s database. 29.2% of these complaints involved Bank of America, with the second most received by Wells Fargo, accounting for 15.5% of all complaints. JPMorgan Chase ranked third by volume of complaints with 9.8%. Ocwen was fourth with 8.7% and Citibank was fifth with 4.8%. Nationstar Mortgage; Green Tree Servicing, LLC; HSBC; PNC Bank; U.S. Bancorp; OneWest Bank; SunTrust Bank; Flagstar Bank; and Select Portfolio Servicing, Inc. each had between 1.0 and 3.8% of total complaints. The remaining 14.4% of all complaints about consumer mortgages were divided between about 530 other lending institutions.

The Motley Fool reported last month that for the past fiscal quarter, the biggest US based mortgage lenders were from first to fifth Wells Fargo, JPMorgan Chase, Bank of America, Quicken Loans and U.S. Bancorp.

According to the US Federal Reserve, debt for family residences stands at US$10.706 trillion for the second quarter of 2013. As of the end of June of this year, Bank of America is the United States’s second largest commercial bank with US$1.343 trillion in domestic assets. Wells Fargo is the fourth largest commercial bank with US$1.251 trillion in domestic assets. JPMorgan Chase is the largest US commercial bank with US$1.329 trillion in domestic assets and US$1.947 trillion in total assets.

The mortgage complaints in the CFPB report include several subproducts. Conventional fixed mortgages account for 27.1% of all complaints. Conventional adjustable mortgages account for 10.0%. FHA mortgages account for 7.7% of all complaints. Home equity loans or lines of credit account for 3.8% of all complaints. VA mortgages are 1.4% of all complaints. Second mortgages and reverse mortgages each account for 0.6% of complaints. The remaining 48.7% of complaints are about other mortgages or other mortgage issues. A few years ago, FHA loans accounted for about 10% of all US mortgages while VA loans accounted for about 3%. Prime loans accounted for over 75% of the market and the rest were subprime mortgages.

California leads all states by volume of complaints with 14768. It is followed by Florida, New York, Georgia and Texas. When complaints are divided by a state’s total population, New Hampshire leads. The state is followed by Washington D.C., Maryland, Georgia and Florida. Complaints do not correlate with national rankings for August’s foreclosure rate by state where Nevada topped the list, followed by Florida, Ohio, Maryland and Delaware.

Two zip codes account for over 1,000 total complaints between them. 565 complaints originated in the 48382 zip code, which is in Commerce Township, Michigan, located in suburban Detroit. 553 complaints originated in the 33071 zip code, in Coral Springs, Florida. According to real estate website Zillow, there are currently 1,033 properties in foreclosure in Coral Springs while Commerce Township only has 131 properties currently in foreclosure. Four other zip codes have 100 plus complaints originating from them. 91730, in Rancho Cucamonga, California, had 158 complaints. 33409, in West Palm Beach, Florida, had 132. 92626, in Costa Mesa, California, had 125 complaints. 92660, in Newport Beach, California, had 122 complaints. Respectively, the towns had 534, 1,068, 153, and 134 properties currently in foreclosure. These numbers are higher than for the cities of a few sampled zip codes where there was only one complaint, such as Gold Hill, Oregon which has 4 properties in foreclosure, and Decatur, Illinois which has 6 properties in foreclosure.

The CFPB categorizes complaints into six categories: “Loan modification, collection,foreclosure” or problems when a person is unable to pay; “Loan servicing, payments, escrow account” or problems with making a payment; “Application, originator, mortgage broker”; “Credit decision / Underwriting”; “Settlement process and costs”, and “Other”. The CFPB says the complaint types indicate consumers “appear to be driven by a desire to seek agreement with their companies on foreclosure alternatives. The complaints indicate that consumer confusion persists around the process and requirements for obtaining loan modifications and refinancing, especially regarding document submission timeframes, payment trial periods, allocation of payments, treatment of income in eligibility calculations, and credit bureau reporting during the evaluation period.” Currently, 59.6% of all complaints against lenders deal with being unable to pay. 25.1% deal with problems in making a payment. 7.0% have to do with the application process.

Of the complaint-heavy zip codes, for 48382 in Commerce Township, Michigan, 98.9% of all complaints have to deal with being unable to pay. Accounting for 23.4% of all mortgage complaints in Commerce Township, 132 of the complaints for being unable to pay were made regarding Bank of America, accounting for 97.8% or all but 3 complaints against them from the zip. 121 of the Bank of America responses in Commerce Township were closed with explanation and 12 were closed with non-monetary relief. 33071 in Coral Springs is different, with 537 of the 553 complaints being categorized under other. Only 11 complaints relate to foreclosure and issues with being able to pay. 92626 in Costa Mesa, where 32% of the mortgage complaints were about Bank of America and 26.4% were about Wells Fargo, had 93.6% of its complaints dealing with being unable to pay. 5 total complaints dealt with payment issues and 3 dealt with applications.

Beyond regional variance in complaint types lodged, the top five mortgage lenders by volume of complaints all had being unable to pay as their top complaint category, ranging between 55.8% for Citibank and 69.4% for Bank of America. Problems with payment accounted for the second largest area of complaints, with Ocwen having the largest percentage of complaints at 31.9% and Bank of America having the smallest at 18.8%. Foreclosure was the top area of complaints for a number of other lending institutions including 1st Alliance Lending, OneWest Bank, Ally Bank, Banco Popular de Puerto Rico, Bank of the West, BMO Harris, BOK Financial Corp, Caliber Home Loans, Inc, Capital One, Deutsche Bank and EverBank.

Nationally, complaints reached a high of 5,840 for January 2013, 1,107 more than the next highest month of April 2013. The total emerging for September is the second lowest since records were first kept in December 2011. On a state by state level, this pattern largely repeats with a major exception for Florida which saw a peak of 849 complaints in June 2012. Then, as now, Florida was one of the top five states in the nation in its foreclosure rate. The national January spike came as the Qualified Mortgage standard required by the The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 came into play. It required mortgage lenders to take steps to insure borrowers could repay their mortgages.

Bank of America’s complaint volume follows the national trend, with a spike in January 2013 with 1,925 total complaints. Unlike nationally, the next month by volume of complaints was February of this year with 1,598 complaints. Prior to that, the highest month was May 2012 with 1,418 complaints. The lowest volume of complaints is September this year with 334.

Wells Fargo matched national trends for volume of complaints by month, with the exception of the current month being the lowest on record for number of complaints with 197 compared to the next lowest month, December 2011, when they had 221. JPMorgan’s complaint volume by month spiked in January and March of this year with 504 complaints. April of this year was the next highest month with 493 complaints, edging out May of last year with 488 complaints. September this year is on track to be the lowest month by complaint volume.

The federal government shutdown is unlikely to impact the current mortgage situation in the United States directly for most consumers, though mortgage processing by the Federal Housing Administration could be slower, resulting in fewer mortgages processed.

Saturday, March 15, 2008

A tornado, spawned from a large storm, has hit the United States city of Atlanta, Georgia, causing extensive damage throughout the city.

The National Weather Service confirmed Saturday morning that it was a tornado that struck the city. After reviewing the aftermath of the storm, they classified it as an EF2 tornado on the Enhanced Fujita scale. Atlanta mayor Shirley Franklin says she is beginning to apply for federal disaster aid.

There have been no confirmed deaths, but the mayor’s spokeswoman says there may be dead victims trapped within the ruins of a collapsed loft complex. The Fulton Cotton Mill Lofts are located in the historic Cabbagetown neighborhood, where at least 20 homes were destroyed. “It looks like a bomb went off, it looks like World War III,” said Mahsud Olufani, who has an art studio in the neighbourhood. “It’s a disaster area.”

At least 27 people suffered injuries, mostly cuts and bruises. One person is reported to be in critical condition. Grady Memorial Hospital, where many of the injured were taken, had suffered some window damage but was still operating. Around 50 people have been taken to a local Red Cross shelter for displaced residents.

The tornado struck during the semifinal game of the SEC Basktetball Tournament between Mississippi State and Alabama. Play was stopped with around 2 minutes to go in overtime when heavy wind could be heard outside with rippling of the roof. Damage was done to the roof as debris fell to the floor. No injuries were reported in the Dome. “I thought it was a tornado or a terrorist attack,” said Mississippi State guard Ben Hansbrough.

The storm arrived with little forewarning. A tornado warning was issued for the downtown area a few minutes before the storm hit. “Ironically, the guy behind me got a phone call saying there was a tornado warning,” said Lisa Lynn, who was attending the game at the Georgia Dome. “And in two seconds, we heard the noise and things started to shake. It was creepy.”

The CNN Center in downtown Atlanta was severely damaged, especially in the atrium, where the ravaged ceiling allowed water to pour in. Police closed several streets near the CNN Center because of the debris, which included power lines, billboards, and even office chairs.

The Omni Hotel, which is attached to the CNN Center, also sustained damage, with many of its windows shattered. Visitors at the hotel were evacuated to the exhibition hall at street level. “It was crazy. There was a lot of windows breaking and stuff falling,” said Terrence Evans, a valet at the hotel.

At Centennial Olympic Park, located near CNN and the Omni Hotel, two Olympic torch sculptures had fallen over, and a performance pavilion was destroyed. A high-rise dorm at Georgia State University was damaged by the tornado, as evidenced by a large hole in the building’s 14th floor. University students were evacuated on buses.

According to Georgia Power, more than 13,000 of their customers are currently without electricity. Crews are working to fix downed power lines, but they said it would be difficult with all the debris.

Another large storm, currently in Mississippi, is heading towards Atlanta, and is forecast to arrive around 3 p.m. National Weather Service meteorologist Mike Leary said Friday’s storm could be “nothing to compare with what’s coming in tomorrow”.

All downtown events scheduled to occur Saturday have been cancelled. This includes the city’s Saint Patrick’s Day parade. The remaining SEC tournament games are to be played at Georgia Tech‘s Alexander Memorial Coliseum, located in the undamaged midtown.

Thursday, October 4, 2007

Glenn Crowe is running for the NDP in the Ontario provincial election, in the Bramalea-Gore-Malton riding. Wikinews’ Nick Moreau interviewed him regarding his values, his experience, and his campaign.

Crowe did not reply to various questions asked.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

Thursday, September 25, 2008

Medical doctors have not been getting the full picture about newly FDA-approved drugs, concludes a research team from the University of California, San Francisco. This is because not all the studies required for FDA approval get published. New drug studies that do see publication tend to be ones where the medicine appears to perform well while poor and middling results are less likely to appear in medical journals. The result appears to be that doctors who read the available literature may get an inflated impression of new medications and may prescribe expensive new drugs in place of older medicines that perform as well or better. As Jordan Lite of Scientific American wonders, are drug companies cherry-picking the studies they publish to make their drugs look better than they actually are?

The University of California team reviewed trials that had supported new drugs approved from 1998 to 2000 and examined 909 trials of 90 medications. The search was conducted upon PubMed and other search tools that a typical medical doctor or patient could access. They concluded that less than half of the studies had been published five years after drug approval and a publication bias existed.

Erick Turner, who coauthored a similar study earlier this year, expressed concerns to Scientific American that the problem was not merely the raw percentage of studies published, but that a disproportionate share of the research that appeared in journals are examples where new medications appear to perform well:

When trials are selectively published … it will skew the efficacy of the drug and make it look like it works better than it does. It’s going to create a lot more enthusiasm among consumers of that information or in the words of Alan Greenspan, ‘irrational exuberance.’

Ken Johnson, senior vice president of the Pharmaceutical Research and Manufacturers of America (PhRMA), defended the pharmaceutical industry by saying FDA review of new drug applications is more important than publishing the results of medication trials in medical journals. Approved medications come with labels that give patients and doctors enough information, assures Mr. Johnson.

Yet concerns about full and appropriate disclosure have been serious enough that a new law was enacted last year. FDA Amendments Act of 2007 (FDAAA) requires that all trials which support FDA-approved drugs be registered at the National Institutes of Health website. The requirement goes into effect this coming Saturday. Congress enacted the legislation in response to hearings that determined pharmaceutical companies were less likely to publish studies that indicated significant side effects. One shortcoming in the legislation, according to UCSF associate professor Ida Sim, is that the FDA is still not required to specify which trials it weighs when considering applications for drug approvals. Yet she praises the new law as a major improvement. It’s critically important that we know trials exist and that we get the summary results, positive and negative, into the public domain—that’s a huge step and more than any [other] country is doing now.