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Friday, June 22, 2007

The United States amusement park operator Six Flags has shut down nine thrill rides at four parks after a 13-year-old girl’s feet were cut off on a tower-drop ride yesterday at Six Flags Kentucky Kingdom in Louisville.

Kentucky state officials said a loose cable on a ride called the Superman Tower of Power severed the girl’s feet above the ankles, but they had not determined how the cable broke free, or at what point in the ride the accident happened. The ride lifts passengers 177 feet (54 metres) straight up, then drops them nearly the same distance at speeds reaching 54 mph (86 km/h).

The girl, whose identity has not been released, was taken to a hospital. Details of her condition were not immediately available.

Six Flags spokeswoman Carolyn McLean told The Courier-Journal that there has never been a major incident on the Tower of Power. Formerly known as the Hellavator, the ride was built in 1995.

In addition to Kentucky Kingdom, rides have been shut down at Six Flags Great America in Gurnee, Illinois; Six Flags St. Louis in Eureka, Missouri; and Six Flags America, Prince George’s County, Maryland.

A Superman Tower of Power Ride at Six Flags Over Texas in Arlington has not been shut down because it is not the same as the ones in Kentucky and the other locations that have been shut, Six Flags spokeswoman Wendy Goldberg told the Associated Press.

The rides that have been shut down are made by a Swiss-owned company called Intamin.

Cedar Fair Entertainment Company said it was shutting down similar thrill rides at its theme parks at Kings Island in Mason, Ohio; Canada’s Wonderland in Vaughan, Ontario; Kings Dominion in Doswell, Virginia; Carowinds in Charlotte, North Carolina; and Great America in Santa Clara, California.

Wednesday, June 16, 2010

While testifying before the Senate Armed Services Committee, General David Petraeus, head of the U.S. Central Command, passed out briefly while answering a question from Senator John McCain from Arizona.

While answering the question, Petraeus slumped over in mid-sentence and the hearing was immediately suspended while several people rushed over from the table to help him. Shortly after, Gen. Petraeus regained consciousness and walked from the hearing room under his own power.

The chair of the Senate Armed Services Committee, Michigan Senator Carl Levin said the general “appears to be doing very much better.” The senator also said that Petraeus was eating and may have been dehydrated, and that the hearing might resume. Petraeus was testifying on the Afghanistan War.

After a short time, Petraeus returned from the room he was in, smiling and sipping from a cup. Though the hearing was resumed briefly, given the circumstances, Levin postponed the hearing until Wednesday. As the hearing closed, McCain called the general one of the “nation’s heroes” and also said “we’re glad you have recovered and look forward to seeing you again tomorrow.” As Levin sounded the gavel that closed the hearing for the day, applause broke out.

Some people have speculated that Petraeus passed out because of McCain’s questions, as the General slumped over while answering McCain. However, later General Petraeus said “It wasn’t Sen. McCain’s questions. I just got dehydrated.”

Monday, January 31, 2005

Metlife announced on 01/31/05 that they were going to acquire Travelers Life and Annuity from Citigroup. Travelers Life and Annuity is an insurance underwriter. MetLife is a large life insurance and annuities underwriter. MetLife will have to borrow a lot of money to pay for the company, so rating agencies like S&P warn that the AA credit rating of MetLife might be lowered. This would cause the interest rates at which all of MetLife’s debt must be repaid to increase.

Citigroup committed to continue distributing Travelers life insurance and annuities through its Smith Barney stock brokers, Primerica agents, and Citibank branches.

Citigroup was previously known as Travelers Insurance before it bought Citicorp. First the Property and Casualty business of Travelers was spun off, and now the life insurance division has been sold off. This is primarily because insurance underwriters get a lower price to earnings multiple from the stock market because of the cycles and uncertainty associated with the insurance business. Also, having an insurance underwriter and a bank together does not usually create “cross-sell” opportunities, because consumers and businesses almost always buy life insurance and annuities through brokers who have a duty to give them other options. Citigroup will continue to sell insurance through its brokers as before.

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.

Tuesday, January 16, 2018

A car accident involving the car occupants and a dentist’s office happened on Sunday night in Santa Ana, California. A white Nissan sedan which was apparently driving too fast hit the raised concrete median on the road, after which it was launched into the air, slamming straight into the wall of the second floor of a two-story dental practice building, where the car got wedged.

According to the police, the car approached from a side street. The room of the dental office penetrated by the sedan was used as a storage space. A fire department crane was used to extract the vehicle from the building, which took several hours.

There were two people in the sedan. One of them managed to escape from the hanging vehicle on his own, while the other one remained trapped inside it for over an hour. They were both hospitalized with minor injuries, according to the Orange County Fire Authority (OCFA). According to the police, the driver of the car admitted narcotics use, and after toxicology tests the case is to be submitted to the Orange County District Attorney’s Office.

The moment of the accident was captured by surveillance video from a bus which the car narrowly missed when becoming airborne.

According to OCFA spokesperson Captain Stephen Horner, there was a small fire after the crash, which was extinguished quickly.

Sunday, March 15, 2009

200,000 litres of oil leaked into waters off the coast of Brisbane from the Pacific Adventurer when their fuel tanks were damaged in rough seas on Wednesday. The figure is about ten times higher than the original estimate of twenty thousand litres of oil. The devastating diesel oil spill has spread along 60 kilometres (37 miles) of the Queensland coast. In addition, 31 containers with 620 tonnes of ammonium nitrate fertiliser flew overboard during the violent storm.

Questions are being asked why the Hong Kong cargo ship was out in seas with nine meter waves caused by Cyclone Hamish, a Category 5 tropical cyclone, as well as why the fertiliser containers were not properly secured. One of the overboard containers ruptured the hull of the Pacific Adventurer, causing between 30 to 100 tonnes of oil to spew from the severely damaged ship.

If the ammonium nitrate mixes with the heavy oil, an explosion could occur. None of the containers have been recovered. Some of these may float, but it is believed that they may have sunk which then may cause algal blooms.

Disaster zones have been declared at Bribie and Moreton Islands, and along the Sunshine coast.

The vessel’s owner, Swire Shipping, reported that a second leak began on Friday, when the ship began listing after docking at Hamilton for repairs. “As full soundings of the vessel’s tanks were being taken at the port to determine how much oil had leaked from the vessel, a small quantity of fuel oil escaped from the Pacific Adventurer,” it stated. The ship was brought upright, and a recovery vessel was used to suck up the oil from the water. The leak produced a 500m-long oil slick down the Brisbane River. Booms were placed around this oil spill so that a skimmer could clean up the second spill.

Swire Shipping could face clean up costs of AU$100,000 a day as well as fines up to AU$1.5million (US$977,000; £703,000) if found guilty of environmental breaches or negligence.

Sunshine Coast beaches are slowly starting to be reopened. The beach of Mooloolaba was still closed following reports of burning sensations from swimmers. 12 beaches remain closed; however, 13 have been reopened.

Over 300 state government and council workers are using buckets, rakes and spades in the clean up effort. Sunshine Coast Mayor Bob Abbott says the majority will be gone by Sunday afternoon. The full environmental impact on wildlife is not yet known. One turtle and seven pelicans have been found covered in oil.

There are concerns that the drinking water of Moreton Island is at risk, as the island uses water from the underground water table near the oil spill site.

“Every bucketload of contaminated sand has to be removed from the island by barge, and each bucketload from a front-end loader weighs about one tonne. It’s just an impossible task,” said Mr Trevor Hassard of the Tangalooma Dolphin Education Centre.

The commercial fishing industry has suffered from the incident. Trawlers won’t resume operations until Sunday evening, and any catches will be tested for human consumption.