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Friday, August 24, 2012
US State Department Misquoted on Risks of KRG Oil Contracts
Ten shot, 2 dead near New York's Empire State Building
Tuesday, August 21, 2012
Top U.S. general's aircraft damaged by rockets in Afghanistan
Friday, August 17, 2012
U.S. tweaks Fannie Mae, Freddie Mac bailout terms, requires all profits
"As the complaint alleges, yet another major bank has engaged in a longstanding and reckless trifecta of deficient training, deficient underwriting and deficient disclosure, all while relying on the convenient backstop of government insurance," said Manhattan U.S. Attorney Preet Bharara.Wells, the largest U.S. mortgage lender, denied the allegations and said in a statement it believes it acted in good faith and in compliance with FHA and U.S. Department of Housing and Urban Development rules. The bank said many of the allegations have been previously addressed with HUD and added that its FHA delinquency rates have been as low as half the industry average. In a regulatory filing in August, the bank said it was being investigated for possible violations of laws and regulations relating to mortgage origination practices, including FHA loans. Wells said it will vigorously defend itself against the suit. Bharara's office has brought similar cases in the past few years, including one against Citigroup Inc unit CitiMortgage Inc, which settled the case for $158.3 million in February, and against Deutsche Bank, which paid $202.3 million in May to resolve its case. The U.S. Attorney's office in Brooklyn brought the biggest such case, against Bank of America Corp's Countrywide unit, which agreed in February to pay $1 billion to resolve the allegations. The Wells Fargo case is brought under the False Claims Act, which provides penalties for fraud against the government, and under the Financial Institutions Reform, Recovery, and Enforcement Act, or FIRREA for short, a little-used statute that has grown in popularity in the past year. The law requires a lower burden of proof than criminal charges, has a longer statute of limitations than other financial laws and potentially could bring big fines. A civil fraud unit that Bharara created in March 2010 filed its first lawsuit under FIRREA in December of that year. DAMAGES AND PENALTIES At issue In Tuesday's suit are loans Wells Fargo made through a program that allows banks to originate, underwrite and certify mortgages for FHA insurance, according to the complaint. Under the so-called Direct Endorsement Lender program, neither the FHA nor HUD reviews a loan before it is approved for FHA insurance, but lenders are supposed to follow program rules. Between May 2001 and October 2005, according to the complaint, Wells certified more than 100,000 loans for FHA insurance, even though the bank knew its underwriters had failed to verify information that was directly related to the borrower's ability to make payments. "The extreme poor quality of Wells Fargo's loans was a function of management's singular focus on increasing the volume of FHA originations (and the bank's profits), rather than the quality of the loans being originated," the complaint said. The bank also failed to properly train its staff, hired temporary workers and paid improper bonuses to its underwriters to encourage them to approve as many loans as possible, the complaint said. During a 7-month stretch in 2002, at least 42 percent of the bank's FHA loans failed to actual qualify for the insurance they were submitted for, even though the bank's internal benchmark for such violations was set at 5 percent. Wells also kept its defective loans secret from HUD, the complaint said. From January 2002 to December 2010, the bank internally identified more than 6,000 "materially deficient" loans, including 3,000 that had defaulted in the first six months, but did not comply with its self-reporting obligations, the complaint said. Prior to October 2005, the bank did not self-report a single bad loan, and the inadequate reporting continued even after a HUD inquiry that year, the suit states. All told, from 2002 through 2010 the bank self-reported only 238 loans, according to the complaint. Some of the mortgages Wells Fargo suspected of fraud but declined to report to HUD include loans it separately reported as suspicious activity to the U.S. Treasury Department, according to the suit. The complaint seeks treble damages and penalties for hundreds of millions of dollars in insurance claims already paid to Wells Fargo, as well as penalties on claims HUD may pay in the future. Citi, in its settlement, paid $158 million to resolve allegations that a "substantial percentage" of around $200 million in insurance claims failed to meet FHA requirements. The Wells Fargo complaint also includes specific allegations that the lender failed to report another $190 million in loans it should have flagged as potentially problematic to HUD, which potentially adds to any eventual payout from the bank. The lawsuit adds to the growing number of civil cases the government has filed targeting conduct that allegedly contributed to the financial crisis. The Justice Department has indicted few individuals and institutions on criminal charges for roles in the collapse, and officials have said prosecutors determined much of the conduct amounted to greed but not crimes. A joint federal-state task force set up earlier this year to continue to probe conduct tied to the 2007-2009 crisis has also acknowledged the bulk of its inquiries are under civil law. (Reporting by Rick Rothacker in Charlotte, N.C. and Aruna Viswanatha in Washington; Editing by Matthew Lewis and Tim Dobbyn) =============== Mortgage boom leads to profit surge for JPMorgan, Wells Fri, Oct 12 17:41 PM EDT 1 of 2 By David Henry and Rick Rothacker (Reuters) - Two of the nation's biggest banks, Wells Fargo & Co and J.P. Morgan Chase & Co, made record profits over the last three months from a sharp rise in mortgage lending, though performance stumbles elsewhere left investors worried about how long those profits can last. Both banks reported double-digit increases in third-quarter earnings on Friday, as record-low interest rates and an uptick in the housing market drove a boom in mortgages. But analysts said those record earnings might not be sustainable, as each bank posted declining margins that suggest they may have a harder time earning as much in the future. J.P. Morgan shares closed the day down 1.1 percent at $41.62, while Wells Fargo declined 2.6 percent to $34.25. Both underperformed the broader market, which was essentially flat. The issue is the "net interest margin," or the spread between what the banks earn from loans and what they pay out on deposits. That margin contracted in both cases. "You have a battle between net interest margin and mortgage banking," said Marty Mosby, an analyst at Guggenheim Securities, referring to the tension between profit-drivers now and potential future results. Barclays Capital said it was the 17th time in the last 18 quarters that the bank beat Wall Street's forecasts. Net interest margin contracted to 2.43 percent in the quarter, 4 basis points less than the prior quarter and 23 basis points lower than a year earlier. Wells, Warren Buffett's favorite bank, stumbled on the net interest margin. It fell 25 basis points to 3.66 percent in the third quarter. That was a sharper drop than expected, though bank executives insisted they were unconcerned and that investors should focus on overall profitability. Keefe, Bruyette & Woods analyst Frederick Cannon, in a research report for clients, said the strength in mortgages was good but the weakness in the interest margin was more important. MORTGAGES ON THE MOVE The mortgage market dragged on banks during the worst of the financial crisis but has become a bright spot of late. After the Federal Reserve said in September it would buy huge quantities of mortgage bonds every month for the foreseeable future, rates fell sharply and loan applications soared. Wells Fargo, by far the largest mortgage lender in the country - three times the size of its closest peer - made $139 billion in mortgages in the three months ending in September, up $50 billion from a year earlier. There is a limit to that growth, though, warned J.P. Morgan Chief Executive Jamie Dimon. "We don't expect to count on high margins and mortgage origination forever," Dimon said on Friday. The refinancing trend, he added, will continue "next quarter, maybe for a couple of quarters after that, but it won't last much longer." SMALLER WHALES Besides the good news about the housing market, J.P. Morgan also reported that losses are shrinking rapidly from the bad trades engineered by the so-called London Whale, which cost the bank almost $6 billion in the first half of the year. The losses cast a harsh light on Dimon, the chief executive viewed by some as a potential leading candidate for U.S. Treasury secretary in a second Obama administration. He has apologized repeatedly, and at length, for failing to catch the problem before it grew so big. The nation's largest bank by assets posted net income of $5.71 billion, or $1.40 a share, up 34 percent from a profit of $4.26 billion, or $1.02 a share, a year earlier. Analysts on average had expected a profit of $1.24 a share, according to surveys by Thomson Reuters I/B/E/S. Barclays Capital said it was the 17th time in the last 18 quarters that the bank beat Wall Street's forecasts. Net interest margin contracted to 2.43 percent in the quarter, 4 basis points less than the prior quarter and 23 basis points lower than a year earlier. Wells Fargo, the nation's fourth-largest bank by deposits, earned $4.9 billion in the quarter, 22 percent more than a year earlier. Per-share earnings of 88 cents just beat the average Wall Street forecast of 87 cents, although revenue missed estimates by some $270 million. Wells, Warren Buffett's favorite bank, stumbled on the net interest margin. It fell 25 basis points to 3.66 percent in the third quarter. That was a sharper drop than expected, though bank executives insisted they were unconcerned and that investors should focus on overall profitability. Keefe, Bruyette & Woods analyst Frederick Cannon, in a research report for clients, said the strength in mortgages was good but the weakness in the interest margin was more important. (Reporting by David Henry in New York and Rick Rothacker in Charlotte, N.C.; additional reporting by Dan Wilchins and Jed Horowitz in New York; writing by Ben Berkowitz; editing by Matthew Lewis) ===============
2 killed, 18 injured in Karachi blast
Thursday, August 16, 2012
Seven U.S. troops among Seven U.S. troops among 11 dead in Afghan helicopter crash11 dead in Afghan helicopter crash
Iraq blasts, shootings kill 32, wound scores
22 people killed in sectarian attack in Northern Pakistan
Militants attack major Pakistan air base; nine killed
Sunday, August 12, 2012
US Navy ship collides with oil tanker in Gulf
Saturday, August 11, 2012
Tennessee mosque opens after fight, with message of forgiveness
Friday, August 10, 2012
U.S. sanctions Syrian oil firm, Hezbollah
German intelligence fears Salafists re-base in Egypt
Consumer agency proposes rules for mortgage servicers
Thursday, August 09, 2012
زيارة الخضر عليه السلام لأمير المؤمنين عليه السلام ليلة شهادته :
زيارة الخضر عليه السلام لأمير المؤمنين عليه السلام ليلة شهادته :
بسم الله الرحمن الرحيم ...
"رحمك الله يا أبا الحسن كنت أول القوم إســــــــــــلاما، وأخلصهم إيمانا ، وأشدهم يقينا ، وأخوفهم لله ، وأعظمهم عناء وأحوطهم على رسول الله صلى الله
عليه وآله، وآمنهم على أصحابه ، وأفضلهم مناقب ، وأكرمهم سوابق ، وأرفعهم درجة ، وأقربهم من رسول الله صلى الله عليه وآله ، وأشبههم به هديا وخلقا وسمتا وفعلا ، وأشــــــرفهم منزلة ، وأكرمهم عليه ، فجزاك الله عن الاسلام ، وعن رسوله وعن المسلمين خيرا . قويت حين ضعف أصحابه ، وبرزت حين استكانوا ، ونهضت حين وهنوا ، ولزمت منهـــــاج رسول الله صلى الله عليه وآله إذ هم أصحابه ، [ و ] كنت خليفته حقا ، لــــم تنازع ، ولم تضرع برغم المنافقين ، وغيظ الكافرين ، وكره الحاسدين ، وصغر الفاسقين . فقمت بالامر حين فشلوا ، ونطقت حين تتعتعوا ، و مضيت بنور الله إذ وقفوا ، فاتبعوك فهدوا ، وكنت أخفضهم صوتا ، وأعلاهم قنوتا ، وأقلهم كلاما ، وأصوبهم نطقا ، وأكبرهم رأيا ، وأشجعهم قلبا ، وأشدهم يقينا ، وأحسنهم عملا ، وأعرفهم بالأمور . كنت والله يعسوبا للدين ، أولا وآخرا : الأول حين تفرق الناس ، والآخر حين فشلوا ، كنت للمؤمنين أبا رحيما ، إذ صاروا عليك عيالا ، فحملت أثقال ما عنه ضعفوا ، وحفظت ما أضاعوا ، ورعيت ما أهملوا ، وشمرت إذ اجتمعوا ، وعلوت إذ هلعوا ، وصبرت إذ أسرعوا ، وأدركت أوتار ما طلبوا ، ونالوا بك ما لم يحتسبوا . كنت على الكافرين عذابا صبا ونهبا ، وللمؤمنين عمدا وحصنا ، فطرت والله بنعمائها وفزت بحبائها ، وأحرزت سوابغها ، وذهبت بفضائلها ، لم تفلل حجتك ، ولم يزغ قلبك ، ولم تضعف بصيرتك ، ولم تجبن نفسك ولم تخر. كنت كالجبل لا تحركه العواصف ، وكنت كما قال : آمن الناس في صحبتك وذات يدك ، وكنت كما قال : ضعيفا في بدنك ، قوياً في أمر الله ، متواضعا في نفسك ، عظيما عند الله ، كبيرا في الأرض ، جليلا عند المؤمنين ، لم يكن لاحد فيك مهمز ، ولا لقائل فيك مغمز [ ولا لاحد فيك مطمع ] ولا لاحد عندك هوادة ، الضعيف الذليل عندك قوي عزيز حتى تأخذ له بحقه ، والقوي العزيز عندك ضعيف ذليل حتى تأخذ منه الحق ، والقريب والبعيد عندك في ذلك سواء ، شأنك الحق والصدق والرفق ، وقولك حكم وحتم وأمرك حلم وحزم ، ورأيك علم وعزم فيما فعلت ، وقد نهج السبيل ، وسهل العسير وأطفئت النيران ، واعتدل بك الدين ، وقوي بك الاسلام ، فظهر أمر الله ولو كره الكافرون ، وثبت بك الاسلام والمؤمنون ، وسبقت سبقا بعيدا ، وأتعبت من بعدك تعبا شديدا ، فجللت عن البكاء ، وعظمت رزيتك في السماء ، وهدت مصيبتك الأنام ، فإنا لله وإنا إليه راجعون ، رضينا عن الله قضاه ، وسلمنا لله أمره ، فوالله لم يصاب المسلمون بمثلك أبدا . كنت للمؤمنين كهفا وصحنا ، وقنة راسيا ، وعلى الكافرين غلظة وغيظا ، فألحقك الله بنبيه ، ولا أحرمنا أجرك ، ولا أضلنا بعدك" .
اللهم صلِّ على محمد وآل محمد ولا تحرمنا في الدنيا ولايته وفي الآخرة شفاعته ، اللهم إنا نسألك بأمير المؤمنين وسيد الوصيين وإمام الموحدين ان تنعم بالأمن والأمان على بلاد المسلمين .. اللهم أنصر من نصر الدين وأخذل الكفر والمنافقين اللهم إنا نرغب إليك في دولة كريمة تُعزُّ بها الإسلام وأهله وتُذلُّ بها النفاق وأهله وتجعلنا فيها من الدعاة إلى طاعتك والقادة إلى سبيلك وترزقنا بها كرامة الدنيا والآخرة يا كريم يا كريم ياكريم .
— with Mustafa Almaurayati and 49 others.
Visit Green peace of faithful testimony: it peace night
In the name of God the merciful. ...
"Oh God your uterus eltaher you first folk as Lama, firmly stick to them, and most certainly, their horror to God, and their more the're the grandest bother the Prophet and God, and security on his companions, best qualities, has honoured them, precedents, the closest most of the Prophet and God, the gift and created their identical and features and really, his home, and their shelf snitch – hijaab, jazak Allah for Islam, and his Messenger and the good Muslims. Strengthened while weakening his companions while they give in and popped, and played while wehnwa, required platform for the Prophet and his companions, who are God, [and] you're really his successor, conflict, and did supplicate despite hypocrites, peeve, unbelievers, small disobey the grudgers. I order failed, while ttatawa, pronounced and I went to Noor Allah as they stood, they come after you, and you are guided, their lower votes, and their height obedience, and least spoken words, and their more relevant, the oldest Raya, and encourage heart, and most certainly, the brightest "pursuant to, I know things. You and Allah drone of religion, first and foremost: I divide people, while the other failed, while I was faithful, merciful father are you ayala, uploaded by the weights, they doubled and preserved what they lost, ignored two what, she lifted it and you go up as they gathered, halawa, I stayed patient as rushed, and I realized what they asked, Uttar attained unless they hold your. You are unbelievers and plunder, torture and Saba believers intentionally and a bastion, she made her gift and God I won bhabaeha and made swabghha, and virtues, not went to spit your argument, and not deviate your heart, and not impaired sight, not cower yourself and never graduated. You cannot move a mountain, you're as storms said: the security of people in your lap with your hand, and you also said: weak in body, strong in command of God, humble yourself, great God, great in the Earth, invaluable when believers, if not one of you mhemz, not to say bless you maghames [no one has attracted the interest of you], and not to one of your own, you have strong weak servile Aziz so take him to his right, and you have a weak forces Aziz servile status so take From the right, near and far have in both, and honesty right shank humane society, saying the rule and inevitably and hurry dream packages, your mind with knowledge and determination, did approach the way, easy to difficult and extinguished fire, and sat up your religion, and strong your Islam, God, if there is a ball, and your ' Islam believers, and preceded the scoop away, tired of the heavy, siggy mobilized about crying, she dressed and how great your disaster in the sky, has the face of your people, I am God and to him we return, I do about God judges, and recognized of God, by Allaah, not Muslims like you never become infected. I was faithful and Grotto, plate of vertex and vertically, the unbelievers and ruggedness, and the fury of God Nabih hurt you, and your reward is not aharmna, nor deceive us siggy ".
O Allah, bless Muhammad and Muhammad and not deprive us in its mandate and in the hereafter, we ask his intercession with God I'm faithful and SID are the guardians of the Almohads to enjoy security and security of Muslim countries. O Holy of Nasreddin and I walk out on infidelity and I wish you God hypocrites in decent state of Islam and his Taiz and humiliates the hypocrisy and his family and make us their advocates obedience to leaders and bestow upon us your way of dignity and the hereafter Ya Ya cream yakrim cream. (Translated by Bing)
Tuesday, August 07, 2012
Mars rover landing "miracle of engineering," scientists say
Labels:
astrobiology,
Curiosity,
HiRISE,
MARDI,
Mars,
NASA; Stratolaunch; PayPal,
Pasadena
Monday, August 06, 2012
Fire blazes at California refinery; residents ordered indoors
Sunday, August 05, 2012
Kuwait's Zain says no Q3 impairment on Sudan currency fall
Seven dead in shooting at Wisconsin Sikh temple
Saturday, August 04, 2012
SEC seeks more investor protections for U.S. municipal bond market
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