Mortgage servicers to submit new foreclosure plans
Saturday, July 9, 2011
Sheila Bair, former chairwoman of the U.S. Federal Deposit Insurance Corp., will join Pew Charitable Trusts.
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Former FDIC chair joins Pew Charitable Trusts
Departing Federal Deposit Insurance Corp. Chairwoman Sheila Bair will join the Pew Charitable Trusts, according to an agency release.
Bair, who completed her five-year term as FDIC chairwoman Friday, will join the nonprofit organization as a senior adviser on Sept. 7.
"It has been a remarkable journey," Bair, 57, said in a statement. "I feel honored to have served two presidents and privileged to have led this great agency that worked so effectively to preserve confidence and stability in the banking system at a critical time."
Martin Gruenberg, who served as FDIC vice chairman under Bair, assumed the top post as acting chairman. President Obama has nominated him to the permanent position.
Mortgage servicers required to make new foreclosure plans
Wells Fargo & Co., Bank of America Corp., Citigroup Inc. and five other mortgage servicers will have to meet a Wednesday deadline to submit remedial plans for their foreclosure practices while federal and state officials continue working on broader settlement terms.
The Department of Justice is coordinating talks among lenders, U.S. housing officials and state attorneys general.
The Office of the Comptroller of the Currency accused eight banks and two service providers of "unsafe and unsound" practices in their mortgage servicing and foreclosure practices. The companies include JPMorgan Chase & Co., HSBC Holdings Plc., MetLife Inc., PNC Financial Services Group Inc. and U.S. Bancorp.
The Department of Housing and Urban Development, the Justice Department and all 50 state attorneys general have been negotiating a separate settlement that may total more than $20 billion with the five largest U.S. mortgage servicers: Bank of America, JPMorgan, Wells Fargo, Citigroup and Ally Financial Inc. A final agreement, setting standards for servicing loans and processing foreclosures, may serve as a template for claims against the rest of the industry.
SHIPPING
FAA proposes civil penalty against FedEx
The Federal Aviation Administration proposed a civil penalty of $689,800 against FedEx Corp., saying the world's largest cargo airline violated U.S. hazardous-materials regulations.
FedEx failed to provide pilots with complete and accurate information about hazardous materials on board their planes in 89 instances from June 13 to Sept. 4, 2009, the FAA said in a statement on Friday.
The citations were for "minor documentation errors," said Sally Davenport, a FedEx spokeswoman.
Davenport said she didn't immediately know the contents of the 89 packages. "All of these shipments traveled safely through our system and never posed any danger whatsoever to our aircraft or our crew members," Davenport said. About one-third of the hazardous-material shipments involve food, dry ice, paint, perfume and other everyday items, she said.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/07/08/BUOC1K6OTD.DTL#ixzz1S1zBwwXB
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