Archives December 2020

Even without LaDainian Tomlinson and Philip Rivers, the Chargers made sure the Indianapolis Colts won’t repeat as Super Bowl champions.

Now San Diego must make sure it doesn’t repeat its last performance at New England.

That will be especially difficult without an injured L.T., who departed in the first half with a bruised left knee, and starting quarterback Rivers, who went out in the third quarter with a damaged right knee in the Chargers’ stunning 28-24 victory Sunday.

With Billy Volek at quarterback and Michael Turner as the main runner, San Diego went 78 yards on eight plays, with Volek sneaking in from the 1 with 4:50 remaining for the lead. The Chargers’ big-play defense then held on downs at its 7, and stopped Indy again in the final moments to preserve their eighth straight win.

To make it nine in a row and advance to their second Super Bowl — the other was a loss to San Francisco after the 1994 season — the Chargers will need all the resourcefulness they showed at Indianapolis. Being undermanned against undefeated New England hardly is an enticing prospect.

Still, with All-Pro cornerback Antonio Cromartie getting an interception and fumble recovery, and linebackers Shawne Merriman and Shaun Phillips plaguing Peyton Manning, the Chargers showed they have the ability to throw off any offense. Maybe even the most prolific attack in NFL history.

The Chargers didn’t come close against the Patriots in Week 2, falling 38-14. That was the beginning of a slide to 5-5 for San Diego, but the Chargers (13-5) are rolling now.

It was a gutty showing by Rivers, who threw for three scores — he banged his right knee on a 56-yard screen pass TD by Darren Sproles to end the third quarter. And Turner, who could be a starter elsewhere but usually sits behind league rushing leader Tomlinson, gave the offense the balance it desperately needed in the late stages of the upset, rushing for 71 yards.

The Chargers’ opportunistic defense, which led the league in takeaways (48) and turnover margin (plus-24), grabbed two interceptions — both on tipped balls — and a fumble. While San Diego couldn’t stop Manning’s offense from steadily marching downfield most of the game, it could make the key plays that get you closer to the Super Bowl.

Still, if Tomlinson is limited or sidelined, how much chance do the Chargers have against the perfect Patriots? Not to mention perhaps missing Rivers or tight end Antonio Gates, who courageously played much of the day on a dislocated toe.

For the Colts (13-4), it was a bitterly quick elimination from the postseason.

A year ago, they won three playoff games, then beat Chicago in the Super Bowl. They couldn’t recapture their touch on offense or defense this time, and a defense that allowed the fewest points during the season wore down against the equally physical Chargers.

Manning did throw for 402 yards, completing 33 of his 48 throws, but both interceptions killed deep scoring threats.

Rivers was 14-of-19 for 264 yards, and Volek went 3-of-4 for 48 yards in his clutch relief role. Vincent Jackson became Rivers’ top target and had seven catches for 93 yards and a score.

Thursday, January 3, 2008

At 12:50 pm on January 3, a ski chairlift ride cost a German skier’s life and another German woman was left with serious injuries after the lift cable derailed from the mast sheaves in a windstorm. The derailed chairlift is the two-seater Fallboden lift at Kleine Scheidegg, next to the Jungfrau mountain in Switzerland.

Two more Australian tourists were lightly injured. About 20 further people had to be evacuated from the stopped chairlift. Wind velocity peaking at 90km/h prevented a helicopter from rescuing the trapped passengers, complicating the rescue.

According to 20min.ch, the lift was manufactured by Garaventa AG, a major Swiss ski lift company, now a part of an international group Doppelmayr/Garaventa. When contacted no one was available for comment.

Shortly before the accident, a wind alarm was activated few times by a 60km/h wind. The operator decided to close the lift and waited for the lift to unload all passengers; at the moment of the catastrophe the bottom station of the lift was already closed, but 75 passengers were still on the lift.

According to the Swiss law, every chair lift must be designed to withstand a lateral wind load of 250 newtons (approx. 25kg) per square meter. However there is no law limit at which wind speed or lateral loads the chair lifts have to be stopped. This safety aspect is left to the responsibility of the operator. The safety of the lift was checked by the Swiss Federal Office of Transport in January 2006. This chairlift accident is said to be the worst in Switzerland for the last 8 years.

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.