Daily Archives: December 6, 2014

Unarmed Kansas teen Joseph Jennings shot 16 times by police, media silent

Jospeh Jennings

There are a seriously deepening problems with some police officers in this country as well as some police departments that have rogue where the law to protect and serve the public has gone out the window. We have read and saw in current media coverages of the outcries of the public and protests of the police shootings nd deaths

 

of 18 year old Michael Brown and 12 year old Tamir Rice and choke hold killing by NYPD of Eric Garner. But, there is little media coverage and little outcry of the shooting of Joseph Jennings. The only difference between Brown, Rice, Garner, and Jennings is that Jennings is white. Here is the story of Joseph Jennings:

On August 23, 2014, police and the local sheriff’s department responded to a call about an armed man carrying a gun outside of the Orschein Farm and Home hardware store. The suspect, Joseph Jennings, a 18-year-old white male, was released three hours prior from Ransom Memorial Hospital after an attempted suicide the day before.

Interviews and statements made by Jennings’ aunt, Brandy Smith, indicate that lethal force was not necessary. An attempt to subdue Jennings was made by Smith’s husband before police threatened him with deadly force. Jennings, according to Smith, puffed out his chest and made threatening motions toward police, prompting officers to use deadly force.

Jennings received onsite medical attention for his wounds and later died in an Ottawa hospital. Police have neither confirmed the amount of shots fired nor if Jennings had a weapon.

On  a side note: An unarmed 20 years Dillion Taylor from Utah was shot to death by police officer outside a convenience store. Officer defended his shooting of  Taylor because he thought Taylor was pulling a gun out of his pants. Read more.

Canadian households’ $1.5 trillion debt; two thirds of which are home loans

Mortgage Broker News:

The Bank of Canada may have been largely positive about the economy but Stephen Poloz’ statement yesterday in which he announced that the interest rate will stay at 1 per cent also raised concern about the level of household debt. New figures from Equifax show a $1.5 trillion debt burden for Canada’s households, with the debt load rising 7.4 per cent in the three months to the end of September compared with a year before. That works out at an average debt of $20,891 per person excluding mortgages. However, unlike the BoC, the credit agency says that it is not concerned about the levels as consumers are controlling their debt well. Of the $1.5 trillion owed two thirds is mortgage debt, totalling $985.1 billion. Read the full story.

JPMorgan Is Said to Put Mortgage-Bond Trader on Leave

JPMorgan Chase & Co. (JPM) put another of its mortgage-bond traders on leave, the latest in a string of suspensions amid regulatory scrutiny of the market, according to three people with knowledge of the move.

The employee, Joshua Banschick, was told not to come in during the past week, said the people, who asked not to be named because the decision wasn’t public. The trader has worked at JPMorgan since 2008, after spending about a year at Bear Stearns Co., the securities firm bought by the bank that year with assistance from the Federal Reserve, according to Financial Industry Regulatory Authority records.

Red on.

Short sale tax break passes in House

Homeowners who had short sales in 2014 may not be facing massive tax bills after all, after the House of Representatives passed a one-year extension of the Mortgage Debt Forgiveness Act on Wednesday.

According to a report from the Chicago Tribune, the House passed the extension of Mortgage Debt Forgiveness Act, which was included in the Tax Increase Prevention Act of 2014, by a 378-46 margin.

If Congress had failed to act on the renew of the tax breaks, any mortgage forgiveness achieved in a short sale would be counted as income for those whom banks allowed to sell their homes for less than the amount of their mortgage. The average short sale has a mortgage forgiveness of about $75,000.

And according to a recent estimate from RealtyTrac, there have been more than 170,000 short sales representing a mortgage debt forgiveness of $8.1 billion total in the first three quarters of 2014 alone.

Read on.