Daily Archives: May 11, 2016

Wells Fargo launches ‘fast-decision’ online loans for small businesses

Wells Fargo has a new trick up its sleeve.

The bank announced on Tuesday it is launching a new product called FastFlex Small Business Loan.

Wells Fargo says the product is an online, fast-decision loan that is funded as soon as the next business day and offers competitive rates to small businesses. The loans will range from $10,000 to $35,000.

“FastFlex Small Business Loan will help by offering short-term credit through an easy, fast-decision application process that includes competitive interest rates, clear terms and as-soon-as next day funding,” Lisa Stevens, Wells Fargo’s head of Small Business, said in a statement. “This will put short-term credit within reach for many small businesses seeking to achieve financial success.”

Read on.

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Trump adviser says his candidate has unreleased plan to create a $7 trillion surplus in a decade

Donald Trump’s chief policy adviser said Wednesday that the presumed Republican presidential nominee’s economic plans could result in a budget surplus of as much as $7 trillion in 10 years.

Speaking at a fiscal summit sponsored by the Peter Peterson Foundation, Trump adviser Sam Clovis said economic growth envisioned by the candidate’s plans and “other factors we are going to propose” could produce a surplus of between $4.5 trillion and $7 trillion.

Such a surplus would be a remarkable turnaround from what is currently projected. The Congressional Budget Office, in its latest estimate, said the deficit would be $1.3 trillion in 2026.

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Vancouver Veteran Files Suit Over 2010 Home Foreclosure

A U.S. Marine Corps veteran who faced foreclosure on his Vancouver home while serving in Iraq has filed a lawsuit against the home’s lender, saying that the company violated a federal law that provides mortgage relief for active-duty military members.

In the federal lawsuit, Vancouver resident Jacob McGreevey is seeking $500,000 or an amount determined at trial from PHH Mortgage Corp. of New Jersey. That company, with HSBC Bank USA as trustee, foreclosed on McGreevey’s Hazel Dell home in September 2010, shortly after the Marine returned from active duty in Iraq.

According to the lawsuit, PHH Mortgage launched its foreclosure action against McGreevey in May 2010, after McGreevey had been called up from the Marines Reserve to active duty. The lender ignored McGreevey’s request upon his return to Vancouver two months later to attempt to refinance the home, instead posting a series of foreclosure notices on his garage door before foreclosing on the home.

The lawsuit alleges that PHH Mortgage violated the Servicemembers Civil Relief Act, by initiating foreclosure proceedings after McGreevey had been called to active duty without taking steps required by the act to reduce foreclosure risk.

Read more at The Columbian.

NY regulator requests shell company info from Goldman Sachs, three banks – source

New York State’s financial regulator has asked Goldman Sachs (>> Goldman Sachs Group Inc) and three foreign banks for shell company information, a person familiar with the matter said on Wednesday.

New York State’s financial regulator has asked Goldman Sachs (>> Goldman Sachs Group Inc) and three foreign banks for shell company information, a person familiar with the matter said on Wednesday.

The New York Department of Financial Services (NYDFS) also requested shell company information from BNP Paribas SA (>> BNP PARIBAS), Canadian Imperial Bank of Commerce (>> Canadian Imperial Bank of Commerce) and Standard Chartered Plc (>> Standard Chartered PLC), the person said.

Goldman is the only U.S. bank contacted by NYDFS about the request, the person said.

A Goldman Sachs spokesperson declined to comment. Spokespeople for the three foreign banks could not be immediately reached for comment.

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Trumpville: Rise of the villains

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The entire Donald Trump soap opera Presidential campaign has become like the show Gotham on Fox TV and how the rise of villains has taken over the town of Gotham. Here is some of the headlines today that have become a huge pile of stupid in this country:
White Nationalist Remains On Trump’s CA Delegate List But Won’t Attend RNC

DONALD DUCKS ON TAX RETURNS

Donald Trump taps Chris Christie to lead transition team – CNNPolitics.com

Trump campaign manager Corey Lewandowski will oversee the vice-presidential search

Donald Trump: Rudy Giuliani for ‘radical Islam’ commission

And not only the new London Mayor feels that Trump’s idea of banning Muslims from coming into the US is stupid but so does this Mayor: Paris mayor: Donald Trump is “stupid”

 

Prosecutor Targets Commerzbank for Deals That Dodge German Taxes

Officials in Frankfurt, Germany’s financial capital, have launched an investigation into tax avoidance trades enabled by the country’s second-largest bank.

German prosecutors have expanded an ongoing investigation of international tax-avoidance deals to cover questionable trades exposed last week by ProPublica and other media partners.

Handelsblatt, which collaborated on the report along with German public broadcaster ARD, reported that Commerzbank is the target of the new inquiry for its involvement in the trades, which cost German taxpayers $1 billion a year in forgone revenues.

The Frankfurt general prosecutor’s office confirmed that it had opened a new investigation but declined to name the target. A Bloomberg report also named Commerzbank as the target.

Commerzbank declined to comment. In an interview with Germany’s Bild newspaper, however, board member Michael Reuther said on Wednesday the trades were “no longer socially accepted” and that the bank will exit the business in Germany and elsewhere ahead of a government move to extinguish them.

Read on.

Democratic Convention Hosted by Republican Donors, Anti-Obamacare Lobbyists

THE DEMOCRATIC PARTY’S 2012 platform pledged to “curb the influence of lobbyists and special interests.” But the 2016 convention in Philadelphia will be officially hosted by lobbyists and corporate executives, a number of whom are actively working to undermine progressive policies achieved by President Barack Obama, including health care reform and net neutrality.

Some of the members of the 2016 Democratic National Convention Host Committee, whose job is to organize the logistics and events for the convention, are hardly even Democratic Party stalwarts, given that many have donated and raised thousands of dollars for Republican presidential and congressional candidates this cycle.

The composition of the 15-member Host Committee may appear out of sync with the rhetoric of Democratic presidential candidates Bernie Sanders and Hillary Clinton, but the reality is that the party, in the form of the Democratic National Committee, has moved decisively to embrace the lobbying industry. In October 2015, DNC chair Rep. Debbie Wasserman Schultz, D-Fla., reportedly huddled with dozens of lobbyists to plan the convention in Philadelphia, and provided the influence peddlers involved with a menu of offerings in exchange for donations. In February, news reports revealed that the DNC had quietly lifted the Obama-era ban on federal lobbyist donations to the party and convention committee.

Anna Adams-Sarthou, the communications director for the Philadelphia 2016 Host Committee, wrote in an email to The Intercept that she has “no concerns” about lobbyists participating in the effort, because “the Host Committee is a nonprofit entity that does not lobby.” 

The Host Committee, however, is deeply involved in planning events for the delegates, fundraising, and handling media relations, among other responsibilities.

Read on.