Daily Archives: July 8, 2016

Delonte West Loses $130K After His Home Was Sold At Foreclosure Auction

Total Pro Sports:

It’s been a rough couple of years for former NBA player Delonte West as he has struggled with mental illness which has caused him to act out in public. He’s been photo’d shoeless outside of a Jack-in-the-Box in Houston, video’d randomly dancing and yelling at kids, and given the wrong medication by a facility that’s supposed to be taking care of him.

Now, another hit to the former NBA point guard, he’s lost his Maryland home as it was sold at an auction,according to BOSSIP.

“Ventures Trust, which holds the $450,000 mortgage on West’s two story, three bedroom house in Brandywine, Md., bought the house at auction July 1 at a steep discount. The company paid just $270,000, or 67 percent of the $400,000 that West paid for the pad in 2005, according to Prince George’s County Md. records.

 Ventures Trust sued West in February, alleging he’d fallen nearly $45,000 behind on his $450,000 mortgage and hadn’t made the $3,283 a month mortgage payments in nearly two years. There was still almost $400,000 left on the mortgage when Ventures Trust sued West, and the company threatened to seize the house if he didn’t pay the debt back.”

Rep. Corrine Brown Of Florida Indicted After Federal Fraud Investigation

Another corrupted politician… Need term limits!

Brown, a 69-year-old Democrat, was to appear later Friday in Jacksonville federal court on charges of mail and wire fraud, conspiracy, obstruction and filing of false tax returns. She has represented a Jacksonville-based congressional district since 1993 and is seeking re-election in a newly-redrawn district.

The indictment comes after an investigation into the charity One Door for Education Foundation Inc., which federal prosecutors say was purported to give scholarships to poor students but instead filled the coffers of Brown and her associates.

Also charged in the 24-count indictment was Elias “Ronnie” Simmons, 50, of Laurel, Maryland, who has served as Brown’s chief of staff since 1993. It wasn’t immediately clear from court records whether Brown and Simmons had attorneys to represent them.

Earlier this year, One Door President Carla Wiley pleaded guilty to one count of conspiracy to commit wire fraud after it as determined that she had deposited $800,000 into the foundation’s account over four years. Over that time, federal prosecutors say it gave one scholarship for $1,000 and that Wiley transferred herself tens of thousands of dollars.

“Congresswoman Brown and her chief of staff are alleged to have used the congresswoman’s official position to solicit over $800,000 in donations to a supposed charitable organization, only to use that organization as a personal slush fund,” Assistant U.S. Attorney General Leslie Caldwell, chief of the Justice Department’s criminal division, said in a statement.

Read on.

Republicans demand answers from HUD’s Castro on FHA non-performing loan sales

ount one of the House of Representatives’ most powerful Republicans among those who were apparently dismayed by the Department of Housing and Urban Development and the Federal Housing Administration’s recent announcementabout a series of extensive changes to the non-performing loan sale program.

Last week, HUD and the FHA announced the “most significant improvements to date” for the Distressed Asset Stabilization Program, under which the FHA sells off deeply delinquent loans to private investors.

Read on.

Top state regulator to probe Morgan Stanley loan sales

James Gorman is about to feel some pain in Massachusetts.

William Galvin, the Bay State’s top securities regulator, has launched an investigation of Gorman’s Morgan Stanley and its alleged loan sales contests,which posed apparent conflicts of interest with clients, The Post has learned.

Gorman’s bank created a pilot program that divided financial advisers into “teams” and offered them financial incentives for selling securities-based loans — an apparent regulatory no-no because it could benefit the broker more than the client, The Post first reported in March.

Read on.

NYC has lost almost $60M in revenue since 2011 by giving tax breaks to dead people

When benefitting from a property tax break in New York City, even passing into the Great Beyond isn’t a problem.

The city has lost nearly $60 million in revenue since 2011 by providing property tax breaks to dead people, according to an audit released Thursday by City Controller Scott Stringer.

For years, the city Department of Finance has routinely continued providing a tax break meant for low income seniors to property owners who are dead.

More than 3,200 properties continued to receive the benefits year after year, auditors found. That meant a loss of $35.9 million in tax revenue just since 2012.

Read on.

House tries to block SEC’s new corporate-ballot rules

‘Universal ballot’ would aid activist investors

WASHINGTON — The Securities and Exchange Commission’s plan to give activist investors more firepower to defeat company board candidates hit a House roadblock Thursday.

At issue are rules the SEC is developing that would make it easier for shareholders to vote on board candidates nominated by investors, in competition with those pushed by the company’s management. The House voted 243-180 Thursday to add language to a spending bill for the fiscal year beginning Oct. 1 that would bar the SEC from writing such rules. The spending bill cleared the chamber late Thursday on a largely party-line vote, 239-185.

The corporate-ballot rules, which the SEC is expected to propose in the coming weeks, would allow for what is known as a “universal ballot,” a single voting form in contested corporate elections. Currently, voters in contested elections receive two sets of ballots, each featuring a rival slate of board candidates.
Rep. Scott Garrett (R., N.J.), who wrote the amendment that the House approved Thursday, said the SEC should focus its limited resources on other projects, such as addressing the lackluster participation of mom-and-pop retail investors in corporate elections. He criticized universal ballots as a boost for “special interests,” such as labor unions and public pension funds.

Read on.

“Maybe You Can Reverse Brexit” – Jamie Dimon Chimes In On How To Ignore The Voters

You can’t fix stupid. No, Jamie, you can’t reverse the Brexit!

 Zerohedge:

Dimon’s next comment, as reported by Bloomberg, is the key – Dimon was discussing the results of Brexit and specifically the use of the “passport rule” which currently enables companies with operations in the UK to sell their services to the other 27 nations in the bloc. If the UK can’t win continued use of the passport rule, Dimon said he would be “forced” to consider shifting his 16,000 UK-based staff…

If we have that passport after Brexit, we likely would not have to make any change at all. But I think the European Union will not accept that. It will put more conditions on the UK and might force banks to become smaller in London.”

However that wasn’t the end, that was actually Dimon setting himself up for this amazing comment – suggesting that Brexit could actually be reversed, if the “right” people were involved in the decision making.

Maybe you can even reverse Brexit. There are always solutions to the problems, as long you have the right people in the room.”

And there we have it – in Jamie Dimon’s world, you just need to have the right people in the room to override the voters. It’s that simple.