How to resolve AdBlock issue? 
Business News
- Details
- Written by: Editor
This month, ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, released its Q3 2017 U.S. Home Equity & Underwater Report.
The report shows that at the end of the third quarter of 2017 there were 4.6 million (4,628,408) U.S. properties that were seriously underwater where the combined loan amount secured by the property was at least 25 percent higher than the property’s estimated market value.
That’s down by more than 800,000 properties from the previous quarter and down by more than 1.4 million properties from Q3 2016 – the biggest year-over-year drop since Q2 2015.
The 4.6 million seriously underwater properties at the end of Q3 2017 represented 8.7 percent of all U.S. properties with a mortgage, down from 9.5 percent in the previous quarter and down from 10.8 percent in Q3 2016.
“Accelerating home price appreciation this year is increasing the velocity at which seriously underwater homeowners are recovering home equity lost during the Great Recession,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Median home prices nationwide are up 9.4 percent so far in 2017, the fastest pace of appreciation through the first three quarters of a year since 2013. Continued home price appreciation is also helping to grow the number of equity rich homeowners across the country compared to a year ago.”
There were more than 14 million (14,030,394) U.S. properties that were equity rich – where the combined loan amount secured by the property was 50 percent or less of the estimated market value of the property – down slightly from the previous quarter but still up by 905,000 compared to a year ago.
The 14 million equity rich U.S. properties represented 26.4 percent of all U.S. properties with a mortgage, up from 24.6 percent in the previous quarter and up from 23.4 percent in Q3 2016.
States with the highest share of equity rich properties were Hawaii (41.9 percent); California (41.4 percent); New York (35.7 percent); Oregon (34.0 percent) and Washington (33.6 percent).
Among 93 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of equity rich properties were San Jose, California (61.0 percent); San Francisco, California (56.4 percent); Los Angeles, California (45.3 percent); Honolulu, Hawaii (43.9 percent); and Oxnard-Thousand Oaks-Ventura, California (38.7 percent).
Other metros where at least 35 percent of properties were equity rich at the end of Q3 2017 were Seattle, Washington (38.7 percent); San Diego, California (38.3 percent); Portland, Oregon (36.7 percent); Austin, Texas (35.8 percent); and Stockton, California (35.2 percent).
States with the highest share of seriously underwater properties were Louisiana (19.2 percent); Iowa (14.2 percent); Pennsylvania (14.0 percent); Mississippi (13.8 percent); and Alabama (13.7 percent).
Among 93 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of seriously underwater properties were Baton Rouge, Louisiana (20.5 percent); Scranton, Pennsylvania (19.5 percent); Youngstown, Ohio (18.2 percent); New Orleans, Louisiana (17.4 percent); and Dayton, Ohio (16.4 percent).
- Details
- Written by: Editor
These acts constitute violations of California’s Hazardous Waste Control Law, and of California’s Unfair Competition Law, as such conduct gives DIRECTV a competitive advantage over other regulated entities that are complying with the law.
On Nov. 21, by stipulation of the parties, the Alameda County Superior Court entered a final judgment incorporating the terms of the settlement.
“Unlawfully disposing of hazardous waste can lead to serious health and environmental risks. That is why DA O'Malley and I are holding DIRECTV accountable today,” Attorney General Becerra said. “The California Department of Justice will continue working to protect the health and well-being of our communities. We will prosecute those who violate our environmental laws.”
“My Office is dedicated to enforcing laws that protect the environment and ensure fair business practices. Any company doing business in Alameda County and in California must abide by these laws. The illegal disposal of hazardous waste pollutes our soil and our water and can be harmful to the health of humans as well as the environment,” said District Attorney O’Malley. “I thank the Attorney General for his leadership on these important issues and I am confident that we will continue to make strides in holding businesses accountable and keeping our environment free from toxic pollution.”
As part of the settlement, DIRECTV will be required to pay more than $8.9 million for civil penalties, costs, and projects furthering environmental protection; will be bound by a permanent injunction prohibiting similar future violations of law; and will have to spend more than $580 thousand over the next five years to enhance environmental compliance at its California facilities.
Additionally, DIRECTV will be required to hire an independent auditor to perform three audits of DIRECTV’s compliance with the injunctive terms of the judgment.
The settlement and final judgment follow an extensive investigation by the two offices. The investigation included a series of inspections of dumpsters belonging to DIRECTV facilities.
The inspections revealed that DIRECTV was routinely and systematically sending hazardous wastes to local landfills that were not permitted to receive those wastes.
During the relevant period of the investigation, DIRECTV operated 25 facilities in California, and all 25 facilities were unlawfully disposing of hazardous waste.
In November 2014, the Attorney General and Alameda DA resolved a similar action against AT&T through a stipulated final judgment.
Because DIRECTV was acquired by an AT&T affiliate in July 2015, the parties to this settlement have stipulated to amend the prior AT&T judgment to include terms applicable to DIRECTV.
Copies of the complaint and stipulation for entry of amended final judgment are available at www.oag.ca.gov/news.
- Details
- Written by: Editor
The locator can be found at https://eapps.naic.org/life-policy-locator/#/welcome .
Thousands of U.S. consumers have reaped the benefits from the tool since its launch last November.
The National Association of Insurance Commissioners reported 8,210 beneficiaries have been matched with $92.5 million.
"The Life Insurance Policy Locator was created to help beneficiaries search for lost life insurance policies and to ensure consumers receive money they are entitled to," said California Insurance Commissioner Dave Jones. "This national tool has been an enormous success. I encourage everyone to use this tool to see if they are owed benefits."
More than 3,200 California consumers and over 40,000 consumers throughout the nation have conducted searches since the policy locator was launched.
The California Department of Insurance and the National Association of Insurance Commissioners developed the tool in 2016 to provide search capabilities to help find lost life insurance policies and annuities.
Since 2010, state insurance regulators have investigated unclaimed life insurance benefit payments.
In 2015, life insurers paid more than $74 billion in insurance policy benefits to consumers nationwide.
- Details
- Written by: Editor
On Oct. 13, Commissioner Jones declared an emergency situation in California due to the fires, which allowed insurance companies to use out-of-state adjusters to handle the large volume of claims resulting from the North Bay Fires and other fires.
Recently, the commissioner has received feedback from wildfire survivors, public officials and others that some of the representations made by insurance adjusters conflict with California law.
"Helping residents start the claims process in the face of so many losses and claims necessitated extraordinary actions," Jones said. "While getting claims settled is a priority, it must be done according to the laws in place to protect policyholders through a difficult process. I issued this notice to remind insurers that claims adjusters must be properly trained and process all claims according to California law."
Several fire survivors provided examples to the Department of incorrect insurer statements, such as:
– Incorrect timeframe provided to collect full replacement cost to rebuild. Policyholders were told they have between 6 and 12 months. In a state of emergency, as these fires were, policyholders have no less than 24 months under California law.
– Advised that if they decide not to rebuild in the same location, the policyholder could not receive full replacement benefits. Instead, California law provides policyholders may choose to rebuild in the same location, a new location or purchase an already built home in another location.
– Told additional living expense benefit would expire in 12 months. Under California law, in a state of emergency, policyholders have up to 24 months.