Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-64542 Mon, 21 Jan 2019 16:09:28 GMT Ditech Holding Corporation Continues To Dodge Creditors http://implode-explode.com/viewnews/2019-01-21_DitechHoldingCorporationContinuesToDodgeCreditors.html iehi-feed-64541 Sun, 20 Jan 2019 02:24:07 GMT TV Host Chris Hansen Is Now The One Being Hunted http://implode-explode.com/viewnews/2019-01-19_TVHostChrisHansenIsNowTheOneBeingHunted.html iehi-feed-64539 Thu, 17 Jan 2019 17:59:11 GMT Metropolitan Property Group Accused of Illegal Airbnb Rentals http://implode-explode.com/viewnews/2019-01-17_MetropolitanPropertyGroupAccusedofIllegalAirbnbRentals.html iehi-feed-64537 Wed, 16 Jan 2019 22:12:01 GMT Bridgewater's Ray Dalio: Capitalism is not working for most people http://implode-explode.com/viewnews/2019-01-16_BridgewatersRayDalioCapitalismisnotworkingformostpeople.html "We're in a situation when the economy is at a peak, we still have this very big tension. That's where we are today," he said in November. "We're in a situation where, if you have a downturn, and we will have a downturn, I believe that -- I worry that that polarity will become greater."

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"If I was doing it, I think that you have to call that a national emergency," said Dalio. Then, reasoned Dalio, the President could "[take] responsibility for changing those metrics. I think there's a lot that can be done in private-public partnerships and so on to be able to change it, but I fear that that probably will not be done by the next time we have a downturn, and I fear for what that conflict is going to be like that."

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iehi-feed-64536 Wed, 16 Jan 2019 20:29:09 GMT Chris Hansen Of To Catch A Predator Fame Busted Bouncing Checks http://implode-explode.com/viewnews/2019-01-16_ChrisHansenOfToCatchAPredatorFameBustedBouncingChecks.html iehi-feed-64534 Wed, 16 Jan 2019 14:09:20 GMT Democrats To Protect Unpaid Government Employees From Foreclosure http://implode-explode.com/viewnews/2019-01-16_DemocratsToProtectUnpaidGovernmentEmployeesFromForeclosure.html iehi-feed-64531 Wed, 16 Jan 2019 01:32:35 GMT Why mortgage lending at Wells Fargo, Chase and Citi plunged http://implode-explode.com/viewnews/2019-01-15_WhymortgagelendingatWellsFargoChaseandCitiplunged.html With earnings from three of the four biggest banks in, one metric stands in sharp relief. Mortgage lending just keeps plunging. In the fourth quarter, mortgage originations at Citi C, +4.16%   were down 23% compared to a year ago. At Wells Fargo WFC, -1.55%  , they were 28% lower, and at JPMorgan Chase JPM, +0.73%  , they were down 30%.

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What's going on? Here's how JPMorgan CFO Marianne Lake described it in her prepared remarks to analysts Wednesday: "Home Lending revenue was down 8%, driven by lower net reduction revenue in a low volume highly competitive environment."

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Mortgage lending is down, mostly because there aren't enough houses for people to buy to sustain a healthy housing market -- although rising rates aren't helping either. Also thanks to those higher rates, the long refinance boom is over

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iehi-feed-64526 Wed, 09 Jan 2019 14:31:18 GMT REALTOR ALERT: Home Sales Down 25% Due To Government Shutdown http://implode-explode.com/viewnews/2019-01-09_REALTORALERTHomeSalesDown25DueToGovernmentShutdown.html iehi-feed-64525 Tue, 08 Jan 2019 15:50:11 GMT ELDER FRAUD ALERT: Hamptons Couple Indicted for Ripping Off Seniors! http://implode-explode.com/viewnews/2019-01-08_ELDERFRAUDALERTHamptonsCoupleIndictedforRippingOffSeniors.html iehi-feed-64524 Mon, 07 Jan 2019 23:32:44 GMT The Men Peddling the 'Secrets' to Getting Rich on Amazon http://implode-explode.com/viewnews/2019-01-07_TheMenPeddlingtheSecretstoGettingRichonAmazon.html It may seem obvious to an outsider that most people aren't going to become rich by selling things on Amazon. But that's the thing about gold rushes: Some people do find gold, and it is sometimes hard to tell what distinguishes the people who make it from those who don't. Travis Tolman, the travel-product seller, is about to launch his second product on Amazon, and said he thinks he'll be able to make about $8,000 a month. When I asked him why he succeeded while so many others at the seminar failed, he said he wasn't quite sure. "I think I just did a really good job of following directions," he told me.

There's something uniquely American about believing that with a little bit of hard work, anybody can make money fast. In the 19th century, advertisements promised people exclusive selling rights to a certain product, for a fee. They'd pay the money, and then find out that the product didn't exist, or that dozens of other people were selling it. "In the U.S., the depth of commitment to social mobility and uplift seems to give some degree of distinctiveness to how fraud operates," said Edward J. Balleisen, a professor at Duke University who has written a book on the history of fraud in America.

The success of the Amazon-coaching market says something about the current state of the economy. As the American middle class disappears, many people feel as if they've lost their financial footing and are seeking an easy shortcut back to stability. "The best indicator of whether someone will be amenable to being defrauded has to do with financial insecurity," David Vladeck, the former director of the Federal Trade Commission's Bureau of Consumer Protection, who is now a professor at Georgetown, told me.

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It's not low-income people who fall victim to online frauds, Vladeck said--they don't have the thousands of dollars needed to pay scammers in the first place. It's people who have a little bit of extra money, and want to invest it to get more breathing room. When, during the Great Recession, millions of families lost jobs or saw their income reduced, business-opportunity scams proliferated, he said. Many of the people I talked to at the seminar said they just wanted a little bit more money than they had--to build a bigger retirement fund, work less, buy a vacation home.

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iehi-feed-64523 Mon, 07 Jan 2019 18:23:53 GMT USC Basketball Coach Anthony Bland Better Not Drop The Soap! http://implode-explode.com/viewnews/2019-01-07_USCBasketballCoachAnthonyBlandBetterNotDropTheSoap.html iehi-feed-64521 Sat, 05 Jan 2019 22:34:15 GMT Georgia "Deportation" Senator Turns Himself In For Insurance Fraud http://implode-explode.com/viewnews/2019-01-05_GeorgiaDeportationSenatorTurnsHimselfInForInsuranceFraud.html iehi-feed-64520 Sat, 05 Jan 2019 19:39:45 GMT Government Shutdown Could Cost Reverse Mortgage Sector Billions http://implode-explode.com/viewnews/2019-01-05_GovernmentShutdownCouldCostReverseMortgageSectorBillions.html iehi-feed-64515 Fri, 04 Jan 2019 16:25:16 GMT Dementia Victim's Family Files Lawsuit Against Wells Fargo http://implode-explode.com/viewnews/2019-01-04_DementiaVictimsFamilyFilesLawsuitAgainstWellsFargo.html iehi-feed-64512 Thu, 03 Jan 2019 23:29:22 GMT Celink Settles Department Of Justice Lawsuit For $4.25 Million http://implode-explode.com/viewnews/2019-01-03_CelinkSettlesDepartmentOfJusticeLawsuitFor425Million.html iehi-feed-64510 Thu, 03 Jan 2019 01:18:00 GMT Real Estate inventory is piling up - Dr. Housing Bubble http://implode-explode.com/viewnews/2019-01-02_RealEstateinventoryispilingupDrHousingBubble.html iehi-feed-64508 Wed, 02 Jan 2019 16:00:30 GMT PulteGroup Allegedly Hid Shoddy Homebuilding http://implode-explode.com/viewnews/2019-01-02_PulteGroupAllegedlyHidShoddyHomebuilding.html iehi-feed-64505 Tue, 01 Jan 2019 00:38:06 GMT Happy New Year! May Your City Never Become San Francisco, New York or Seattle http://implode-explode.com/viewnews/2018-12-31_HappyNewYearMayYourCityNeverBecomeSanFranciscoNewYorkorSeattle.html In truth, most of these cities have qualities other cities would reasonably desire. Denver has one of the country's fastest-growing tech labor forces, with minorities and women relatively well represented in those jobs. Seattle and Portland have among the fastest all-around job growth. New York has some of the fastest-growing wages. San Francisco has unemployment well below the national average and household incomes among the highest in the country.

But San Francisco-ization and the other -izations don't refer to the process of acquiring any of these good things. Rather, those terms capture the deepening suspicion of many communities that the costs of urban prosperity outweigh the benefits. The tech jobs and the high wages aren't worth having if they come with worsening congestion, more crowded development or soaring housing costs.

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Embedded in these fears is something slippery, seemingly inevitable. Once you let tech giants in the door, you have a homeless crisis. Once you allow more density, you're surrounded by skyscrapers. Once housing costs begin to rise, the logical conclusion is San Francisco.

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It's much harder to point to cities that have gotten all of this right -- the growth without the congestion, the tech jobs without the homeless crisis, the affordable housing without the sprawl.

We could use a word for the condition of becoming such a place. Maybe Minneapolisization?

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iehi-feed-64499 Sun, 30 Dec 2018 03:11:05 GMT Wells Fargo to Pay States $575 Million Over Sales Practices http://implode-explode.com/viewnews/2018-12-29_WellsFargotoPayStates575MillionOverSalesPractices.html The settlement with 50 states and the District of Columbia announced Friday resolves state investigations into Wells Fargo's practices from 2002 to 2017. The practices, which have previously been disclosed, include opening bogus accounts, charging improper mortgage rate-lock extension fees and forcing insurance policies on auto-lending customers.

Wells Fargo's expenses surged over the past two years, driven by fines and legal costs as investigations multiplied across business lines. Following the 2016 revelation that bank employees opened as many as 3.5 million accounts without customer approval in order to meet sales goals, issues have emerged in the bank's consumer-lending, wholesale and wealth-management arms.

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iehi-feed-64497 Fri, 28 Dec 2018 16:32:34 GMT Shellpoint Mortgage Servicing Pays $4 million To Massachusetts http://implode-explode.com/viewnews/2018-12-28_ShellpointMortgageServicingPays4millionToMassachusetts.html