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of A sues 28 Nevada HOAs, collection agencies in lien dispute - (www.vegasinc.com) Bank of America is suing 28
Nevada homeowner associations and their collection agencies in the continuing dispute
over charges that HOAs have been hitting homeowners and buyers of foreclosed
homes with inflated bills for past-due assessments and collection costs. The
bank filed suit Tuesday in Clark County District Court charging that state law
limits the ''super-priority" first-position liens that HOAs can place
against homes to an amount equal to nine months of HOA assessments -- but that
the HOAs are "improperly'' filing liens demanding payment of attorney's
fees and collection costs on top of that. These liens typically cover unpaid
HOA assessments that accumulate while homes in foreclosure sit vacant, as well
as costs to collect those unpaid bills. Charges that the HOAs and their bill
collectors have been inflating the liens are pending in numerous lawsuits, with
many attorneys expecting the Nevada Supreme Court or the Legislature to ultimately decide what limits should be placed on the
liens.
Corzine,
banks push to end MF Global fraud lawsuit - (finance.yahoo.com) Jon Corzine's lawyers say
allegations that he fraudulently ran MF Global Holdings Ltd (Other OTC:MFGLQ -News)
make "no sense" and that a lawsuit seeking to hold him and others
responsible for the futures brokerage's bankruptcy must be thrown out. Corzine,
former colleagues and several banks, including JPMorgan Chase & Co (NYSE:JPM - News)
and Goldman Sachs Group Inc (NYSE:GS - News),
filed papers on Friday night to dismiss investor litigation over MF Global's
collapse. The company's October 31, 2011, bankruptcy was Wall Street's biggest
meltdown since 2008. Plaintiffs led by the Virginia Retirement System and the
province of Alberta, Canada, have accused MF Global in the U.S. District Court
in Manhattan of inflating its ability to manage risk, obscuring risks from a
big bet on European sovereign debt and improperly accounting for deferred tax
assets.
Spain’s
Vicious Circle Worsens as Regions Downgraded - (www.cnbc.com) With Spain looking increasingly likely to miss
this year’s deficit target, credit rating downgrades for several of its
regions, and its borrowing costs showing an uptick things aren’t getting any
better for the country, with one analyst telling CNBC that the country is
caught in a “vicious circle”. Spanish newspaper El Confidencial reported
on Tuesday that the central bank had written to the European Union explaining
that Spain’s government is due to miss its deficit forecast for this year,
which currently stands at 6.3 percent of gross
domestic product (GDP). The Spanish
economy also contracted in the third quarter by 1.7 percent
year-on-year the government reported on Tuesday, compared with a 1.3 percent
contraction in the second quarter. “Spain is trapped in a vicious circle”,
Nicholas Spiro, Managing Director at Spiro Sovereign Strategy told CNBC.com.
DuPont
to Cut 1,500 Jobs as Earnings Miss Estimates - (www.cnbc.com) DuPont reported
quarterly earnings and revenue on Tuesday that fell short of analysts'
expectations. The chemical maker also said it is cutting
1,500 jobs, or about 2 percent of its 70,000 workers, and said it plans to take
further steps to increase competitiveness. The job cuts by the company, which
also makes Kevlar bulletproof fiber and Corian countertops, marks one of the
more extreme reactions to slipping demand and global economic uncertainty so
far in this earnings season.
Moody's downgrades five regions in Spain - (www.telegraph.co.uk) US and European markets have
fallen as earnings from a host of of large multinational companies were worse
than expected and Moody's downgrade of five regions in Spain triggered concerns
about the slowing global economy. The move today has almost completely wiped
out the gains that have been built up over the last week or so and are a stark
reminder that markets can have a nasty way of reversing their course and
quickly. It has also dawned on investors that the good results in the regional
Spanish elections for prime minister Rajoy mean that he may not request a
bailout as soon as many had hoped, something that had under pinned the recent
gains in stock markets. With several failed attempts at getting above and
beyond the near term resistance the bulls’ ability to maintain upward momentum
is being called into question.
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