Hard Money Loans

Cincinnati, OH, United States (AHN) – The U.S. Consumer Product Safety Commission (CPSC) announced today that Macy’s Inc., of Cincinnati, Ohio, has agreed to pay a civil penalty of $750,000. The penalty agreement (pdf) has been provisionally accepted by the Commission.

The settlement resolves CPSC staff allegations that Macy’s knowingly failed to report to CPSC immediately, as required by federal law, that it had sold children’s sweatshirts, sweaters and jackets with drawstrings at the neck between 2006 and 2010. Children’s upper outerwear with drawstrings, including sweatshirts, sweaters and jackets, poses a strangulation hazard to children that can result in serious injury or death.

The sweatshirts, sweaters and jackets that are the subject of the penalty agreement were sold by Macy’s and Macy’s-owned stores, including Bloomingdale’s, and Robinsons-May. CPSC staff alleges that Macy’s knowingly sold some garments after a recall had been negotiated, which the Consumer Product Safety Improvement Act of 2008 made illegal.

Federal law requires manufacturers, distributors and retailers to report to CPSC immediately (within 24 hours) after obtaining information reasonably supporting the conclusion that a product contains a defect which could create a substantial product hazard, creates an unreasonable risk of serious injury or death, or fails to comply with any consumer product safety rule or any other rule, regulation, standard or ban enforced by CPSC.

In 1996, CPSC issued drawstring guidelines to help prevent children from strangling on or getting entangled in the neck and waist drawstrings of upper outerwear, such as jackets and sweatshirts. In 2006, CPSC’s Office of Compliance announced that children’s upper outerwear with drawstrings at the hood or neck would be regarded as defective and presented a substantial risk of injury to young children.

Beginning in 2006, CPSC and the garments’ manufacturers and distributors announced recalls of the following children’s garments with drawstrings that were sold at Macy’s, Bloomingdale’s and Robinsons-May:

• Quiksilver Inc. Hide & Seek hooded sweatshirts;
• Jerry Leigh of California Inc. Harajuku Lovers Hooded Jackets;
• La Jolla Sport USA Inc. O’Neill children’s sweatshirts;
• Dysfunctional Clothing LLC children’s hooded sweatshirts;
• Macy’s Merchandising Group Inc. Epic Threads hooded sweatshirts and Greendog sweaters;
• C-MRK Inc. Ocean Current boys’ hooded sweatshirts;
• NTD Apparel Inc. Hello Kitty hooded sweatshirts;
• S. Rothschild & Co Inc. girls’ coats; and
• VF Contemporary Brands Inc. Splendid girls’ hooded jackets and vest sets

In agreeing to the settlement, Macy’s denies CPSC staff allegations that it knowingly violated the law.

Note: On June 29, 2011, the Commission approved a final rule that designates children’s upper outerwear in sizes 2T through 12 with neck or hood drawstrings, and children’s upper outerwear in sizes 2T through 16 with certain waist or bottom drawstrings, as substantial product hazards.

View full post on Economy, Business And Finance Stories

New York State’s Martin Act makes it easier for state prosecutors to bring charges than their federal counterparts

View full post on Finance Stories

United States (ProPublica) – by Marian Wang

Even as anger over governmental corruption has exploded into protests across the Middle East, the U.S. Chamber of Commerce has been working to weaken the law that bans companies from bribing foreign officials.

That effort, which has been going on for months, recently got ratcheted up when the Chamber hired former U.S. Attorney General Michael Mukasey to lobby specifically on “possible amendments to the Foreign Corrupt Practices Act,” according to Mukasey’s lobbying registration document. The FCPA, passed in’77, prohibits U.S. companies and foreign companies whose securities are traded on U.S. exchanges from paying bribes to foreign officials.

The U.S. Chamber’s Institute for Legal Reform, in a report last fall , said that both the Justice Department and the Securities and Exchange Commission had become “increasingly aggressive in their reading of the law” within the last decade, bringing more FCPA enforcement actions than ever, netting higher fines and filing more cases against individual company employees.

That’s something the Justice Department has trumpeted as an achievement: “Our FCPA enforcement is stronger than it’s ever been—and getting stronger,” Lanny Breuer of the Justice Department’s criminal division said at a conference in November. In the 2010 fiscal year, half of all penalties won by his division were from foreign bribery cases. (The Washington Post just yesterday published a rundown of some recent actions.)

The Chamber of Commerce argues that aggressive enforcement of the anti-bribery law makes U.S. businesses less competitive than their foreign counterparts, though the law also applies to some foreign companies. The Chamber is pushing for Congress to make changes to the law, such as defining “foreign official” and requiring “willfulness” for corporate criminal liability.

Butler University Assistant Professor of Business Law Mike Koehler used to represent clients facing FCPA charges. He told me he agrees with some of the Chamber’s objections, but doesn’t think it needs a legislative fix.

The law is fine, Koehler told me. But the Justice Department and SEC “are continuing to push the envelope” with enforcement, applying the law in ways that Congress didn’t originally intend. One example of that, he said, is that about 60 percent of current FCPA cases involve payments made to employees of state-owned or state-controlled companies. Those people shouldn’t be considered “foreign officials,” he said.

Koehler said his main issue with FCPA enforcement is that the allegations are almost never subject to judicial scrutiny because these cases always settle. Asked why this is, given that most defendants are giant multinational companies with enough resources to take the corruption charges to court, Koehler said that the “the cost of aggressively mounting a legal defense based upon the statutes, elements, and facts of case are too risky.”

However, a few FCPA challenges are currently making their way to court, some accusing the Justice Department of using too broad a definition for “foreign official.”

Mark Mendelsohn—formerly the Justice Department’s chief FCPA enforcer and now in private practice—told the Wall Street Journal last week that he expects current enforcement trends to continue. He cited the Mideast protests as part of a “growing recognition of what people commonly call the corrosive effects of corruption on development and democracy and democratic institutions.”

The U.K. is currently finalizing its own anti-bribery law, which would seem to address the Chamber’s objections about an uneven playing field. The Chamber, however, writes in its report that U.S. authorities may try to apply even more pressure to companies “so as not to be outdone” by Britain in the area of anti-corruption enforcement.

View full post on Economy, Business And Finance Stories

In Henry vs. Quicken Loans , the lender is accused of violations of law for unpaid overtime compensation to mortgage bankers. Nichols Kaster PLLP, the attorneys in the case, have also filed several cases in the past three months alleging unpaid overtime wages for mortgage industry workers. Among them is a lawsuit filed against PrimeLending.

View full post on Mortgage Stories

The United States needs loan modifications.

March 01, 2009

By: Peter Shu

Orange County, California – According to a recent Gallup Poll, over 50% of Americans feel that offering government aide(mortgage bailout) to homeowners in distress is unfair1. My fellow Americans, it seems as if in this hard time we are hard-pressed to find support from others in more fortunate situations. In fact the same source also outlined that according to America, only 6% of Americans feel that the government’s aide will even have a substantial effect on the mortgage crisis2.  The fact of the matter is that often times hardworking citizens find themselves in times of hardship. You may be one of the homeowners with children, dreams and lives that revolve around your precious home. You may also be a multiple home owner, homes that you have earned through years of hard work. With Americans weary of government assistance, what can homeowners do?

Homeowners have the right to defend themselves against lenders, often times in order to stay in one’s home an individual must take the initiative. During any crisis those who act proactively have historically been the most successful. This is true for any financial investment as well. Albeit, the home for many homeowners is much more then an investment. The reality of the situation is that in order to keep your property, homeowners should not sit and wait for help. Homeowners are now turning to loan modifications as a means of survival. A loan modification is by far the most effective and economically sound decision a homeowner can make. What is a loan modification? A loan modification is a relatively new option that many homeowners are using to keep their properties. As other options are less effective and can cost homeowners much more money. In this current economy smart decisions need to be deciphered and executed in an expedited manner.

The main objective of a loan modification is to offer a homeowner payment relief, this comes in the form of a lowered monthly payment as well as, and not limited to; a lowered interest-rate, reduced principle balance and deferred payments. A loan modification will also recapitalize the arrears; what this means for you as a homeowner is that a successful loan modification will take what ever past due(s) you owe and put it back into the principle. Ultimately the goal of a loan modification is to keep what you own, to further ensure that you keep your property a loan modification will also typically offer an interest only option or fix and fully amortize your loan. Other benefits of a loan modification include; no credit score requirements, will stops foreclosures and will bring a homeowner completely current.

How can a homeowner obtain a loan modification? In order to obtain a loan modification a homeowner must know exactly what to do and/or say to their lender. As many unexperienced homeowners will tell you, a loan modification is not a very easy or simple task. It takes hours upon hours of work as well as a fundamental understanding of what lenders are looking for when approving loan modification. Thus, a homeowners best opportunities lie with an experienced loan modification company. Because of the large number of unscrupulous loan modification companies currently operating, a homeowner’s best shot at a loan modification is through a law firm. This is the case because a lawyer must actually put their license on the line; this ensures legitimacy.  A law firm will offer legal expertise as well as the modification experience required to successfully negotiator a loan modification.

Florida attorney David J. Stern laid off around 560 employees as his major clients abandoned him. Stern’s office is under investigation for allegedly fabricating documents in foreclosure cases. The move followed the termination of Stern’s law firm by Fannie Mae and Freddie Mac.

View full post on Mortgage Stories

A mining law expert believes SA mining companies are not focused on the very real danger of their operations being nationalised.

View full post on Finance Stories

Businesses, like real estate, can be planned, built, finished, and sold for a profit. But what if you own a business that buys and sells real estate? It’s not the same. The best you can do is sell the real estate that you’ve bought, and that’s the end of it. No one will buy your business and pay you several times your current yearly profits, as they would other businesses. Stinks, doesn’t it? I’ll go into the details of why this is, but also offer this self-coined truism as a consolation prize:

“You’ll never sell your real estate business, so you might as well automate it.”

I. Other Businesses’ Options and Exit Strategies

Other industries have it good, or at least some of them. If you were to start a company that, for example, sells chairs, you would make your initial investment and get to work. You’d test ways to find people who buy your chairs, and you’d develop relationships with retailers who buy from you in bulk and resell your chairs to the public. Once you make enough money to survive, you grow the business by reinvesting profits, borrowing, or raising capital.

Then you get bigger, sell more, make more, and before you know it, you have a track record of several years. You could now sell your business to someone else. But, of course, the more profitable your company is, the more someone will pay for it. Each industry has its own rules of thumb, but for the most part a buyer will offer you a multiple of your company’s yearly earnings (hopefully several times).

Other things besides earnings can increase your company’s sales price, such as systemizing it. If you can show a buyer how your company runs itself without you (the owner) having to do anything, you can imagine how much more attractive it will appear to them. Who wouldn’t want to own business that spits out money year after year without much work? It’s worth paying more for.

People and companies who buy businesses also want to buy something that is scalable. This means that they should be able to grow it without having to hire a ton of people. Law firms can’t do this, because each attorney can only bill so many hours, and in order for the firm to make more money, they will have to hire more attorneys. Compare this to a software business where people can download the products from a website-you could potentially sell hundreds or thousands more copies per year before you have to hire someone new.

So, selling it gives you a lump sum of money that you can use to start a new business, invest somewhere and retire on, or whatever. Most businesses don’t sell because they wouldn’t sell for a substantial amount, but it’s still many entrepreneurs’ dream to build a business, sell it for a huge amount, and get the heck out of Dodge. I know a few people who have done this, and I am insanely jealous.

II. Why Real Estate Investment Companies Are Different

The reason I’m jealous is because not all business types are able to do this. Some businesses rely so much on the owner and their specialized expertise, that it would be hard for a new owner without that same expertise to jump in and make it work. Like a law firm. Or a doctor. Or, regrettably, a real estate investment company that flips and/or holds property.

The best that we can hope for is to sell whatever assets we’ve accumulated. For doctors and law firms, those assets are customer lists, supplies, and maybe the building they are in. For us investors, it’s our properties and that’s it. Our companies are only (perceived to be) worth whatever we can sell our properties for.

I think that an investment company is scalable. I can picture a company that buys and sells 100 houses per year and only has a tiny office of staff. But when is the last time you’ve heard of a real estate investor selling their business? I haven’t. It just doesn’t happen. Instead, we’re just looked upon as individuals with real assets that we could sell off, and I doubt any investor would pay market value for them.

III. But at Least You Can Automate It

You can even write systems for your real estate company and get it to the point where it practically runs itself without you. But no one cares. So, if you can’t sell your company, you might as well make life as easy as possible and systemize it for your own benefit. Map out who does what, write the systems, and hire the right people to run them for you and give you reports.

And, if it’s creating cash and equity profits year after year anyway, this may not be such a bad thing. You just need to know what you’re getting into. So while individual houses have multiple exit strategies, your investment business as a whole has two:

1) Sell off all of your properties and liquidate the company.

2) Own the business forever-keeping your properties, maybe buying more, maybe selling some.

I opt for #2, but encourage you to make your business as easy as possible to manage for your own sake.

Author: Alan Brymer
Article Source: EzineArticles.com
Programmable Multi-cooker

Primarily, there are two ways of making capital gains quickly and easily on real estate. They are compounding and leveraging. As a result of the application of compound interest in the case of the former, the investment grows exponentially. In the case of the latter, a loan is taken and it is invested such that the rate of return is many times higher than the rate of interest applicable on loan. Although the risks involved in leveraging are quite high, but the returns are also high. 1031 exchange is a unique law that provides you the benefit of both compounding and leveraging. It ensures that your investment in real estate grows by leaps and bounds.

What is 1031 exchange?

1031 is an IRS (Internal Revenue Service) Code that states that if a property is sold off and the money obtained from the sale of real estate is used to buy a like-kind property, then gain or loss is not acknowledged. This law simply defers the taxes that are applicable on the profits made during the sale of real estate. The most important feature of 1031 exchange is that it is a law framed by the U.S. Government. It is not loophole where people tend to take advantage of the convolute technicalities of law. Thus, it is a safe, secure and legitimate way to make capital gains on real estate.

What are the rule and regulations associated with 1031 exchange?

As per the 1031 IRS Code, the transaction should be like-kind that is the asset purchased should be similar to the asset sold. Secondly, the money garnered from the sale of real estate can only be handled by a Qualified Intermediary (QI). Neither you nor your real estate agent can handle this money. QI is basically a professional facilitator whose job is to collect and hold the money until it is used to purchase a like-kind asset. As per the third rule, the value of the replacement property should not be less than value of the property that has been sold off.

Additionally, two timelines are also associated with the law. One is the 45-days identification period during which you have to search, identify and suggest some replacement properties. The second one is 180-days exchange period during which you have to buy the replacement property and complete all the formalities associated with it.

What are the main benefits of 1031 IRS Code?

The taxes applicable on the sale of real estate can be as high as 35 percent. These taxes, on the one hand, can reduce your capital gains considerably, and on the other hand, they can prevent you from buying more profitable real estate. With the help of 1031 exchange, you can not only protect your profit from the havoc of taxes, but you can also buy more lucrative properties. It is one of its kind wealth-building tool that helps you to increase your net-worth significantly. One thing that should be kept in mind while using this law is that it is basically a device to defer taxes. Whenever you decide to sell off your property, the taxes will become applicable on your capital gains.

Some other remarkable benefits of 1031 exchange:

• You can buy replacement properties in different real estate markets of different states.
• Instead of owning and managing many small properties, you can buy a larger property and thereby reduce your ownership liabilities and increase your ownership benefits.
• You can buy a replacement property in a more desirable and profitable location.
• Last, but not the least, you can reduce your property management obligations dramatically by dumping high-maintenance properties and buying real estate that require little or practically no maintenance.

In nutshell, 1031 exchange provides a tremendous opportunity to make capital gains year after year.

For some of the best real estate properties, take a look at Anthem AZ Bank Owned Homes, Carefree AZ Golf Homes and Glendale Waterfront Property.

Article Source:http://www.articlesbase.com/real-estate-articles/all-about-capital-gains-and-1031s-1398782.html