Hard Money Loans

Seattle, WA, United States (AHN) – Starbucks has stopped charging $1.50 for orders of coffee beans less than a pound in stores in the United States.

The Seattle-based company made the decision after being fined by the the Massachusetts Division of Standards for not disclosing the hidden charge to customers.

The fee was ended on Nov. 7 nationwide. It was charged whenever customers ordered coffee beans less than the one-pound bags readily available in Starbucks stores.

Coffee beans cost $11.95 a pound, which should be half a pound at $5.98. Customers who bought half a pound, however, paid $7.48 without being informed of the added cost.

Starbucks, like other companies, can charge additional fees for its products and services so long as it indicated these fees on price lists or informs customers before purchase.

The $1.50 extra charge by Starbucks violated consumer protection laws in Massachusetts against “unfair or deceptive” practices.

The Massachusetts Division of Standards said it became aware of the violation in August. It proceeded to investigate by buying coffee beans at Starbucks stores in Andover, Concord, Reading and other areas. Each time, the store charged the undisclosed fee.

The agency fined the stores it visited a total of $1,575. In response, Starbucks informed officials it would stop charging customers the fee in stores in Massachusetts and all other states.

“Additional fees have to be clearly and conspicuously disclosed to the consumer before the purchase,” Barbara Anthony, undersecretary of the agency’s Office of Consumer Affairs, said in a statement.

Massachusetts officials estimate about 75,000 customers in the state have paid for the extra fee without being aware of it.

A spokesman for the coffee chain, Alan Hilowitz, told the Boston Globe the $1.50 was for “additional labor and packaging” required for orders of half-pound coffee beans.

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Unless Congress takes action, loan limits in high-cost areas will revert back to $417,000 in October. But the loan limit on home-equity conversion mortgages was permanently raised to $625,500. Given HECMs can be used on purchase transactions, the use of HECM’s on transactions in excess of $417,000 could rise.

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Vernon, CT, United States (AHN) – Bravo! is voluntarily recalling select boxes of Bravo! Pig Ears Chews because it has the potential to be contaminated with Salmonella. The products affected by this recall includes only Bravo! 50 ct bulk Oven roasted Pig Ears Product Code: 75-121 Lot # 12-06-10.

Salmonella can affect animals and there is a risk to humans from handling contaminated pet products, especially if they have not thoroughly washed their hands after having contact with the chews or any other surfaces exposed to these products.

Healthy people with Salmonella should monitor themselves for some or all of the following symptoms including, nausea, vomiting, diarrhea or bloody diarrhea, abdominal cramping and fever. Rarely, Salmonella can result in more serious ailments, including arterial infections, endocarditis, arthritis, muscle pain, eye irritation and urinary tract symptoms. Consumers exhibiting these signs after having contact with this product should contact their healthcare provider.

Pets with Salmonella infections may be lethargic and have diarrhea or bloody diarrhea, fever and vomiting. Some pets will have only have decreased appetite, fever and abdominal pain. Infected but otherwise healthy pets can be carriers and infect other animals or humans. If your pet has consumed the recalled product and has these symptoms, please contact your veterinarian.

The company has received no reports of illness in either people or animals associated with the product. Bravo! is issuing this action out of an abundance of caution and sincerely regrets any inconvenience to pet owners as a result of this announcement.

Bravo! Pig Ears were distributed to retailers on the East and West Coasts. They were shipped to distributors and retailers between January 1 and February 28, 2011, where they were available for purchase.

The recall is the result of routine sampling program by the Washington State Department of Agriculture which revealed that the finished products contained the bacteria. The company has no product left in inventory from this batch of pig ears.

Consumers who have purchased any of these pig ears are urged to return the product to the place of purchase for a full refund. Consumers with questions about the recall, should visit www.bravorawdiet.com or call toll free 1.866.922.9222 9 am to 5 pm Monday to Friday.

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Two proposed disclosure forms have been released by the Consumer Financial Protection Agency. The regulator is asking lender to identify which of the two forms would better inform a prospective borrower about loan terms. The two forms include identical information for a 30-year adjustable-rate mortgage to be used for a home purchase.

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Washington, DC, United States (AHN) – The Federal Communications Commission said Thursday that it has started the review of telecom giant AT&T’s planned buy-in of T-Mobile for $39 billion. To begin the process, the FCC came out with a public notice to start the long regulatory process that allows companies and other interested parties to have their say on the deal.

The agency will conduct an analysis of whether the planned purchase would harm competition now or in the future. The aim of the analysis is to determine if the public would benefit from the corporate merger.

Among the tests the regulator will conduct is to check if the purchase would place too much spectrum under the control of one firm in any given market and to study the impact of the deal on consumers in terms of the number of service providers available and revenues generated by carriers.

Among those expected to object to the buy-in is Consumers Union, which fears the merger would result in prices of wireless service going up by up to $50 monthly. T-Mobile is known for providing a low-cost alternative to consumers by offering services costing $15 to $50 less monthly, while AT&T charges $200 more per year for plans similar to T-Mobile deals.

The group wrote a letter to members of Congress on Tuesday warning of the impact of the proposed merger.

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Chadds Ford, PA, United States (AHN) – Endo Pharmaceuticals will acquire American Medical Systems for $2.9 billion, bolstering a core segment offering urological devices and services.

The Pennsylvania-based company said it would pay $30 per share, 34 percent higher than AMS’ closing share price last Friday. The purchase includes assumption and repayment of $312 million of AMS debt.

AMS is a Minnesota-based supplier of devices for incontinence, erectile dysfunction and pelvic disorders. The company’s products were used to treat 340,000 patients in 2010, with 73 percent of sales coming from the United States and the remainder from international markets.

Endo expects the newly combined company to have revenue of about $3 billion and earnings of $1 billion. It said revenue from AMS devices is expected to grow with the continued increase of minimally invasive surgical procedures.

“This acquisition is a great step in achieving Endo’s core strategy,” Endo chief executive Dave Holveck said in a statement. “We are creating a company uniquely positioned to respond to the changing healthcare environment and the competitive, rapidly consolidating industry landscape.”

AMS president and chief executive Anthony Bihl said, “I believe that the two will be a great strategic fit, with AMS building on Endo’s existing devices & services segment and allowing our management and employees to accelerate the growth of our business to improve the quality of life for a growing number of men and women.”

Shares of American Medical Systems rose more than 32 percent after the acquisition was announced.

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Alec Gores, who made his money in tech, aims a private equity fund at media and fashion plays

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Ottawa, Ontario, Canada (AHN) – While many government purchases are often overpriced because of corrupt practices, Canada’s planned purchase of F-35 fighter jets is underpriced by $12 billion. However, the opposition is using the underpricing to hit the Harper government.

Ottawa estimates the total cost of purchasing the stealth fighters over 30 years will be only $9 billion, plus another $7 billion spread over 20 years for maintenance. However, Parliamentary Budget Officer Kevin Page reckoned the total cost would actually reach almost $30 billion.

Page attributed the discrepancy to the Department of Defense’s failure to include cost of set-up and logistics and to correctly estimate amounts for maintenance, and failure to calculate lifespan to 30 years for maintenance.

The Liberal Party, seizing Page’s report as an opportunity to hit the Tories, said the party would cancel the F-35 contract if they won the next election. The Liberals had been gearing to trigger a spring election by planning to reject the Conservative Party’s federal budget proposal and possibly pushing for a no-confidence motion because of the Tories’ alleged breach of House ethics.

The Liberals said the wrong estimates of the F-35 jets price is another proof that the Tories often mislead Canadians and Parliament, following two similar accusations over an alleged doctored report by International Cooperation Minister Bev Oda and non-disclosure of details of corporate tax rate cuts.

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Mortgage Market Index for the week ended March 4 was 206, marginally higher than 203 in last week’s report. The index from Mortech Inc. and MortgageDaily.com was 245 during the same week last year. Behind the weekly improvement was a 4 percent increase in purchase activity, while refinance transactions slipped 1 percent.

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A hard money loan is a very singular type of mortgage in which the loan is secured by a valuable asset such as real estate. This type of loan is most often used for the purchase of business real estate, but in some cases it can be used for private funding. The money itself usually comes from private sources, most often from the area in which the property in question is located.

A hard money loan can be collateralized against the property that the borrower is purchasing. If the structure of the loan is set up this way, the cash value of the loan is usually for about 70% of the quick sale value of the property itself. Because the loan is secured against real property, a borrower usually opts for a hard money loan as a last resort in times of financial distress. Sometimes it is the only form of financing possible, since credit score isn’t a huge factor in qualifying for the loan.

Private capital investors rarely take a look at a person’s credit rating, more often paying attention to the money making capabilities of the venture they are financing. Due to the structure of the loan as it relates to the value of the collateral, it is rarely the whole source of financing for any given project. Interest rates for hard loans are usually a bit higher than a standard mortgage. While the interest rate may be somewhat regulated by government agencies so it doesn’t get too high, hard money loans are not very tightly regulated. The rules of the industry are so different from the standard financing field that normal rules don’t apply. In an almost comical turn of events, the nearly complete deregulation of the industry has allowed hard loans to be incredibly speedy and efficient, now that government has been taken out of the equation.

A hard money loan, therefore is often a good source of quick capital for ailing businessmen. Unfortunately, predatory lending tactics aren’t uncommon, driving up the price of the loan. If you see yourself in the market for a this type of loan, make sure you use a professional real estate attorney, or you could become a victim yourself.

Mike Finley has been a title abstractor for over 10 years in the real estate housing industry. He now gives you his incite into home foreclosures so you can benefit from them and help take them off the market. For more information on how you can take advantage of his experience visit: http://www.forclosedhomestoday.com

Author: Mike Finley
Article Source: EzineArticles.com
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