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.

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Wyoming, MI, United States (AHN) – Nut Bar Company Inc. of Wyoming, MI, is recalling 90 cases (total of 360 individual bags) of 40 ounce packages of “GFS Pecan Pieces” because they may contain undeclared walnuts rather than pecans.

People who have allergies to walnuts run the risk of serious or life-threatening allergic reaction if they consume these products.

GFS Pecan Pieces, Lot Number 095 1094 with UPC 093901134837 were distributed only through Gordon Food Service’s (GFS) Shepherdsville, KY Distribution Center.

The product was distributed to Alabama, Illinois, Indiana, Kansas, Kentucky, Montana, Ohio, Tennessee, and West Virginia and reached consumers through restaurant distribution and GFS Marketplace Stores.

The only lot code affected by this recall is 095 1094, which can be found printed near the top of the package.

No illnesses have been reported to date.

The recall was initiated after it was discovered that a walnut containing product was distributed in packaging that did not reveal the presence of walnuts. Subsequent investigation indicates the problem was caused by a temporary breakdown in the company’s packaging processes.

Consumers who have purchased GFS Pecan Pieces, UPC 093901134837 are urged to return them to the place of purchase for a full refund. Consumers with questions may contact Nut Bar Company Inc. at 1-800-821-1067 Monday through Friday from 8:00 am to 4:30 pm EST.

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Patton Boggs LLP announced that its mortgage group has teamed up with The Collingwood Group LLC. In a telephone interview, a Patton Boggs partner noted that right out of the gate the two firms hope to help mortgage firms tackle the Federal Reserve Board’s loan originator compensation rule. Other issues the alliance is expected to deal with are risk retention and the Fed’s proposed payment ability requirements under Regulation Z.

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French President Nicolas Sarkozy’s endorsement of Mario Draghi as the next European Central Bank chief pressures German Chancellor Angela Merkel to follow suit or risk rankling her biggest European partners, analysts say.

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China’s growth probably slowed in the first quarter, helping to defuse the risk of overheating in an economy where inflation is estimated to be running at its fastest pace since 2008.

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Japan’s risk of becoming the first Group of Seven member to return to a recession after the global financial crisis eased as the G-7 intervened to halt the yen’s appreciation.

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Los Angeles, CA, United States (AHN) – The U.S. Consumer Product Safety Commission (CPSC) announced today that Ms. Bubbles Inc., of Los Angeles, Calif., has agreed to pay a civil penalty in the amount of $40,000.

The penalty agreement settles staff allegations that the firm knowingly failed to report to the CPSC immediately, as required by federal law, that its children’s hooded jackets were sold with drawstrings through the hood.

The penalty agreement has been provisionally accepted by the Commission.

Children’s upper outerwear with drawstrings, including sweatshirts and jackets, poses a strangulation hazard that can result in serious injury or death. In January 2009, CPSC and Ms. Bubbles announced the recall of 55,000 children’s jackets with drawstrings through the hood.

In February 1996, CPSC issued drawstring guidelines to help prevent children from getting entangled and possibly strangling on hood and neck drawstrings in upper outerwear, such as jackets and sweatshirts.

In May 2006, CPSC’s Office of Compliance announced (pdf) that children’s upper outerwear with drawstrings at the hood or neck would be regarded as defective and a substantial risk of injury to young children.

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 violates any consumer product safety rule, or any other rule, regulation, standard, or ban enforced by the CPSC.

In agreeing to settle the matter, Ms. Bubbles Inc. denies CPSC’s allegations that it knowingly violated the law.

Also available: CPSC Commissioner Nancy Nord’s statement on the vote.

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D.C., Washington, United States (AHN) – The U.S. Securities and Exchange Commission joined legislators and stockholders who want to rein in exorbitant Wall Street bonuses, pinpointed as the prime incentive for large banks, brokerage companies and hedge funds to take excessive risks.

The excessive risk taking, in turn, is being blamed for the global financial crisis in 2008.

The SEC proposed to mandate companies to provide the regulator details of all bonuses paid out to staff as part of their incentive-based pay. The SEC would have the power to prohibit the award of excessive bonuses.

The regulator proposed the oversight over bonuses because of the 2008 global financial crisis, which highlighted the risks large banks place on the financial system and subsequently the national economy. The proposal is similar to regulations suggested by the Federal Deposit Insurance Corporation and required by the Dodd-Frank financial regulatory law.

The SEC proposal came right after Wall Street firms handed out performance incentives amounting to millions to their staff while majority of Americans are still reeling from the impact of the crisis.

Bank of America Chief Executive Officer Brian Moynihan got a $9.05 million bonus in restricted stocks and Thomas Montag, head of BofA’s global banking and markets, got $14.3 million in restricted stocks and $900,000 in cash.

Other companies, in response to pressure from regulators on bonuses, increased instead base salaries. Goldman Sachs gave Chairman and Chief Executive Officer Lloyd Blankfein a $12.6 million stock bonus and hiked his base salary to $2 million for 2011 from $600,000 last year.

Citigroup hiked CEO Vikram Pandit’s base pay to $1.75 million from $1 million.

The SEC proposal would give more teeth to shareholders’ opinion on compensation after the regulator allowed stockholders in January a nonbinding vote on salaries, bonuses and retirement packages.

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Most seasoned real estate investors face situations where they require more money than what the traditional lenders will lend, and here is where real estate investing with hard money loans given by the specialized lenders is useful.

The hard money lenders are actually private money lenders who provide money for a short term. These loans carry a strict repayment schedule. It is given the name as hard money on account of its strict nature. The rates of interest of such loans are also higher than the market rates, and the fees charged upfront, range between 4 to 10 points.

The money lenders of hard money give the investors the access to the capital that is asset based, wherein the loan amount is secured by way of a collateral security. The rate of interest ranges between 14 to 18 percent annually and the term of the loan is normally six to twelve months.

Along with the property as collateral security, the hard money lender requires can require credit reports and well as documented experience in previous deals you have done. The lenders indulge in inspecting the property and making appraisals, before approving the loans.

The lenders of hard money study the intent of the investment on part of the investors, the strategy of exit that is adopted, the information of the property that is provided such as the residential or commercial nature of the property and also check the credit ratio of the concerned borrower. The financial strengths of the borrowers play a vital role in securing the loan.

The fees that are charged are dependant on the risk factors and the quality of the real estate deal. The plans of using the money set by the investors are also carefully studied by the hard money lenders. Hence, it is recommended that the borrowers provide a proper business plan for securing the hard money loans. They need to convince the lenders about the low risk nature of the concerned investments.

The conditions and the terms of approving real estate investing with hard money loans, vary for different lenders. The investors have to find the perfect lenders suitable for them, and ensure that they keep a good relationship with them.

Such types of loans are useful for procuring or purchasing properties. They are also useful for the buyers having low finances, against those that are required for the project, but have good fixed incomes.

Some of the lenders of hard money have choices regarding the type of the real estate investments, such as rehabbing houses, purchasing houses and the options of lease purchasing.

It is easy to lose a potential deal for lack of finances and hence, maintaining proper relations with the hard money lenders is a priority for the investors. The support of such money lenders is very important for the investors if they want to complete the real estate project in a proper manner. Good relations with lenders are a blessing in disguise for the investors.

Charles W. Moore, a U.S. Army Veteran began Real Estate Investing in 2001. He’s a Successful Investor, and Author of, “Million Dollar Rent To Own Real Estate Secrets Exposed.” Get his Free Report on Rent To Own Real Estate Investing [http://www.Rent2OwnExposed.com] at: [http://www.Rent2OwnExposed.com] – Learn Real Estate Investing, Stocks Markets and Internet Marketing, visit: http://www.REIeBooks.com

Author: Charles W. Moore
Article Source: EzineArticles.com
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Detroit, Michigan, United States (AHN) – Mexicantown Wholesale of Detroit, Michigan is recalling all lots of cuernos (croissants) manufactured between 6/27/2010 and 12/28/2010, because they may contain undeclared milk.

People who have an allergy or severe sensitivity to milk run the risk of serious or life-threatening allergic reaction if they consume these products.

The recalled cuernos also contain undeclared wheat and FD&C yellow, which can elicit moderate reactions in sensitive individuals.

Cuernos are sold in clear plastic bags of three or four. Packages are marked as “Cuernos Plain (croissant)” with plain labeling or Mexicantown labeling, and the UPC code 95640 00035. Cuernos packages are distributed only in Michigan through retail stores.

Consumers should check their packages of cuernos to determine whether the manufacture date is between 6/27/2010 and 12/28/2010. The date is marked on a colored label and is coded as follows: a six digit number with the first two digits representing the year, the second two digits representing the month, and the final two digits representing the date.

No allergic reactions or illnesses have been reported to date.

The recall was initiated after it was discovered that cuernos were distributed in packaging that did not identify the presence of milk, wheat, and FD&C yellow#5. An investigation revealed that a change in the brand of one ingredient resulted in the addition of milk as a sub-ingredient.

Consumers who have recalled cuernos should contact Mexicantown Wholesale for an exchange or refund at 313-894-2000 ext. 105, Monday through Friday, 9am to 5 pm EST.

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