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Mojo - January 2014
http://www.motherjones.com/mojo/2014/01/jpmorgan-jamie-dimon-raise-regulators%20-%20?page=1&page%3D1%26page%253D1%3D=
Mojo - January 2014 So the Mexican businessman—who is unnamed in the complaint—allegedly used retired San Diego detective Ernesto Encinas, political consultant Ravneet Singh, and an unnamed straw donor to inject his money into several California-based elections. The

Analysis: Pimco's Gross problem: who can succeed the 'Bond King'?
http://www.chicagotribune.com/business/sns-rt-us-pimco-succession-analysis-20140123,0,3988674.story
Analysis: Pimco's Gross problem: who can succeed the 'Bond King'? Portfolio managers at Pimco start their days at 4 a.m. and rarely speak on the firm's Newport Beach, California, trading floor, communicating instead by email to keep the noise down. El-Erian, a Burton Greenwald, an industry consultant who runs

Governor's race: TARP's '$700 billion man' Neel Kashkari wants to lead California
http://www.scpr.org/news/2014/01/21/41719/tarp-s-700-billion-man-wants-to-lead-california/
Governor's race: TARP's '$700 billion man' Neel Kashkari wants to lead California And he's the man many California Republicans are counting on to rescue their party. He is Neel Kashkari, a former U.S. Treasury official under Presidents Bush and Obama. And as of Tuesday, he's running for governor of California. Neel Kashkari is 

ANALYST: The Near Future Is 'Going To Be Difficult' At PIMCO
http://www.businessinsider.com.au/pimco-el-erian-2014-1
ANALYST: The Near Future Is 'Going To Be Difficult' At PIMCO Portfolio managers at Pimco start their days at 4 a.m. and rarely speak on the firm's Newport Beach, California, trading floor, communicating instead by email to keep the noise down. El-Erian, a Burton Greenwald, an industry consultant who runs

Casey Sullivan, Mortgage Consultant, RPM Mortgage, Walnut Creek CA

csullivan@rpm-mtg.com; Call/Text: (925) 789-0065; www.rpm-mtg.com/csullivan A short video about Casey Sullivan, Your Mortgage Consultant...For ...

Commissioned employees in Calif. must still be given rest breaks

Jacqueline Ibarra worked as a home mortgage consultant for Wells Fargo bank. Consultants like her were paid on commission. Employees who did not earn enough commissions were paid a base hourly wage that was then deducted from the employees’ future earned commissions. When it paid employees an hourly wage, Wells Fargo would reduce the employees’ wages to adjust for rest breaks like they were hourly employees even though they are paid purely by commission.

Ibarra sued on behalf of herself and other mortgage consultants alleging that Wells Fargo’s commission plan violated California law.  The employees also claimed unpaid wages for non-sale but work-related activities such as attending mandatory meetings, training, or networking events.

The trial court ruled that Wells Fargo had violated labor laws and was liable for damages. The court then had to decide how compensation should be calculated under the California Labor Code.

The employees argued that their compensation should be based on the entirety of their wages, including commissions. Wells Fargo argued that the employees should be paid at the “regular rate of compensation” which meant the employees’ base hourly pay.

Nonbank lenders are cashing in on government-insured mortgages for the poor

Lenders use lines of credit to fund the loans, which are packaged into securities — Ginnie Mae bonds. As long as they follow the rules for writing loans, the government guarantees FHA mortgages, according to the report.

Those FHA borrowers are supposed to make small down payments, equal to 3.5 percent of the home’s purchase price, but many put nothing down and often use down payment assistance programs.

John Burns, a housing consultant based in Irvine, California, told Bloomberg that many borrowers “are living paycheck to paycheck and, if they lose their jobs, they go into default immediately.”

The Department of Justice has filed civil fraud complaints against several nonbank lenders, including Quicken Loans and Freedom Mortgage, alleging that the lenders improperly underwrote loans in the program before filing claims for government insurance.

Dana Wade, acting FHA commissioner until the Senate’s confirmation of a permanent leader, said the agency is increasingly concerned and studying the riskiness of its portfolio. With too many bad loans, the FHA could become too financially weakened to help in the next downturn, she said.