Wednesday, July 11, 2007

Must read!

Article from the Cleveland Free Times

Sue The Bastards!
What To Do About Mortgage Brokers And Lenders Who Don't Play Fair?
By Charu Gupta, Third In A Series

Friday, July 6, 2007

Minimum wage vs Commision

I do not know about you but I am not sure about paying minimum wage to loan officers or pay them just commission.

Department of Labor Opinion Letter on Outside Sales Employees (March 31, 2006)

Wage & Hour Guidelines presented during the 2005 Legislative Conference (April 11, 2005)
Fortney and Scott Attorneys at Law Opinion Letter

Outside sales employee vs. inside employee Huh? When I read legal things I do not feel to bright. But after reading all this legal stuff I know what I am going to keep doing, but I am still not sure what is right and what is wrong.

New Minimum Wage

H.R. 2

SEC. 101. MINIMUM WAGE.

(a) In General- Section 6(a)(1) of the Fair Labor Standards Act of 1938 (29 U.S.C. 206(a)(1)) is amended to read as follows:
`(1) except as otherwise provided in this section, not less than--
`(A) $5.85 an hour, beginning on the 60th day after the date of enactment of the Fair Minimum Wage Act of 2007;
`(B) $6.55 an hour, beginning 12 months after that 60th day; and
`(C) $7.25 an hour, beginning 24 months after that 60th day;'.
(b) Effective Date- The amendment made by subsection (a) shall take effect 60 days after the date of enactment of this Act.

Another Words
July 24th 2007 the minimum wage goes to $5.85
On July 24th, 2008 $6.55
On July 24th, 2009 $7.25


Nice way to raise taxes without raising taxes

Marc Dann May Sue the Credit Rating Companies

It seems as if Marc Dann is trying to sue every aspect of the mortgage industry.

Subprime contagion?
Ohio's attorney general is investigating the role that credit-rating agencies like Moody's played in rubberstamping dicey bonds, report Fortune's Katie Benner and Adam Lashinsky.


It sure has been an interesting year to watch

Friday, June 29, 2007

Regulators set new subprime loan standards

Bank watchdogs add consumer protections against unscrupulous lenders

http://www.msnbc.msn.com/id/19504015/

Enclosed is the link to the Statement on Subprime Mortgage Lending

http://www.federalreserve.gov/boarddocs/press/bcreg/2007/20070629/attachment.pdf

Tuesday, May 1, 2007

AN ACT

I found this today It is called An Act Looks like SB 185 amended Not really sure

http://www.mcglinchey.com/pdf/126_SB_185_EN_N.pdf

(Amended Substitute Senate Bill Number 185). AN ACT. To amend sections 109.572, 1321.57, ... Be it enacted by the General Assembly of the State of Ohio

This is the description that came up for the link.

Seems to have a number of changes. I thought they were done with this bill and had moved on.