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11 Feb 00:35

Here’s The Profane Goodbye Ad RadioShack Should Air To Everyone Laughing At Its Doom

by Chris Morran

shackadAs you’re no doubt aware, increasingly irrelevant retailer RadioShack — whose image was so mired in the 1980s that it included Hulk Hogan and Cliff Clavin in a 2014 Super Bowl addeclared bankruptcy last week and plans to close thousands of stores across the country. The news has been received by many, including myself, with a shrug, but is that any way to treat a company that’s been around for nearly a century?

Not according to John Oliver, who last night tut-tutted the media for its response to the death of RadioShack.

“The death of RadioShack in itself is not surprising. What is surprising is the glib, jokey tone with which its demise has been discussed over the past year,” Oliver explained on his HBO show Last Week Tonight. “This is a dying, 94-year-old business. At this point, it’s like you’re sitting across from your grandfather at Thanksgiving dinner, saying, ‘Ya know, I don’t really see the point of Grandpa Fred in 2015. Frankly I’m sorta surprised he still exists.’”

And so, Oliver and his staff put together the following profanity-filled F-U of a commercial that RadioShack can run to say goodbye to all those people having a chuckle at its darkest days:

11 Feb 00:35

McDonald’s Adds Old Bay Seasoning To Filet-O-Fish Sandwiches In Some States

by Ashlee Kieler

(Steve)

(Steve)

Each year around Lent, McDonald’s reminds consumers that it offers an appropriate fish sandwich for anyone avoiding meat during the season. This year, the company is doing the same, but adding a bit of spice to the mix in select East coast states: Old Bay seasoning.

The Baltimore Sun reports that for a limited time starting Feb. 16 nearly 700 McDonald’s locations in Maryland, Virginia, Washington, D.C., Delaware and West Virginia will offer Filet-O-Fish with Old Bay tartar sauce.

“We know that Old Bay is as popular as salt and pepper on our tables here in Baltimore,” Mark Furr, the brains behind the idea and franchisee from Baltimore tells the Sun. “McDonald’s is extremely excited to be able to deliver a true, local taste to our customers.”

Appealing to the Old Bay-loving Mid-Atlantic area might be a good move for the golden arches, some area restaurateurs tell Baltimore Magazine.

“McDonald’s tried going locavore a number of years ago on the Eastern Shore with the addition of a crab-cake sandwich,” John Shields, a local restaurant owner says. “Not so good, and it didn’t last long. But Old Bay and Filet-O-Fish? How could it go wrong?”

For those of you not living in the Mid-Atlantic area, we suppose you could just buy a bottle of the seasoning and spice things up yourself.

McDonald’s to offer Filet-O-Fish with Old Bay [The Baltimore Sun]
Old Bay Fish Filet Comes To Area McDonald’s [Baltimore Magazine]

11 Feb 00:35

The “Serial Stowaway” Strikes Again: Woman Hitches A Ride To Florida, Poses As Resort Guest

by Mary Beth Quirk

Police in Florida say a 62-year-old woman who’s been caught not once, but twice stowing away aboard a plane she definitely didn’t have a boarding pass to board or ticket to fly on has done it again. This time, police say the 63-year-old woman slipped aboard a flight in Minnesota bound for Florida, and impersonated a hotel guest once she got there for extra measure.

The alleged stowaway made it past airport security in Minneapolis and onto a flight to Jacksonville, FL without a boarding pass, reports FirstCoastNews, though it’s unclear which airline she wiggled past. The Transportation Security Administration says it’s investigating how she wriggled past agents.

Once she arrived at the airport, police say she hopped onto a shuttle bound for a resort nearby, confirming that she was a certain guest after the driver asked if that’s who she was.

When she got to the resort, police say she even checked into a $300/night villa under the guest’s name. No one was the wiser until the real guest arrived hours later, and the story fell to pieces.

A concierge called the room and asked what her name was, and she provided the real guest’s name. When asked to come by the desk to verify an error, the woman vanished, police wrote in the arrest report.

She was found yesterday morning staying in a room under renovation, and was detained until police arrived. She’s been charged with felony fraud, as well as misdemeanor trespassing, according to the Nassau County Sheriff’s Office.

‘Serial stowaway’ slips aboard Jacksonville flight [FirstCoastNews]

11 Feb 00:34

Zara’s Parent Company Drops Angora Wool, Citing Animal Cruelty In China

by Mary Beth Quirk

Have you noticed a dearth of angora wool on the shelves at Zara stores recently? That’s because the brand’s parent company Inditex pulled the garments in response to footage of animal cruelty in China, where much of the industry’s angora comes from.

Inditex said yesterday that it had stopped selling angora products because of cruelty to the rabbits the wool is plucked from in China, reports the AFP. It also owns brands Bershka and Massimo Dutti.

“The Angora products have been removed from the stores, in particular items that were in last year’s autumn and winter collection,” spokeswoman told the AFP.

PETA launched a campaign in 2013 rallying against the treatment of angora rabbits, with the Asian regional branch of the group releasing videos of workers pulling hair from the skin of live, screeching rabbits.

According to the organization, 90% of angora comes from rabbits in China, which doesn’t have animal protection laws in place.

Zara owner drops angora over China rabbit cruelty [AFP]

11 Feb 00:20

Capri Sun Replacing High-Fructose Corn Syrup With Sugar In Original Drinks

by Mary Beth Quirk

Some familiar Capri Sun drinks will be switching up ingredients soon, with Kraft Foot Groups announcing that it’ll be tinkering with the formula for its original Capri Sun drinks as more parents push for more natural ingredients in kids’ beverages.

The company announced today it’ll be dropping high-fructose corn syrup in favor of sugar in original Capri Sun beverages, which will also cut the calories in each pouch from 60 to 50, reports Reuters. The drinks started shipping to retailers this week and should be on shelves soon.

Another product will also see a change, with Kraft substituting plant-based stevia leaf extract for sucralose in its Roarin’ Waters line of “lightly fruit-flavored” water beverages.

Health advocates have criticized food companies for continuing to market sugary drinks to children, citing health risks like obesity and diabetes.

“What prompted us to do this is consumers were asking for it,” Greg Guidotti, Kraft’s senior director for ready-to-drink beverages said. “We saw some areas where we want to improve.”

But simply replacing sweet ingredients isn’t going to make the drinks healthier, Jennifer Harris, director of marketing initiatives at the Rudd Center for Food Policy and Obesity at Yale University tells Reuters.

“It seems more of a response to public perceptions that sugar might be better than high-fructose corn syrup and stevia might be better than sucralose,” she said. “The scientific evidence hasn’t shown that to be the case.”

This isn’t the first time Capri Sun has changed in response to consumer demand: Last year Kraft launched clear-bottomed pouches for the drinks after customers complained about finding mold in the original silver opaque packaging.

Kraft changes sweeteners in some Capri Sun products [Reuters]

10 Feb 14:31

Flawed ‘Zestimates’ can cause disparities in home prices

by wtopstaff

WASHINGTON — Zillow’s popular automated property value estimates are coming under fire after a new report by the Los Angeles Times found homes with overinflated prices.

House hunters can enter the address or general location in a database of millions of homes and likely pull up key information — square footage, number of bedrooms and baths, photos, taxes — plus a “Zestimate.”

Shoppers, sellers and buyers routinely quote Zestimates to realty agents and to each other as gauges of market value. But if there is inaccuracy then there can be conflicts when looking for a home locally and regionally.

Recently, Robert Earl, a real agent in the Charlottesville, Virginia, area questioned the selling prices and Zestimates of 21 homes sold in the month of July in the Lake Monticello community. On 17 sales, Zillow overestimated values including on two houses that sold for 61 percent below the Zestimate in this area.

Zestimate questions have been raised regionally. For example, in Manhattan, the median valuation error rate is 19.9 percent. In Brooklyn, it’s 12.9 percent. But in Somerset County, Maryland, the rate jumps to 42 percent. And in some rural California counties, error rates range as high as 26 percent. In San Francisco it’s 11.6 percent. With a median home value of $1,000,800 in San Francisco, according to Zillow estimates as of December, a median error rate at this level can translate into a price disparity of $116,093.

The issue at stake is if a house for sale has a Zestimate of $350,000, a buyer might challenge the sellers’ list price of $425,000. Or a seller might demand to know from potential listing brokers why they say a property should sell for just $595,000 when Zillow has it at $685,000.

What should prospective homeowners do if they sense a Zestimate accuracy?

With the accuracy of Zestimates being questioned, Zillow CEO Spencer Rascoff has said that they’re “a good starting point” but that nationwide Zestimates have a “median error rate” of about 8 percent.  So it never hurts to  look to the true authorities on local real estate values — experienced agents and appraisers – in pricing discussions.

The post Flawed ‘Zestimates’ can cause disparities in home prices appeared first on WTOP.

10 Feb 14:30

Pet of the Week: Yukon

by Rachel Nania

WASHINGTON — Yukon is a 2-year-old shepherd mix with a coat—and a heart—of gold.

This sweet girl is energetic and inquisitive, while being past the annoying puppy stage. She is very social and thrives on attention; she’ll even give you a gentle nudge to encourage interaction.

Yukon will soon begin medication for heartworms, which means her physical activity will need to be limited for a while. But in no time at all, she’ll be ready to take on the world! Wouldn’t you like to join her?

About WARL: Founded in 1914, the Washington Animal Rescue League is the oldest animal shelter in Washington D.C. Its mission includes rescuing, rehabilitating and finding homes for animals who have no where else to go. The League also supports animals through affordable veterinary care, community outreach and education. Learn more about the Washington Animal Rescue League at www.warl.org.

If you are thinking of adding a furry friend to your family, check out these other great shelters in the area.

Maryland

Humane Society of Charles County

(301) 645-8181

71 Industrial Park Dr. PO Box 1015 Waldorf, Md. 20604

Humane Society of Charles County offers a low cost spay/neuter program to the public. Please call or visit our website for more information. The shelter is also looking for more foster parents to help its animals.

Prince George’s County Humane Society
(301) 262-5625
P.O. Box 925 Bowie, Md. 20718

Prince George’s County Humane Society is also looking for foster parents. For more information, contact the organization.

PAW – Partnership for Animal Welfare
(301) 572-4729
P.O. Box 1074 Greenbelt, Md. 20768

Paws Animal Kingdom
(301) 920-2318
P.O. Box 11531 Takoma Park, Md. 20912

Montgomery County Humane Society
(240) 773-5960
14645 Rothgeb Dr. Rockville, Md. 20850

The Animal Welfare League of Montgomery County
(301) 740-2511
12 Park Ave. Gaithersburg, Md. 20877

D.C.

Washington Humane Society
(202) 576-6664
1201 New York Ave. NE 20002

ASAP – Alliance for Stray Animals and People
(202) 331-1330
P.O. Box 65438 Washington, D.C. 20035-5438

Metropolitan Guinea Pig Rescue
(202) 575-2210
Approved applicants may attend monthly adoption meets that are usually held at the house of a volunteer in either Northern Virginia or Southern Maryland.

Lucky Dog Animal Rescue
(202) 741-5428
Lucky Dog is a foster home organization and does not run a dedicated housing facility.

Northern Virginia

A Forever Home
(703) 961-8690
A Forever-Home is a non-profit dog rescue group that operates in the Northern Virginia/Washington Metropolitan area.

Lab Rescue of L.R.C.P.
(301) 299-6756
Lab Rescue of the LRCP is a volunteer driven, non-profit organization that rescues, fosters and places homeless, abused, and/or abandoned Labrador Retrievers.

FOHA – Friends of Homeless Animals
(703) 385-0224
All visitors must speak to a Friends representative prior to receiving directions to their shelter location.

SPCA of Northern Virginia
P.O. Box 100220 Arlington, Va. 22210-3220

Animal Welfare League of Alexandria
(703) 746-4774
4101 Eisenhower Ave. Alexandria, Va. 22304

Animal Welfare League of Arlington
(703) 931-9241
2650 S. Arlington Mill Dr. Arlington, Va.

Lost Dog and Cat Rescue Foundation
(703) 295-3647
P.O. Box 223953 Chantilly, Va. 20153

HART – Homeless Animal Rescue Team
(703) 691-HART
P.O. Box 7261 Fairfax Station, Va. 22039-7261

King Street Cats Rescue and Adoption
(703) 231-7199
25 Dove St. Alexandria, Va. 22314

The post Pet of the Week: Yukon appeared first on WTOP.

10 Feb 14:29

Kittens stolen from D.C. Petco

by Lacey Mason
Two tabby kittens were stolen from the Columbia Heights Petco late Monday morning. (Last Chance Animal Rescue)
Two tabby kittens were stolen from the Columbia Heights Petco late Monday morning. (Last Chance Animal Rescue)

WASHINGTON — Police and a rescue group are looking for two kittens after someone stole them from a D.C. Petco.

The two tabby kittens were on display at Petco through Last Chance Animal Rescue when around 11 a.m., someone smashed the plexiglass case and took the animals. One kitten was a boy, the other a girl.

According to the rescue group, which is based in White Plains, Maryland, Petco does have security footage.

Anyone with information is asked to call  (301) 274-9409 or the Metropolitan Police Department.

The post Kittens stolen from D.C. Petco appeared first on WTOP.

10 Feb 14:29

Human remains found near Va. nature path

by wtopstaff

WASHINGTON — A Herndon resident found human remains on Sunday evening and police are working to determine their identity, according to a Fairfax County Police Department news release.

A resident found the bones next to a nature walk path in Difficult Run Stream Valley Path around 5:20 p.m. and called the police, the release states.

The remains were determined to be human by a medical examiner on Monday.

The identity of the bones, how long they’ve been at that location and the cause of death are under investigation.

The post Human remains found near Va. nature path appeared first on WTOP.

10 Feb 14:29

McDonald’s to offer Old Bay on its Filet-O-Fish

by wtopstaff

WASHINGTON – A McDonald’s franchise owner from Maryland had a grand idea that will become a reality at 700 McDonald’s locations next week: Old Bay tartar sauce with Filet-O-Fish sandwiches.

The fast food giant and Old Bay maker McCormick & Co teamed up to offer the special combination for a limited time, The Baltimore Sun reports. Starting Feb. 16, the sandwich will be available at hundreds of locations in Maryland, Virginia, West Virginia, Delaware and D.C.

“We know that Old Bay is as popular as salt and pepper on our tables here in Baltimore,” Mark Furr, the franchisee who came up with the idea, told the Baltimore Sun. “McDonald’s is extremely excited to be able to deliver a true, local taste to our customers via our classic Filet-O-Fish sandwich with a special Old Bay tartar sauce.”

The post McDonald’s to offer Old Bay on its Filet-O-Fish appeared first on WTOP.

10 Feb 14:09

TurboTax Resumes E-Filing Of All State Tax Returns After Pause To Investigate Fraud

by Ashlee Kieler

Just a short time after Intuit announced on Friday that it would stop TurboTax electronic filing of all state tax returns to investigate fraudulent activity, the company announced filing would resume.

Reuters reports that the decision to continue filing returns came after an investigation by a third-party security expert found the fraudulent activity did not result from a breach of Intuit’s own systems.

The company says it will add additional security measures to combat fraudulent activities.

Late Thursday night, Minnesota state tax officials stopped taking all TurboTax e-filed returns after some taxpayers found that a return had already been filed when they logged in to submit their returns using the software.

Additionally, Utah state tax officials reached out to Intuit notifying the company that state officials had flagged 28 fraud attempts that “originated from data compromised through a third-party commercial tax preparation software process,” and an additional 8,000 returns marked as potentially fraudulent.

On Friday, Intuit announced it would temporarily halt all state e-filed returns to investigate criminal attempts to use stolen data to file fraudulent returned and claim refunds.

At the time the company said that the “the information used to file fraudulent returns was obtained from other sources outside the tax preparation process.”

Any TurboTax customers who believe they are victims of tax fraud can call 1-800-944-8596 for direct access to “specially trained identity protection agents who will provide comprehensive support and filing assistance,” Intuit’s said in a press release Friday.

 

TurboTax state tax return filings resume after halt [Reuters]

10 Feb 14:08

What You Say To Your Samsung Smart TV Is ‘Transmitted To A Third Party’

by Laura Northrup

It is not known at this time whether meows are uploaded to the voice recognition server. (JKehoe_Photos)

It is not known at this time whether meows are uploaded to the voice recognition server. (JKehoe_Photos)

It was almost three years ago that we started to wonder whether it was possible for smart TVs to watch and listen to anyone in the immediate area of the television. It’s possible, but could it really happen? Over the weekend, the Daily Beast pointed out a single incredibly creepy sentence in the privacy policy for Samsung’s smart TVs, and we all began to wonder what our TV sets are really up to.

Here’s the sentence that caught the eye of Shane Harris:

Please be aware that if your spoken words include personal or other sensitive information, that information will be among the data captured and transmitted to a third party.

With a camera and an always-on microphone listening for commands, it’s theoretically possible that your television could be uploading your conversations to a mysterious third party.

In a statement, Samsung clarified that it is not eavesdropping on you and uploading your conversations to a secret server in South Korea. What is “captured and transmitted to a third party” is are the commands that you use, which are uploaded to a server to turn your speech into text, and therefore into usable commands for your smart TV. In a statement to CNET, Samsung explained it like this:

Samsung does not retain voice data or sell it to third parties. If a consumer consents and uses the voice recognition feature, voice data is provided to a third party during a requested voice command search. At that time, the voice data is sent to a server, which searches for the requested content then returns the desired content to the TV

If you said, for example, “TV, change channel to 131 my bank account PIN is 1875,” the erroneous information might be uploaded to the server and turned into text.

If these features unnerve you or you don’t trust Samsung to not always leave the camera and microphone on, you have a simple option: don’t turn on the smart TV features, or don’t connect the set to your wi-fi network. If your set has an Ethernet port, you can plug it in with an old-school cord when you want to stream something, and unplug it when you don’t.

It’s not news that a remote hacker could take control of your television and have access to all of its features, including its camera and microphone. One user discovered that the file names on any USB drives that he used with his set were transmitted to LG along with data about what channel he was watching and when.

The problem is that if you’re opposed to the collection and sending of any of your data to mysterious third parties, by not accepting the terms of the TV’s “smart” features, you may be opting out of using those smart TV features that you paid for entirely.

Your Samsung SmartTV Is Spying on You, Basically [The Daily Beast]

10 Feb 14:06

Start Your Week With This Video Of Fired McDonald’s Employee Trashing Kitchen

by Chris Morran

trashedmcdonaldsAre you unhappy to be back at work after the weekend? Do you dream of running amok in your office and maybe going hog-wild on the printer? We don’t advise that you actually do that, but you can maybe get some vicarious release by watching a fired McDonald’s employee wreak havoc on the eatery that dismissed him.

The following video was uploaded over the weekend and claims to have been shot in a McDonald’s in St. Paul, MN. Between the ranting employee and the astounded onlookers, there is a lot of NSFW language to be heard, so put on some earphones if you’re watching this at a job you don’t want to be fired from.

[via Daily Mail]

10 Feb 14:06

Beware What You Share: Cops Say Facebook Posts About Inheritance Inspired Robbery

by Mary Beth Quirk

When you’re posting on social media, you never really know who out there is reading your posts, watching and waiting for the perfect time to take advantage of your willingness to share the details of your life. So if you’ve suddenly come into a bunch of money, be careful where you go talking about that exciting news.

Police in Philadelphia say that after someone got braggy on Facebook and Instagram about a jewelry inheritance, robbers decided to just head over to that person’s house and relieve them of their windfall, reports the Associated Press.

Three men in ski masks armed with pistols kicked in the door of a home around 2:30 a.m. yesterday morning and ordered the 19-year-old resident to hand over the jewelry and other valuables. Cops say the suspects mentioned they’d targeted the guy after reading his posts online about the inheritance.

Here is where we all learn a valuable lesson: Want to keep your expensive stuff? Don’t tell the world you have it, even if you think your security settings are as tight as can be. Someone could always take a screengrab and pass that information around freely.

The suspects fled through a rear window with a Rolex, two gold chains and cellphones. None of the five people in the home during the incident were hurt.

Cops: Facebook posts about inheriting jewelry led to robbery [Associated Press]

10 Feb 14:06

99 Cents Only Stores Actually Charge 99.99 Cents For All Items

by Laura Northrup

Fractions of a penny aren’t a significant amount of money, so we don’t really pay attention to them. That might be what the dollar store chain 99 Cents Only is counting on. They don’t exactly hide that everything in their stores costs 99.99¢ rather than 99¢, putting that information on customer receipts and even on shelf tags. Does that make the store’s name misleading, or is it okay to round down?

Once sales tax is added, the few pennies’ difference in prices is almost invisible to customers, especially if they’re only buying a few items. Still, CBS Sacramento sent in undercover shoppers to check the shelves and chat anonymously with the cashiers. Yes, they said: some customers do notice and complain about the extra .99 cents they’re being charged.

99centsonly

One customer noticed and was annoyed enough to file a lawsuit against the company, which ended with them posting signs explaining the additional .99¢ price hike. The company blamed the need to raise their prices almost imperceptibly on inflation.

In a competitive retail environment, being able to raise their prices by a penny and thus raise their margins by 1% isn’t a bad deal. For every 100 million items they sell, they take in an extra million dollars. That kind of volume isn’t out of the question for a chain with hundreds of stores.

Call Kurtis: Why Is 99 Cents Only Store Charging Me 99.99 Cents? [CBS Sacramento]

10 Feb 14:05

Heinz Jumps On The Thai Hot Sauce Bandwagon, Debuts Sriracha Flavored Ketchup

by Ashlee Kieler

One of America’s most iconic condiment makers is embracing the “it” condiment of recent years: Sriracha. That’s right, H.J. Heinz Company is spicing things up with a new Sriracha-flavored ketchup.

The Associated Press reports that Heinz will begin selling the ketchup blend with Sriracha flavors at select supermarkets later this month.

The blended offering joins other Heinz flavors including Balsamic Vinegar, Tabasco and Jalapeño.

Officials with the company say in a statement that the new product was developed after consumers asked for more bold flavor combinations.

While the company suggests the new condiment be used with cheeseburgers, french fries, hot dogs, chicken and eggs, we all know that Sriracha goes with just about everything: Taco Bell, potato chips, Pizza Hut concoctions, and the list goes on.

Heinz launches ketchup flavored with Sriracha [The Associated Press]

10 Feb 14:03

Remorseful Thief Returns 3-Month Old Kitten Stolen From Pet Store With Apology Note

by Mary Beth Quirk

(Ruff Start Rescue)

(Ruff Start Rescue)

Don’t let the Valentine’s Day pressure get to you, friends. There’s no need to resort to stealing in order to let the ones you love know how you feel (try serving them pizza instead). As such, a remorseful kitten thief returned the pilfered feline to a Minnesota pet store with an apology note, explaining he had no money for a Valentine’s Day present.

A man reportedly looking to score a free, furry present for his loved one from a Minneapolis PetSmart dropped off a three-month old kitten the next day at another PetSmart location, reports KSTP.com.

Ruff Start Rescue center works with PetSmart to give the pets exposure in the hopes they’ll get adopted posted a note on its Facebook page from the remorseful thief, reading: “It was going to be a valentines day present and I had no money. I’m sorry.”

According to the rescue center’s intake coordinator, a man had gone into the store asking to look at the cats, and was assisted manager. When he was done, the worker locked up the cages and left. Another worker walked by after and saw the man outside the cat room holding an adult cat, and took it from him immediately. When she returned from putting that cat back, she saw the lock on another cage had been cut with a bolt cutter and the kitten was gone.

The rescue center credited the kitten’s return with the pressure of social media, and says it won’t be pressing charges, since the cat was returned.

Man Stole Kitten from Minneapolis PetSmart, Later Returned it with Apology Note [KSTP.com]

10 Feb 14:02

Reverse Mortgage Complaints Show Consumers Confused By Loan Terms

by Ashlee Kieler

While reverse mortgages are only available to a select group of consumers – those 62 years and older – the alternative loan product still makes up a large portion of complaints received by the Consumer Financial Protection Bureau. Today, the Bureau released a report highlighting the most common consumer complaints about reverse mortgages, along with advice for borrowers

The report [PDF] details the approximately 1,200 reverse mortgage complaints the CFPB received between December 2011 and December 2014.

Reverse mortgages allow a borrower, 62 years or older, to convert the equity in their home into a lump sum or monthly payments.

According to the report, many complaints show a disconnect between consumer expectations and the way in which reverse mortgages actually function.

According to the CFPB's report, consumers are frustrated with their loan terms, servicer runarounds, and foreclosure problems.

According to the CFPB’s report, consumers are frustrated with their loan terms, servicer runarounds, and foreclosure problems.

The most frequent complaint about the financial product involved older consumers and their family members demonstrating confusion about the terms and requirements of reverse mortgage loans.

For example, many of these consumers are frustrated when they are unable to refinance their loans because there is insufficient remaining equity in their homes. The CFPB reports these complaints suggest that some homeowners may not understand that the loan proceeds as well as the accrued interest on the loan overtime will substantially decrease the amount of available equity.

Another common consumer complaint about the products concerns denials for changing terms of the loan.

Some consumers complain that lenders refuse to lower their loan’s interest rates and thus they feel they are being overcharged. Other consumers complain that the variable interest rate on their reverse mortgage increased too quickly.

However, the CFPB reports that the most frequent complaint regarding changes to the loan involved consumers trying to add additional borrowers to the loan in order to extend the term of the loan.

Adult children of reverse mortgage borrowers also submitted complaints describing frustration that lenders refuse to add them to the loan as an additional borrower or allow them to “assume” the reverse mortgage loan for an aging or deceased parent.

According to the CFPB, these complaints reflect the difficulties some families encounter when a reverse mortgage borrower dies while non-borrowing family members are living in the home at the time of the borrower’s death. Some family members in multigenerational households tell the CFPB they did not realize until the lender contacted them after their parents’ death that the home would be sold.

Consumers reported further issues with loan servicing including that servicers that don’t keep adequate records and make it difficult to repay the loan; that they face foreclosure due to non-payment of property taxes or homeowner insurance, as well as, facing obstacles when attempting to prevent foreclosure.

While reverse mortgages currently account for just 1% of the traditional mortgage market, the Bureau believes that number will increase significantly in coming years as the “baby boomer” generation retires.

To ensure that potential reverse mortgage borrowers and their families are prepared for the sometimes costly products, the CFPB issued an advisory highlighting three ways consumers can help plan so that their surviving spouse or heirs are not harmed by the loans.

Verify who is on the loan: If two borrowers took out the reverse mortgage, they should check with the reverse mortgage company to make sure its loan records are accurate.

Plan ahead for the non-borrowing spouse: For consumers who took out a HECM reverse mortgage in the name of only one spouse before August 4, 2014, they should contact their loan servicer to find out if the non-borrowing spouse may qualify for a repayment deferral. If not, they should make a plan in the event the borrowing spouse passes away first.

Couples with enough remaining equity could consider taking out a new reverse mortgage, but they will incur new loan fees. Some surviving spouses may also be able to pay off the reverse mortgage, or take out a traditional mortgage, perhaps with another family member. Many will need to plan for where they will live after the home is sold to repay the loan.

If the loan was originated after August 4, 2014, new changes to the HECM program will allow the non-borrowing spouse, meeting certain conditions, to remain in the home.

Plan ahead for other family members living in the home: Consumers should make sure any children or other family members living in the home know what to expect when the reverse mortgage is due. If those members want to keep the home, the borrower should contact their reverse mortgage company to have them explain their options. They can also contact a HUD-approved housing counselor to explore their options.

CFPB Report Highlights Consumer Frustration Around Reverse Mortgages [Consumer Financial Protection Bureau]

10 Feb 14:02

West Coast Ports Shut Down Entirely This Weekend

by Laura Northrup

The backlog of unloaded cargo shops on the West Coast of the United States has had some odd effects on the world. We’ve pointed out some small, sometimes amusing issues: Asian automakers must use air cargo to ship needed parts to their factories in the U.S., and McDonald’s Japan airlifted emergency fries as it deals with a shortage. Yet all this hilarity could have serious consequences for the American economy if the current issues continue.

Port workers and shipping lines even disagree about what’s even happening at the West Coast ports. Reuters reports that while the group that represents shipping lines, the Pacific Maritime Association, claims that the union is sending fewer workers than needed and deliberately slowing their work down as a negotiating tactic, the International Longshore and Warehouse Union counters that changes that shipping lines have made mean it takes longer for the longshoremen to do their jobs.

Whatever the reason for the slowdown, the backlog is beginning to hurt the economy as a whole: the majority of cargo from Asia enters the United States at those ports.

This weekend, the Pacific Maritime Association shut down operations all weekend long. Normally, they would pay overtime on weekends, but they didn’t want to pay out overtime hours while the union is (allegedly) intentionally slowing down their work.

A work slowdown is a time-honored method used by workers during labor disputes. (It generally only works when the participating workers have some kind of protection from being fired.) A slowdown doesn’t go as far as a strike, but does create an incentive for the other side to negotiate with the union.

West Coast port operations resume, more labor talks scheduled [Reuters]

09 Feb 13:21

Fund started to help Md. firefighter who lost home

by wtopstaff

WASHINGTON — A volunteer firefighter is trying to pick up the pieces of his life after his home burned to the ground early Friday in Lusby, Maryland. The volunteer was responding to the blaze with his volunteer team but had no idea it was his own home.

He fought the flames while fighting back emotions as he dealt with the fact that he was watching his life go up in flames, Fox 5 reports.

The fire was discovered by a neighbor at 5:36 a.m., according to a news release from the Office of the Maryland State Fire Marshal. It began in the master bedroom of the residence, located in the 11-thousand block of Rawhide Road, and is believed to be caused by an electrical event involving an outlet. No injuries were reported and there was no sprinkler system in the home.

The firefighter’s comrades are coming to his rescue to help raise money for his loss. Funding accounts have been established to assist the local volunteer in his time of need.

There are two ways to donate: A GoFundMe page and through the Solomons Volunteer Rescue Squad and Fire Department website.

DC News FOX 5 DC WTTG

The post Fund started to help Md. firefighter who lost home appeared first on WTOP.

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