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Today's Teamster News 11.10.13

<a href="http://www.huffingtonpost.com/2013/11/07/economic-growth-q3-2013_n_4232329.html" rel="nofollow">U.S. Economy Expanded At Surprising Rate Ahead Of The Government Shutdown</a>  Associated Press   ...The U.S. economy expanded at a 2.8 percent annual rate from July through September, a surprising sign of strength ahead of the 16-day partial government shutdown. Exports rose, businesses stocked up, home construction increased and state and local governments spent at the fastest pace in four years…Analysts expect the shutdown will slow growth in the October-December quarter… <a href="http://truth-out.org/buzzflash/commentary/item/18302-koch-brothers-organized-federal-shutdown" rel="nofollow">How the Koch Brothers Organized the Federal Shutdown</a>  Buzzflash   ...The two chief contributors to Cruz's political career donated over a million dollars to it (and no other entity donated as much as $100,000 to it). These two top sources of contributions to Mr. Cruz's political career were Club For Growth, and Senate Conservatives Fund, which together donated over a million dollars to it... <a href="http://thinkprogress.org/economy/2013/11/08/2919341/switzerland-executive-compensation-limits/" rel="nofollow">Switzerland Weighs Radical Approach To Runaway Executive Compensation</a>  ThinkProgress   ...A referendum is set for November 24 on a law called the “1:12 Initiative” that would impose a flexible cap on top employee compensation at Swiss companies. If approved, the highest-paid employee of any given Swiss firm could not earn more in a month than its lowest-paid employee makes in a year... <a href="http://www.globalresearch.ca/the-origins-and-evolution-of-the-trans-pacific-partnership-tpp/5357495?utm_source=rss&utm_medium=rss&utm_campaign=the-origins-and-evolution-of-the-trans-pacific-partnership-tpp" rel="nofollow">The Origins and Evolution of the Trans-Pacific Partnership (TPP)</a>  Global Research   ...THE free trade agreement being negotiated by the regional bloc known as the Trans-Pacific Partnership (TPP) has provoked widespread opposition in the countries involved in its negotiation... <a href="http://www.nakedcapitalism.com/2013/11/the-tpp-if-passed-spells-the-end-of-popular-sovereignty-for-the-united-states.html" rel="nofollow">The TPP, If Passed, Spells the End of Popular Sovereignty for the United States</a>  naked capitalism   ...TPP replaces popular sovereignty with transnational investor rule, in two ways... <a href="http://www.theguardian.com/business/2013/nov/09/bank-of-america-us-864m-mortgage-verdict" rel="nofollow">US seeks $864m from Bank of America after mortgage fraud verdict</a>  The Guardian   ...Countrywide's program emphasized and rewarded employees for the quantity rather than the quality of loans produced, and eliminated checkpoints designed to ensure that loans were sound... <a href="http://m.theatlantic.com/technology/archive/2013/11/a-fraying-of-the-public-private-surveillance-partnership/281289/" rel="nofollow">A Fraying of the Public/Private Surveillance Partnership</a>  The Atlantic   ...The publicity resulting from the Snowden documents has made companies think twice before allowing the NSA access to their users' and customers' data... <a href="http://www.dailykos.com/story/2013/11/05/1253318/-Wage-theft-outstrips-bank-gas-station-and-convenience-store-robberies?detail=email#" rel="nofollow">Wage theft outstrips bank, gas station and convenience store robberies</a>  DailyKos   ...Fully 64 percent of low-wage workers have some amount of pay stolen out of their paychecks by their employers every week, including 26 percent who are effectively paid less than minimum wage... <a href="http://www.thenation.com/blog/177043/scott-walker-effect-helping-democrats-win-and-republicans-lose#" rel="nofollow">The Scott Walker Effect: Helping Democrats Win and Republicans Lose</a>  The Nation   ...Virginia Republican gubernatorial candidate Ken Cuccinelli counted on Wisconsin Governor Scott Walker to provide the conservative candidate with some of the “star power” he needed to get him elected November 5. It didn’t work...

U.S. Economy Expanded At Surprising Rate Ahead Of The Government Shutdown Associated Press ...The U.S. economy expanded at a 2.8 percent annual rate from July through September, a surprising sign of strength ahead of the 16-day partial government …

Banks screwing students the way they screwed homeowners

Once again, family finances are in danger from big banks.  Thousands of students with loans are complaining their student loan companies are breaking laws in the same way mortgage servicers did during the foreclosure crisis. That's according to a newly released <a href="http://www.consumerfinance.gov/" rel="nofollow">Consumer Financial Protection Bureau</a> (CFPB) report that <a href="http://files.consumerfinance.gov/f/201310_cfpb_student-loan-ombudsman-annual-report.pdf" rel="nofollow">warns of increased fees and financial trouble to come</a>: <blockquote class="tr_bq">Many of the private student loan complaints mirror the problems heard from consumers in the mortgage market following the wake of the financial crisis.</blockquote>In the past year, CFPB received 3,800 complaints from student loan borrowers. Eight servicing companies received 87 percent of the complaints, including <a href="http://www.huffingtonpost.com/2013/08/08/sallie-mae-education-military_n_3729092.html" rel="nofollow">Sallie Mae</a>, <a href="http://seekingalpha.com/article/1767202-wall-street-breakfast-must-know-news?source=google_news" rel="nofollow">Wells Fargo</a>, <a href="http://www.cnbc.com/id/101075961" rel="nofollow">Citi</a> and <a href="http://www.theatlanticwire.com/politics/2013/10/next-13-billion-fine-doj-investigating-9-more-banks/70908/" rel="nofollow">JPMorgan Chase</a>. Lenders pay other companies, called servicers, to process loans.  These subcontractors make the least money when people pay back the loan on time -- and the most when people are struggling, since the subcontractors keep all of the late fees for themselves. CFPB's report suggests a pattern of lawbreaking by student loan servicers. And why not? Wall Street saw how profitable foreclosing on families was.  Although millions of Americans lost their homes due to criminal behavior, banks were just handed tax-deductible fines and banned from messing with the housing market like that again.  But the student loan market remained open -- and  too-big-to-fail banks knew they could get away with it again. As David Dayen points out in <a href="http://www.salon.com/2013/10/23/paging_elizabeth_warren_student_loan_providers_are_likely_screwing_you_over/" rel="nofollow">Salon</a>:  <blockquote class="tr_bq">the past performance of regulators on mortgage servicing has been pretty toothless. And that’s why student loan servicers believe they have a license to steal.</blockquote>Here's what the student loan services are up to, according to the CFPB report: <ul><li>Violating the Truth in Lending Act by charging student lenders fees for prepaying their private student loans. </li><li>Forcing military borrowers -- including those in combat zones -- to resubmit unnecessary paperwork and then charging higher interest rates when they can't come up with the paperwork.</li><li>Making it too complicated and difficult for<a href="http://www.salon.com/2013/10/23/paging_elizabeth_warren_student_loan_providers_are_likely_screwing_you_over/" rel="nofollow"> most struggling graduates to refinance their loans</a>.</li></ul>It's no surprise <a href="http://www2.ed.gov/offices/OSFAP/defaultmanagement/cdr.html" rel="nofollow">over 14 percent of 2010 graduates defaulted on their loans within three years</a>. Without reform and actual enforcement of lending laws, the default rate is only going to rise.  We just wonder why this is still legal.

mortgage abuse mortgage fraud old dogs and new tricks student debt student loans Banks screwing students the way they screwed homeowners

Once again, family finances are in danger from big banks. Thousands of students with loans are complaining their student loan companies are breaking laws in the same way mortgage servicers did during the foreclosure crisis. That's according to a new…

Today's Teamster News 11.10.13

Banks screwing students the way they screwed homeowners

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