Tag Archive | "50 states"

Additional Radiation Detectors to Be Set Up on U.S. Islands

The Obama administration is setting up more radiation monitors on the state of Hawaii, as well as on other islands covered by the United States, the environmental regulators informed on Tuesday.

The government is deploying radiation detectors on the islands even though it is not expecting harmful radiation levels coming from the quake-hit nuclear power plants in Japan to reach the soils of United States.

A notice was posted on the website of the Environmental Protection Agency on Tuesday, saying it has plans to collaborate with federal agencies to put additional radiation detectors on the western part of the United States and other U.S. territories.

An official from EPA said that there were already seven monitors being deployed to three U.S. islands. Three monitors were sent to Aleutian Islands in Alaska and two monitors each to Hawaii and Guam. According to the official, the monitors were sent “in an abundance of caution.”

The EPA official, who refused to be named, also said that the agency has 40 more detectors that could be dispatched. These detectors will enhance the several monitors already installed in the entire 50 states of U.S., a Democratic congressional said.

Japan has been trying to deal with the damage done on the nuclear power plants since the earthquake and tsunami has hit the country on Friday. U.S. officials have already advised many American citizens around the area of the Fukushima nuclear complex to evacuate as soon as possible.

However, U.S. officials are not expecting any harmful radiation from the devastated country to reach the borders of the United States. Still, EPA will continue tracking the radiation levels from the radiation detectors through its Internet database.

Posted in TravelComments (0)

Bank of America Creates New Division to Handle Foreclosures

Bank of America Corp. said on Thursday that it is separating its mortgage business into two divisions, with a new unit created particularly to manage and handle foreclosures, as well as discontinued loan products.

The new Legacy Asset unit will be in charge of resolving issues that involve faulty paperwork causing Bank of America to defer foreclosures in all 50 states in October, the bank said.

Also, mortgage modifications and buyback claims on bad home loans sold to investors will be handled by the legacy unit. It will be headed by Terry Laughlin, who joined the bank as an executive in its mortgage unit handling loss mitigation strategies in July 2010.

The shift is the most recent in a series of management changes since Brian Moynihan took over as CEO in January 2010.

According to the bank’s year-end financial report, Bank of America Home Loans lost $8.92 billion in 2010 mainly because of the toxic loans it received when it purchased Countrywide Financial Corp. in 2008.

Countrywide reached a disaster when many of its borrowers could not repay mortgages with adjustable rates that did not require proof of income or down payment. Bank of America has also been plagued with lawsuits and buyback claims over the investment securities backed by those loans.

Bank of America Home Loans will carry on handling new loans, as well as the servicing of loans that are up-to-date. Barbara Desoer, who has led the unit since 2008, will continue running the unit.

The bank reported $306 billion new mortgages in 2010. According to regulatory filings, it had a mortgage servicing portfolio of $2.06 billion at the end of the year.

Posted in Featured News, FinanceComments (0)