Alejandrino Honorato’s journey began with a smuggler who led him across the Rio Grande, into the Texas desert with little food or water and finally to a field where he picked tobacco to pay his passage. Living illegally in a labor camp, he didn’t know lawmakers in Washington were deciding his future.
Former hospital executive Rick Scott , who spent almost $40 million on his campaign for Florida governor, upset Attorney General Bill McCollum in the Republican primary and will face the state’s chief financial officer, Democrat Alex Sink , in the general election.
Ally Financial Inc. and PNC Financial Services Group Inc. discussed their foreclosure practices yesterday with the Florida attorney general’s office, which is investigating problems with home seizures in the state.
In 2002, an accountant in Boca Raton, Florida, named Joseph Lents was accused of securities-law violations by the U.S. Securities and Exchange Commission. Lents, who was chief executive officer of a now-defunct voice- recognition software company, had sold shares in the public company without filing the proper forms. Facing a little over $100,000 in fines and fees, and with his assets frozen by the SEC, Lents stopped making payments on his $1.5 million mortgage.
Home to more foreclosures than 47 U.S. states, Florida sought to clear out its backlog with a system of special court hearings that dispensed with cases quickly, sometimes in less than a minute, Bloomberg News’ David McLaughlin reports.
Three former UBS AG executives who pleaded guilty or were sentenced in U.S. courts over a 24-hour period put the largest Swiss bank in a different light than its website touting the skill and professionalism of its bankers.
A former paralegal told Florida investigators that workers at a law firm that processed foreclosures signed paperwork without reading it, misdated records and skirted rules protecting homeowners in the military.
JPMorgan Chase & Co., the second- biggest U.S. bank by assets, agreed to pay Florida $25 million to settle allegations it sold unregistered securities to a state-run municipal money-market fund that suffered a run on deposits because it held defaulted debt.