Wednesday was a difficult day for The American Independent News Network, which is the larger entity that operates The Iowa Independent. Our chief executive and founder announced two of our sister sites would close and their content would be moved to The American Independent.
A recently introduced bill could have far-reaching impact on the U.S. sugar industry, including American Crystal Sugar, a farmer-owned cooperative that locked out 1,300 Midwest workers on Aug. 1.
The chairman for Herman Cain’s Iowa effort says the campaign “relied more on the word of farmers than Washington regulators” in deciding to run an ad containing claims the Environmental Protection Agency says are false.
The Iowa Senate will remain under the control of a slim 26-25 Democratic majority when it reconvenes in January 2012.
Countrywide Financial Corp. has agreed to provide loan modifications to up to 397,000 borrowers nationwide, and more than 1,100 Iowans, as part the settlement of a lawsuit filed by Iowa and 10 other states.
The settlement resolves allegations that Countrywide, which was acquired by Bank of America in July, used unfair and deceptive tactics in its loan-origination and servicing activities and that borrowers often were put in structurally unfair and unaffordable loans.
Iowa Attorney General Tom Miller, who acted as a lead negotiator of the agreement, said potential economic relief to borrowers in Iowa from the modifications is estimated to be about $11 million. About one-fourth to one-half of all Countrywide subprime loans in Iowa are delinquent, he said.
Under the agreement with Bank of America/Countrywide, eligible subprime borrowers will be able to modify the terms of their loans to make monthly payments more affordable, which may include an automatic freeze or reduction in interest rates, conversion to fixed-term loans or reduction of principal owed.
Miller urged Countrywide customers in Iowa to call 1-800-669-6607 for more information, including what records they will need to assemble to determine if they qualify for the loan modification program.
Under the settlement, which does not constitute an admission of wrongdoing, Bank of America/Countrywide also agreed to stop offering pay option ARMs and significantly curtail offering “low-documentation” and “no-documentation” loans; initiate an early identification and contact program for people who have trouble making their payments; and continue working with non-profits, federal agencies, and state attorneys general on ways to use real estate owned and other properties for community development.
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