Good Luck with That
A Kings County, N.Y., judge has called on the chief executive of HSBC Holdings PLC's North American unit to defend its handling of a foreclosure. The special hearing scheduled for July 15 should be an education.
The unusual demand,
One problem: HSBC in all likelihood had little to do with the servicing errors that have Schack so incensed. According to the bank's spokesman and court filings, it's the trustee in the case. Though trustees are the nominal plaintiffs in securitized loan foreclosure proceedings, their role is titular — the servicer, and the servicer's attorneys, are practically and contractually responsible for handling the case.
Ocwen Financial Corp. was the servicer. A partner at the Rochester, N.Y., law firm handling the case — Shapiro, DiCaro & Barak LLP — and Ocwen officials did not immediately respond to requests for comment.
This is not the first time that trustee banks have found themselves
Hitting the Skids
Bank of America Corp. may be facing an uphill battle with homeowners at a ski resort in Idaho.
The bank is planning to tear out two ski lifts at Tamarack Resort, a failed vacation development outside Donnelly, the Associated Press
According to the AP report, B of A's leasing division has filed paperwork with the state to remove the lifts after the resort defaulted on payments. But a group of homeowners is trying to force a public hearing on the bank's plans.
Last month, the homeowners were successful in thwarting a plan by a Canadian ski resort company to buy the lifts from B of A and remove them. Steve Lord, the homeowners' lawyer, told the AP he'll be vigilant to make sure B of A doesn't remove the transports without proper local and federal permits.
Matthew Hutcheson, an Idaho man who has been working since last year to purchase the resort, said he is committed to replacing the lifts if they are torn out. A recent attempt to negotiate a deal with B of A over the lifts was unsuccessful, he said.
Gawk and Wear
Elizabeth Heller Allen, the chief communications officer of Huntington Bancshares Inc., appreciates bank marketing and fine art.
The Columbus, Ohio, bank's latest brand refresher marries the two: She tapped a favorite local painter to make abstract art out of its new "Welcome" slogan. The result — a swirling, green-and-black painting by the muralist Kirsten Bower — was used to design a company scarf that incorporates the image.
Branch workers and other employees get to wear the long, frilly scarves. (We hope they wait until winter!) Huntington's top executives get to enjoy the painting: It hangs in Huntington's executive suite.
"We thought it would be a neat idea to turn the painting into something we could actually wear," said Camille Hutchinson, a Huntington spokeswoman.
She said Allen saw Bower's work at an art show and became a fan. She thought of her when Huntington decided it wanted to bring an artsy touch to its brand overhaul.
Edification Purposes
Wells Fargo announced Thursday that its insurance arm has acquired EDIFY LLC, an employee benefits consulting firm in Fort Lauderdale, Fla.
A price was not disclosed.
Founded in 1996, EDIFY helps middle-market and large companies improve employee wellness and lower the overall cost of health care. EDIFY will be merged into Wells Fargo Insurance Services.
EDIFY's CEO, Howard Gruverman, and its president, Carlos Castresana, have joined Wells and will continue to serve clients from their current locations.