| Connecticut Seeks Arrest of Former Mortgage Executive Heffernan
March 26 (Bloomberg) -- Connecticut officials asked for an arrest warrant against Mitch Heffernan, saying the former head of Mortgage Lenders Network USA, the second-biggest subprime lender to go bankrupt in the past year, didn't pay employees as the company slid toward insolvency. The state Department of Labor accuses Heffernan of failing to pay at least $1.9 million to 61 employees, said Gary Pechie, director of wage and workplace standards. The request for a warrant was sent about two weeks ago to Timothy Liston, the state attorney in Middletown, Pechie said. Heffernan, who was chief executive officer of Mortgage Lenders Network, won't be charged unless Liston and a judge approve, Pechie said. ``We take pretty strongly the payment of wages in Connecticut,'' Pechie said.
First Wisdom Council in Canada: Fabric of Society Fraying
This on-going process gradually makes a greater impact on the community, while fostering the collective intelligence of ordinary people and a shared sense of the common good.
Indeed, after listing more than twenty urgent issues, the first Wisdom Council found that the overarching problem facing our community is our growing isolation from each other and from our environment. The Council delivered the following statement at a well-attended public meeting On March 31, sharing the enthusiasm generated by their experience in the Wisdom Council with a hundred or so people who came to hear their statement:
Message from the
Victoria Wisdom Council
The Victoria Wisdom Council is a randomly selected group of citizens symbolically representing all the people of Victoria speaking on issues that affect us all.
Long Island mortgage firm lowers estimates
American Home Mortgage Investment Corp. issued a profit warning for the first quarter and full year, citing weaker conditions in the secondary mortgage and mortgage-backed securities markets.
Chairman and Chief Executive Michael Strauss said that far fewer buyers are offering much lower prices, both for loan pools and for AA, A and BBB rated and residual mortgage securities.
These changes had a significant, adverse impact on our companys first quarter results, reducing our gain on sale revenue and causing mark-to-market losses in our portfolio, said Mr. Strauss, in a statement.
The Melville, L.I. firm cut its first quarter earnings estimates to between 40 and 60 cents a share, after previously calling for a 9% to 15% increase over 2006 quarterly earnings of $1.02.
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