Hints and tips:
...In 2015, Julie Hamp, Toyota’s first western female senior executive, resigned after being arrested for importing an illegal painkilling drug....
...But the elevation of female employees hit a setback when Julie Hamp, Toyota’s first western female senior executive, resigned after being arrested for importing an illegal painkilling drug in 2015....
...“For both me and Toyota, Julie Hamp is an invaluable colleague,” Mr Toyoda said at a press conference in Tokyo....
...Mr Abe had made “womenomics” a core part of his strategy for economic growth, but his own efforts have been hampered after two female ministers he appointed resigned last year due to political funding scandals...
...“In many ways, this case has been unsettling and quite irregular,” Mr Komori said....
...Mr Tanaka added Toyota needed to teach its executives about differences in cultural practices and laws when assigning them to foreign territories, and improve its personnel checks before appointing senior...
...Mr Street said he believed customers would understand that the charge was “utterly reasonable for these low value items”....
...Under chief executive Akio Toyoda, Toyota has broken with longstanding practice by increasing the number of foreign executives — the promotions of Mr Leroy and Ms Hamp were announced in March....
...Julie Hamp, Toyota’s chief communications officer, was arrested last week on suspicion of illegally importing a prescription drug from the US....
...The company said it had appointed Julie Hamp as managing officer — its first female senior non-Japanese executive. Her position is five rungs below Mr Toyoda....
...“In summary, our modelling results alone suggest that the projected impact of adopting Hamp PRA could be negative for taxpayers, or it could be positive for taxpayers,” said Mr DeMarco....
...In the framework published by the OCC and Fed jointly last June, we think this falls under the “Servicer never solicited borrower loan modification option as required under HAMP or other program designated...
...asked Mr Barofsky. None of the five lenders have said they expect to incur a material charge due to the settlement. More writedowns through Hamp are likely to follow....
...“It turns the notion that this is about justice and accountability on its head,” Mr Barofsky said....
...“It’s more in [servicers’] economic interest to foreclose rather than put borrowers into a Hamp modification”, Mr Barofsky said....
...“People are incredibly frustrated with the servicers, the four largest of whom are also the four largest banks,” says Mr White....
...Mr Leigh pointed to three flaws in the home affordable modification programme, or HAMP, the flagship US effort to write down the value of mortgages that are now worth more than the home they are secured...
...Mr Feldstein has referred to the permanent reduction of mortgage principal as “the only real solution”. President Barack Obama and Congress have resisted....
...As a result, second-lien holders had been unwilling to take part in modifications, creating a “big impediment”, Mr Zandi said....
...But far fewer homeowners are now expected to benefit from Hamp. Mr Kaufman said it was too late to overhaul the programme given that Treasury’s authority to change the terms had expired....
...Mr Barofsky’s team removed from its office the photograph of Tim Geithner, Treasury secretary, that hangs in all Treasury buildings....
...Mr Barofsky’s office has accused the Treasury of a lack of transparency, a charge rejected by the department....
...He said Hamp “benefits only a small portion of distressed homeowners, offers others little more than false hope, and in certain cases causes more harm than good”....
...For instance, Mr Berner estimates that more than half of all borrowers who enter the government’s Home Affordable Modification Programme (HAMP) wind up redefaulting on their loan....
...As Rod Dubitsky of Credit Suisse, echoing Citi’s Sigee, told the FT: “Servicers are faced with a dual mission – earning profits for their owners and maximising recoveries for investors,” said Mr Dubitsky...
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