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Workers get $637,000 in overdue pay

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MORECoach Doc Rivers a “fan” from way back of Jazz’s Jordan Clarkson Attorney Cynthia Dersh Schein, who represented the Davids, said all the nursing homes were owned and managed by separate companies, although in each company the Davids hold ownership interests. Nursing-home managers did not know when employees were working at other facilities that shared ownership, she said. She said state labor laws differ from federal laws on requiring overtime pay for work done at separate companies with shared ownership. “It was a totally innocent situation,” she said. “It’s not intentional.” Labor officials said the firm worked with the department to resolve the issues identified in the investigation and confirmed that measures are now in place to ensure that all hours worked by employees at multiple facilities are combined for overtime pay. Charles F. Bostwick, (661) 267-5742 chuck.bostwick@dailynews.com LANCASTER – Twenty-five employees at two Lancaster nursing homes will share $79,000 in back pay ordered by a U.S. Department of Labor investigation into overtime pay. Federal officials said the homes were among 13 in Southern California, owned jointly by Emmanuel and Ofelia David, that did not pay overtime when employees split their time between two or more facilities to work more than 40 hours a week. “The workers in this case were not getting their full pay, and I am glad that we were able to recover $637,000 in back wages for them,” U.S. Secretary of Labor Elaine L. Chao said in an announcement by her department. In all, 212 workers received back pay last month totaling $637,000 for work performed between December 2002 and July 2005 at the 13 facilities, the Labor Department said. The facilities were located from Riverside County to Los Angeles, and included Antelope Valley Healthcare and the neighboring Antelope Valley Care Center on 15th Street West in Lancaster. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

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BofA CEO Moynihan Speaks on Housing Trends

first_img Share in Daily Dose, Data, Featured, News Brian Moynihan, Chairman and CEO, Bank of AmericaA number of factors are affecting the housing market. Despite these changes, one needs to keep perspective when analyzing this industry, according to Brian Moynihan, Chairman, and CEO of Bank of America, who recently spoke about the changes in mortgage interest caps and the macro factors affecting housing at CNBC’s Net/Net event in New York.Speaking about the changes to the cap in the mortgage interest that homeowners could write off, implemented in the Tax Cuts Act, Moynihan said that it was unchartered territory for many homeowners as well as financial institutions because the home mortgage interest deduction was “so jealously protected for so many years. And $10,000 is a pretty healthy amount of interest.”However, he said that these changes wouldn’t have a huge effect on homeowners because to qualify for that kind of cap on a mortgage, “a household’s probably got to have a $100,000 to $125,000 of income, a little bit more. So a couple hundred dollars a month isn’t going to make the decision different.” At the most, Moynihan said it would slow down a homeowner’s decision to upgrade. “But I think we’ve got to be careful about over-estimating across the 60 million households that have debt out of 130 million households in America.”Touching upon the high-interest rate environment and the health of the housing market, Moynihan said, “Housing is at tails,” as a number of factors were affecting the housing market, but they should be kept in perspective, especially since the rising rates will not change the market in any major way. “We still did, around, 10.5 billion of mortgage loans this quarter. Last year we probably did 13 billion,” Moynihan told the audience.Looking at the effect of population on housing, Moynihan said, “At the end of the day, without population growth that we had in the mid-2000s at 1.5 percent the demand for housing is going to sort of ebb and flow a little differently.”Looking at the larger market, Moynihan said that housing construction was growing evenly because of locational problems. “It’s really tight in cities like Charlotte where we’re trying to build tens of thousands of units for workers because we’re short. In other places, there’s an excess of supply,” especially in cities that are still recovering from the Great Recession. Despite rising home prices and inventory remaining down, for the most part, Moynihan said that they were fine for now. “But we got to watch it because it’ll be a leading indicator of people’s belief in their wealth if we see housing prices tip over,” he said. October 17, 2018 683 Views center_img BofA CEO Moynihan Speaks on Housing Trends Bank of America homeowners HOUSING mortgage Supply 2018-10-17 Radhika Ojhalast_img read more

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