More charges for 2 local contractors

January 10, 2008 8:50:18 PM PST
Countrywide Financial is denying speculation it may file for bankruptcy - but its shares have now suffered their biggest decline since the 1987 stock market crash. Shares of other mortgage companies have also plummeted... And none of this bodes well for consumers.Countrywide Financial is denying speculation it may file for bankruptcy - but its shares have now suffered their biggest decline since the 1987 stock market crash. Shares of other mortgage companies have also plummeted... And none of this bodes well for consumers.

Financial experts say if Countrywide files for bankruptcy - the company could continue to service mortgages under court protection - so homeowners who already have a Countrywide mortgage may not be affected.

But - if you're in the process of getting a mortgage, that process could be disrupted so seek alternatives right now.

Experts also say no matter who your mortgage company is - if you need to refinance, complete the transaction as soon as possible. Surviving lenders are expected to further tighten standards so it will only become harder to refinance or get a new mortgage. Two Bucks county contractors charged with defrauding homeowners out of hundreds of thousands of dollars--are in more trouble with the law.

County officials tell Action News they've added charges against Joseph Salvatico and his brother John. Joseph Salvatico faces three additional counts of deceptive or fraudulent business practices as well as charges for bad checks, theft, and receiving stolen property.

Bucks County Consumer protection says after the original story broke - the agency received hundreds of calls from consumers complaining about abandoned projects and shoddy work.

In November, Action News told you 80-percent of seafood sold in the U-S is imported - and much of the frozen and fresh fruits and vegetables you buy also come from overseas.

Well now, Trader Joe's has begun phasing out some products from China. The retailer says it is responding to potential safety concerns voiced by customers. The company has discontinued single-ingredient imports from China like fresh soybeans.


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