What the week’s big mortgage moves mean for consumers

This week brought three big developments to the nation’s beleaguered mortgage landscape. For consumers, the complex moves have been mostly mystifying, but experts say they all aim at turning the page.

“There is a strong desire to put behind us all this period of time — the aftermath of the darkest period in American finance. All these things [announced this week] are intended to do that,” said John Taylor, president and CEO of the National Community Reinvestment Coalition, a Washington, D.C.-based community advocacy group. “There are good and bad things in it for consumers.’’

A new rule issued Thursday by the Consumer Financial Protection Bureau aims to prevent lenders from making the sort of toxic mortgages that forced many unsuspecting borrowers into ruin. Yet the new “qualified mortgage” rule, according to some lenders, also could perpetuate the nation’s tight credit problem and keep many would-be homebuyers on the sidelines.

Meanwhile, two settlements unveiled Monday with big banks should resolve some lingering issues from the mortgage meltdown that have kept banks focused on past errors instead of getting back to the business of lending.

Here is a quick primer on the week’s developments and some likely implications for consumers.

OCC Settlement

The Office of the Comptroller of the Currency, which regulates nationally chartered banks, Monday unveiled an $8.5 billion settlement with 10 giant banks that service mortgages.

As part of the controversial settlement, the OCC is scrapping its Independent Foreclosure Review, which was aimed at identifying victims of robo-signing and other improper foreclosure tactics by banks, but soon proved to be a badly flawed effort.

Instead, under the OCC’s new approach — which will be spelled out in enforcement actions in a couple of weeks — more than 3.8 million borrowers who faced foreclosure between Jan. 1, 2009 and Dec. 31, 2010 stand to get some payment regardless of whether they actually suffered any harm.

The mortgage servicing banks covered are Bank of America, Wells Fargo, Citibank, JPMorgan Chase, SunTrust, PNC, Sovereign, U.S. Bank, MetLife Bank and Aurora.

The agreement provides for $3.3 billion to go directly to borrowers. Another $5.2 billion is earmarked for loan modifications and the forgiveness of deficiency judgments.

The OCC said the amount that eligible borrowers get will range from a few hundred dollars up to $125,000, depending on the type of error that possibly occurred in their mortgage servicing.

“If a borrower went through foreclosure with one of those 10 lenders, they should receive a couple hundred bucks, whether they deserve it or not,” said Guy Cecala, publisher and CEO of Inside Mortgage Finance Publications in Bethesda, Md., which tracks news and statistics in the residential mortgage industry. “The odds of getting $125,000 is the odds of winning the lottery. It would have to be a false foreclosure or where they were thrown out of their house illegally.”

The OCC will look to 13 broad categories of errors outlined in the Independent Foreclosure Review launched in April 2011.

Those include a litany of bumblings and misdeeds by the mortgage servicers, ranging from foreclosing on a homeowner who was following the rules during a trial period of a loan modification, to failing to offer a loan modification as mandated under a government program, to failing to follow up with a borrower to obtain needed documents under a government program.

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Domestic partnership bill filed in Senate

TALLAHASSEE --
A bill that would allow Floridians to enter "domestic partnerships" resembling marriages was filed Wednesday by Sen. Eleanor Sobel, D-Hollywood, in an apparent effort to extend at least some marital benefits to same-sex couples.

While the legislation specifically states it is not an attempt to do an end-run around a provision in the Florida Constitution defining marriage as the union of one man and one woman, it would allow gay Floridians to get some rights approaching marriage. Any two people who are at least 18 years old would be allowed to establish a domestic partnership under the law.

"The state has a strong interest in promoting stable and lasting families, and believes that all families should be provided with the opportunity to obtain necessary legal protections and status and the ability to achieve their fullest potential," the bill says in a section of legislative findings.

Sobel, who has filed similar legislation in previous sessions, did not immediately respond to a request for comment Wednesday.

The legislation is not new, but the current version (SB 196) comes amid new focus on the issue of gay marriage. President Barack Obama endorsed allowing same-sex couples to marry last year before winning Florida in his re-election bid, and the U.S. Supreme Court is expected to take up the issue in a pair of cases set for oral arguments in March.

Two openly gay lawmakers were elected to the Legislature last fall, marking the first time anyone who was openly gay had ever won a seat.

John Stemberger, president of the Florida Family Policy Council -- a group opposed to same-sex marriage -- said similar domestic partnership bills had been used in other parts of the nation to help in court fights aimed at legalizing gay unions. And he said domestic partnership proposals were aimed at avoiding the state’s legal definition of marriage.

"They’re attempts to get around (the Constitution) and approximate a faux marriage arrangement," he said.

But Stemberger also predicted that sponsors were unlikely to push the bill far in a Legislature dominated by Republicans, many of whom are cool to the idea of same-sex marriage.

"I think they’re lucky if they get it debated," he said.

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HP Cloud Ushers in 2013 and GA Compute Service with Reduced Pricing

HP Cloud Services is continuously working to increase efficiency in our datacenters, so we can pass these efforts along to our customers via enhanced enterprise-class service and/or lower prices.  As a result, HP Cloud Services is starting the New Year by permanently lowering the prices on Linux instances of HP Cloud Compute by 12.5% and Object Storage by as much as 25%. 

Furthermore, to celebrate our Compute service’s move to General Availability (GA), we are offering a time-limited 40% discount on all Windows and Linux instances until March 31st, 2013.  We’re doing this to make it even easier for new and existing customers to try our new GA service and perform their initial integration work. You can read more about our differentiated, industry-leading SLA at “Under the Hood of HP Cloud Services SLAs” and about what we’re doing behind the scenes to actually deliver on and surpass our SLAs at “How HP Cloud Services Became Enterprise Class.” 

It’s worth noting that we also recently moved HP Cloud Block Storage to public beta and added several major new features, including bootable persistent volumes and enhancements in volume backup to object storage, as detailed here.  HP Cloud Block Storage is being discounted by 50% while in public beta, so now is the perfect time to give it a test drive if you haven’t already!

You can sign up now to start exploring our enterprise-class cloud.  For ongoing news about our new services, pricing and special offers, follow us on Twitter @hpcloud, subscribe to this blog, and follow our Facebook page.

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They Dated Golden Globes Edition Part 2

Remember them?

Angelina Jolie, Matt Damon and Jake Gyllenhaal have a tendency to mix it up as far as dates go at the Golden Globes. With the 70th annual ceremony almost upon us, we're looking back at these celebs and their various plus-ones as they arrived to the star-studded event over the years.

Related: They Dated?! Golden Globes Edition - Part 1

Jolie has had the privilege of walking the Golden Globes red carpet multiple times in her career, often on the arm of a different gorgeous gentleman. The beauty's very first adult appearance was in 1999, with then-hubby Johnny Lee Miller. Just three years later, Jolie walked the carpet with new husband Billy Bob Thorton. In 2009, the actress debuted her latest beau, Brad Pitt.

Damon is now happily married to wife Luciana Barroso, but back in 2000 the Good Will Hunting star proudly held the hand of then-girlfriend Winona Ryder. A decade or so prior, his date arrived with her Square One co-star Rob Lowe.

Related: Pick the Winners With ET's Golden Globes Ballot!

Gyllenhaal has dated two award show beauties, Kristen Dunst and Reese Witherspoon. In 2003, the actor escorted Dunst to the ceremony and just three years later, Gyllenhaal would bring Witherspoon as his plus-one.

Click the video for more, and tune in to the Golden Globes on January 13 at 8 ET/5 PT on NBC.

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Man gunned down in Bed-Stuy

A man was gunned down in Bedford-Stuyvesant Thursday night, according to police.

The man, described by cops as a white male in his 30s, was shot in the torso near the corner of Macon Street and Throop Avenue at around 9:30 p.m., authorities said.

He was transported to Kings County Hospital where he later died.

Police are still investigating. No arrests have been made.

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Miami doctors, Walgreens join race for ACOs

With Walgreens joining insurers and hospitals in a race to reshape healthcare delivery in the country, a group of 75 doctors has become the first federally approved accountable care organization in Miami-Dade, Medicare officials announced Thursday.

South Florida ACO and the drugstore chain were on a list of 106 groups receiving approval to offer integrated care that is intended to improve quality and lower healthcare costs, with the providers sharing in any savings.

The concept, part of the Affordable Care Act, has sparked a race among major healthcare providers throughout the country. Many hospitals are hiring doctors and other groups are organizing networks that are expected to create a major shift in the nation’s healthcare system.

Many healthcare experts believe growing numbers of doctors will soon work for large entities. Jorge Acevedo-Crespo, a Miami pulmonologist, said he brought together the South Florida ACO to avoid that trend.

“I think it’s best for doctors to control healthcare — not hospitals, not insurance companies,” Acevedo-Crespo said Thursday.

One reason commonly given by Medicare for setting up ACOs is that many patients discharged from hospitals are quickly readmitted because they do not take required medications or have follow-up visits with their doctors.

Walgreens, the national drugstore chain, believes it can help fix those kinds of problems, starting with the three ACOs it has set up, including one in the Tampa area.

Jeffrey Kang, the physician who is running the Walgreens ACO effort, said one example of how coordinated care can work is a Walgreens pilot program in which pharmacists checked to see that patients were taking the proper meds after being released from hospitals. That program reduced readmissions by 40 percent, Kang said.

“Walgreens is a very natural partner” for physicians, Kang said. In Tampa, it is working with Diagnostic Clinics, which employs doctors. Many of the chain’s stores already contain Take Care clinics, which employ nurse practitioners to treat minor ailments.

“Walgreens provides 365-day-a-year, convenient, accessible, face-to-face health offering for the public,” Kang said. “We’re now the largest provider of vaccinations in the country. And we’re second in hypertension and diabetes screening.”

Walgreens is heavily promoting its virtues as it enters a competition that is growing increasingly intense. Fifteen other Florida entities were granted ACOs Thursday — most of them in the Tampa-Orlando-Jacksonville area.

Florida Blue has already set up informal ACOs, with Holy Cross doctors in Fort Lauderdale and with Baptist Health South Florida and a group of oncologists in Miami-Dade. But the state’s largest health insurer has not yet sought official federal approval, which carries with it a complex series of requirements.

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Wisdom from the mouths of babes

The other day, a friend of mine email me the following letter from a 7-year-old second-grader, Abigal Lily Alder, at Heron Heights Elementary in Broward County, and I want to share it with you, my dear Neighbors in Religion readers:

The title: "AUTISM SPEAKS to Me!"

"If I could help somebody it would be my brother, Grant, who has autism. People with autism like Grant sometimes have trouble communicating and they may act 'different.' I participated in a walk for Autism Speaks with my family, and learned that for every 88 kids one of them will have autism like my brother. If you have a conversation with someone who has autism they are not always able to focus on what you are saying and they may only want to talk about things that are important to them.

“Restaurants, playgrounds and shops can sometimes be too exciting for them at first. They may be loud, say things you may not expect or they may have trouble understanding what you are asking them.

I would like people to accept kids like my brother who are unique in their own way, and not judge them. Just be patient. If you see someone who you think may have autism, you should help them or just be a friend. I went to camp during the summer with kids who have autism like my brother, and I found out that they can be real friends just like anyone else. We laughed together and played games. It was a blast and I am still friends with many of them.

“There are good things about autism, too. My brother is the most fun and active person. He is awesome on computers and every morning when I wake up, my brother has a big smile on his face and he says, 'It is a beautiful morning.' He is still the BEST BROTHER EVER!

“I know I may be only seven, but I can make a difference and so can you."

Abby is in Mrs. Chiros' class and was the essay contest winner for her grade level.

Oh, thank you, so much Abby. You are wise beyond your young years. I know your parents are so proud of how sensitive you are — and that's a feather in their hats. God bless you and Grant. My godson Isaiah Swift, 6, has autism and I love him so much, and tell him often.

Although he had not been able to speak, one day at church he shocked my boots off, so to speak, when he said without any prompting, "I ... love ... you.”

It brought tears of joy to my eyes.

‘Why I am Thankful’

On Dec. 28, I asked readers to share reasons they are thankful. Here is a response from Charlotte Delascasas:

"I am grateful for the upcoming MLK Holiday and our national tradition of community service. Coral Gables Congregational Church will be having their annual food drive and Pastor Laurie Hafner will remain fasting up in the tower until 3,000 pounds (one dollar also equals one pound) is raised before the cherry picker brings her down, usually 7 p.m. Saturday night, when there will be a rock ‘n’ roll band in our parking lot in front of the Biltmore Hotel, to celebrate.

“Our church will also adult education about Dr. King from 9:45 to 10:45 a.m., each Sunday in January. I am thankful that our congregation welcomes everyone, no matter where you are on your spiritual journey, with an open door. Each Thanksgiving we join Temple Judea and Riviera Presbyterian for an interfaith service and we have welcomed theologians from all religions to speak as well. Our social justice program includes Green Christians, who have just started a community garden.

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Could Alex Jones’s “revolution” actually happen?

Piers Morgan had it easy. Radio show host and author Alex Jones threatened the rest of us with a ”revolution” if the government decides to confiscate guns from the homes and glove compartments of law-abiding Americans. It’s almost too easy to dismiss Jones as a fringe figure, especially since fringe ideas make their way into the mainstream with (exciting? alarming?) frequency these days. So let’s take him seriously.

Let’s accept his premise. Actually, let’s dismiss it first but then turn around and accept it for the sake of argument. The government has not the means nor the mechanism nor the credibility to confiscate 100,000 guns, much less 600,000,000. And those in the government doing the confiscating would be neighbors and relatives of the confiscatory victims: police officers, national guard members, Army reservists. Of course, Jones might say that their intent is bad enough. But “they” — the Obama administration, I assume — have no such intentions, and never did.

But OK. Let’s say that the government tries to confiscate guns and “the people” attempt to revolt.  No doubt that civil disobedience can spring up rather spontaneously and even be organized very quickly, but if rioting were to somehow break out in American cities, it would be isolated and theoretically containable. Organizing a “revolt” would require extensive planning, including the massive transportation of citizens from their homes to wherever the rally points were, a communications infrastructure, and leaders. The same Open Source culture that would make it difficult for the government to plan a confiscation in secret makes it just as unlikely for citizens to plan a feasible response to that confiscation in secret.

One of Jones’s obsessions, which, I confess, I share, is the militarization of the American homeland, and he is not promulgating a conspiracy here. The military has expanded its presence on American soil, and crucially, has expanded the way it is organized to respond to mass contingency events of any kind, including natural disasters and rioting. The U.S. Northern Command does receive intelligence briefings about domestic disturbances from the FBI and DHS, so commanders would be somewhat prepared to deploy troops. Thousands would come from the standing Army, but the bulk would be drawn from state National Guard detachments. It is exceedingly difficult to picture weekend warriors following blind orders en masse to detain or harm U.S. citizens when local police resources are stretched. The government has the power of command and control, but the people have the power of fellow-feeling. The government’s response to any real revolt would probably be quite restrained. There’d be too much attention paid to every movement of every tank to act harshly. The strategy to contain any “revolt” might therefore depend on a period of people letting out their energies and then returning to their normal business. 

Ah, but what if the government controls the communication nodes?  Well, corporations do; I assume Jones would have them immediately bend to a secret executive order shutting down serves and clouds and services like Twitter, but even if corporations agreed to do this, together, it would take days to get even a fraction of the telecom infrastructure offline. Maybe the government would order a mass power outage. But that’s why so many Americans have generators in the first place!  Although government “boards” comprising major telecom and infrastructure executives do exist, the most they’ve ever contemplated doing is to shut down a narrow slice of an infected communications node. These days, they’re focused on the cyber threat.  In the early days of civil defense planning, when there were a few television networks an AT&T had its monopoly, the threat of a government takeover of TV, radio and telephones was technically feasible. Today it is not. Actually, it does not make sense. What’s turned on really cannot be turned off.

But wait. if Jones’s “revolution” is to succeed, he needs to take over the government, because he’d need to dominate communications as well, unless he assumes that his movement would be organic and immune to arguments from elected officials asking for stability and calm.

An objective of anyone who wants to take over the government would be a seizure of the Emergency Broadcast System, which allows the President to speak to the nation through almost any mechanism of communication at any time. The EBS lives at Mt. Weather, the massive FEMA bunker in Virginia, but it can be activated and controlled from at least a dozen other places, including the briefcase of the Emergency Actions officer who travels with the President.  A coordinated violent action to seize control of this key portal would require an incredible amount of prior planning.

Assuming even that the government’s response to isolated-turned-mass rioting is uneven, the President would be able to address Americans anytime he wants. In theory, Jones’s followers could try to take over every broadcast entity in America, or could try and jam the broadcasts using sophisticated electronic warfare technology available to the military, but once again, the practicalities are not possible.

Because there will be no revolt over gun control, because there will not be and cannot be a mass confiscation of guns, playing with these ideas is fanciful and fodder for a sequel to Seven Days in May. Heck, we haven’t even addressed the FEMA concentration camps (which don’t exist).  But that isn’t to say that nothing discussed above will ever be relevant. It is much easier to imagine a small-scale revolt, a series of pre-planned violent protests against the powers that be, perhaps because the political system seems so non-responsive to the worries of people who listen to Alex Jones.  It would not take much to make Americans nervous about the government’s ability to restore law and order. And that frission itself is probably the most unknowable of all these factors.

Patriotic citizens aren’t supposed to speculate about these extremely unlikely events, but the government certainly thinks about them. So maybe we should too.

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Oscar Moments: Best & Supporting Actress Wins

The 85th Annual Academy Awards is just six weeks away, and we're taking a look back at four great moments from the last two years: When Meryl Streep, Natalie Portman, Melissa Leo and Octavia Spencer picked up their coveted statuettes.

ET's Complete Academy Awards Coverage

In a bit of an upset, Streep won her third Oscar at the 84th Academy Awards for her spot-on portrayal of British Prime Minister Margaret Thatcher in The Iron Lady, besting front-runner Viola Davis (The Help), Glenn Close (Albert Nobbs), Rooney Mara (The Girl with the Dragon Tattoo) and Michelle Williams (My Week with Marilyn). "When they called my name I had this feeling that half of America said, 'Oh no, her again?'" said the self-effacing star. "But, whatever." The 17-time Oscar nominee closed her speech by saying she was "sure she'd never be up here again" and thanking, "all my colleagues and all my friends … the thing that counts the most with me is the friendships and the love."

A pregnant Portman danced to the stage to cradle her Best Actress statuette at the 83rd Academy Awards for her riveting performance as a dancer on the edge in Black Swan, out-pirouetting Annette Bening, Nicole Kidman, Jennifer Lawrence and Michelle Williams. "I truly, sincerely wish the prize was to get to work with my fellow nominees," said Natalie. Brought to tears when she thanked her parents for "showing me every day to be a good human being by example," she also singled out her fiance and "beautiful love, Benjamin Millepied, who has now given me my most important role in life."

Video: 83rd Oscars Red Carpet Flashback

The Help star Spencer was named Best Supporting Actress at the 84th Academy Awards over Bridesmaids star Melissa McCarthy, Albert Nobbs' Janet McTeer, The Artist's Bérénice Bejo and her Help co-star Jessica Chastain. "Thank you, Academy, for putting me with the hottest guy in the room," quipped the break-out character actor before breaking down in tears of joy. "I share this with everybody. … I'm sorry, I'm freakin' out. Thank you world!"

And at the 83rd Academy Awards, Leo bested her The Fighter co-star Amy Adams in addition to Helena Bonham Carter, Hailee Steinfeld and Jacki Weaver for the Best Supporting Actress statuette. Asking legendary presenter Kirk Douglas, "Will you pinch me?" Leo basked in the moment, declared, "I'm shakin' in my boots here," then accidentally dropped the F-bomb before she thanked the real-life Fighter clan matron Alice Ward.

Related: Seth MacFarlane to Host 85th Oscars

The 85th Academy Awards will air live from Hollywood on Oscar Sunday, February 24, 2013 on ABC.

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Barclays Center unveils massive 70-foot-long mural

Barclays Center officials unveiled a 70-foot-long mural Wednesday.

Barclays Center honchos yesterday unveiled a new 70-foot-long by 10-foot-wide mural they say captures the borough’s energy and vitality.

Fort Greene artist José Parlá’s site-specific work --- which is visible from arena’s Dean Street entrance – was inspired by the book “Brooklyn Is” by James Agee and the artist’s personal experiences living blocks away and watching the Nets’ 18,000-seat new home being built. Parlá – who’s work appears nearby at Brooklyn Academy of Music Fisher Theater – is a favorite of rap-mogul Jay-Z, who owns a small stake in the Nets, and Jay-Z's wife Beyonce.

“The painting, Diary of Brooklyn, is a personal document of my experiences living in Brooklyn for almost 20 years,” Parlá said. “The writing of the diary, however, is written expressionistically illegible in hopes that the painting itself is transformed and received as the personal diary of individual viewers from Brooklyn, or visiting and experiencing the city.

"The painting is also in homage to the borough's history and includes quotes from the book, 'Brooklyn Is: Southeast of the Island' by classic American writer James Agee.”

The mural is among a series of visual arts projects being installed throughout the new arena, including new commissions inspired by the creative energy of the borough and installations that celebrate the lives of the people in Brooklyn. They will include Mickalene Thomas’s monumental mural combining photo collage and painting to depict the Brooklyn cityscape; and two works by OpenEndedGroup, a collaborative of three digital artists—Marc Downie, Shelley Eshkar, and Paul Kaiser—that will be displayed on the Barclays Center Oculus, a 3,000-square-foot, 360-degree LED marquee outside the Center’s main entrance.

“As the Barclays Center becomes a new crossroads for Brooklyn, it is also defining a new model for the role that sports and entertainment arenas can play in the life of their communities,” said arena developer Bruce Ratner.

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