Banks, regulators reach mortgage settlements

In two of the biggest civil settlements since the financial crisis, the nation's biggest banks agreed Monday to cough up nearly $19 billion to resolve federal allegations of mortgage misdeeds.

Bankers saw the settlements as a major step in providing more certainty for their balance sheets and possibly foreshadowing an end to the era of billion-dollar mea culpas and open-ended regulatory probes.

In one case, 10 banks settled with regulators for $8.5 billion. In the second, Bank of America Corp. agreed to pay almost $10.4 billion to Fannie Mae, the giant loan buyer that the U.S. seized and propped up with tens of billions of taxpayer dollars.

The deals come three years after prosecutors dropped criminal investigations against such subprime-mortgage kingpins as Countrywide Financial Corp.'s Angelo Mozilo in favor of pursuing civil fines.

"I'd have to say we're at least 75% of the way through with this process," said SNL Financial analyst Nancy Bush, arguing that it's time to concentrate on rebuilding the dysfunctional U.S. mortgage system. "The bankers are going to have to stop complaining about the government, and we'll have to stop this endless calling for someone to go to jail."

Housing advocates welcomed payouts for homeowners but asserted that the banks and bankers have gotten off easy, given the enormity of the economic damage to Main Street.

"When you think about $8.5 billion, and you know trillions of dollars in wealth have been lost by communities, it's not enough at all," said Sasha Werblin of the Greenlining Institute. "But some money is better than nothing."

The Bank of America settlement ends a bitter standoff between BofA, once the largest seller of home loans, and Fannie Mae, the nation's largest mortgage buyer.

The deal ends Fannie's demands that BofA buy back a mountain of soured loans issued by Countrywide, the high-risk Calabasas lender BofA acquired in 2008. BofA Chief Executive Brian Moynihan characterized the deal as "a significant step in resolving our remaining legacy mortgage issues."

BofA agreed to buy back $6.75 billion in residential mortgage loans sold to Fannie Mae and pay it an additional $3.6 billion in cash.

Moynihan had agreed previously to tens of billions of dollars in Countrywide-related claims. Those include shouldering the lion's share of last year's $25-billion settlement that five banks reached with the Obama administration and state attorneys general over so-called robo-signing of foreclosure paperwork and other abuses.

BofA still faces billions of dollars in claims from plaintiffs, including major insurers, the U.S. attorney's office in New York and the federal regulator overseeing Fannie Mae and fellow mortgage finance giant Freddie Mac.

But the bank has reached a tentative $8.5-billion settlement with holders of certain Countrywide mortgage bonds and another pending settlement for $2.4 million over its acquisition of Merrill Lynch & Co., also in 2008.

Because Countrywide left Bank of America with so many mortgage-related headaches, many view BofA's tangles with regulators as a barometer for the whole mortgage industry, SNL's Bush said. And as bank stock prices recovered over the last year, BofA led the way with a 109% gain for 2012.

The $8.5-million settlement with 10 banks Monday represented an acknowledgment by bank regulators that a previous attempt to review millions of foreclosures for bank wrongdoing had failed. Instead, they took a streamlined approach — the lump sum — in getting relief for troubled borrowers. Four other banks opted out of the settlement.

The settlement replaces a failed process that started in April 2011. In that arrangement, the Office of the Comptroller of the Currency and the Federal Reserve required the 14 big providers of mortgage customer service to hire consultants to review foreclosures from 2009 or 2010, potentially affecting 4.4 million borrowers. Nearly half a million borrowers signed up for the free reviews, which were supposed to lead to compensation in cases of bank misconduct.

But the consultants' tab totaled $1.5 billion as last year ended — without a single penny of relief going to borrowers. So the regulators and 10 of the banks, including mortgage giants Bank of America, Wells Fargo & Co. and JPMorgan Chase & Co., agreed to a plan for more direct aid.

The 10 banks will pay $3.3 billion to 3.8 million borrowers, who could receive amounts ranging from a few hundred dollars to $125,000 depending on evidence of wrongdoing. Reviews continue at the four banks that opted out of the new approach.

In addition, the 10 banks agreed to provide $5.2 billion in foreclosure prevention assistance to borrowers at risk of losing homes, including mortgage modifications or forgiveness of judgments against them.

Comptroller Tom Curry, the nation's top bank regulator, said the switch was a "significant change in direction." But he said it met the original objectives "by ensuring that consumers are the ones who will benefit and that they will benefit more quickly and in a more direct manner."

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181,354 People on Twitter Think They’re Experts at Twitter

Do you tweet a lot? Do you post everything on Facebook? Do you #hashtag #complete #sentences #like #this? Do you describe yourself, variously, as a social media “maven”, “master”, “guru”, “freak”, “warrior”, “evangelist” or “veteran”? (Yes, a social media veteran. As if Tumblr were a deadly war you narrowly survived.) Well: you’ve got company! There are more than 181,000 such individuals on Twitter, people who adorn their profiles with credentials like “social media freak” and “social media wonk” and “social media authority.”

RELATED: Teens Hacking Their Friends’s Twitter Accounts Is All the Rage

B.L. Ochman at Advertising Age, whose heroic research produced the final tally, first noted the trend three years ago — when she recorded, among other distinctions, 68 “social media stars” and 79 “social media ninjas” on Twitter alone — and has been keeping track ever since. This isn’t just the stuff of legitimate Twitter news-breakers like Anthony DeRosa and Andy Carvin — Ohman provides a helpful breakdown of the terms she looked for — you know, like “social media warrior.” (We’re tempted to argue that such diligence makes Ochman something of a social media warrior herself.) Ochman also warns of using “guru” — a Sanskrit term — to describe oneself:

While a great many of these self-appointed gurus are no doubt taking the title with tongue firmly planted in cheek, the fact remains: a guru is something someone else calls you, not something you call yourself. Scratch that: let’s save “guru” (Sanskrit for “teacher”) for religious figures or at least people with real unique knowledge.

I’d argue, in fact, that “social media” and “guru” should never appear in the same sentence.

Whatever the term, social media seems to be a growth industry: there were only 15,740 “mavens” (or whatever) in 2009 — less than a tenth of those represented today.

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Brad Pitt tweets to Chinese that he's coming

BEIJING (AP) — Brad Pitt is now on China's version of Twitter, and his first enigmatic tweet drew thousands of comments. Just as mysteriously, it later disappeared.

The actor's verified Sina Weibo account sent the message Monday: "It is the truth. Yup, I'm coming." That was forwarded more than 31,000 times and netted over 14,000 comments, many expressing surprise. He gathered more than 100,000 followers.

But by Tuesday morning the tweet had disappeared, and a standard message read "He hasn't tweeted yet." The number of his followers kept growing, however.

It was unclear whether the deletion was the work of Pitt and his PR team or Chinese censors. Chinese censors regularly delete tweets and even accounts that they deem sensitive. The government requires Sina and other Internet companies to do this in-house at their own cost, under threat of fines and shutdowns if they fail.

A request for comment from Pitt's manager was not immediately answered.

The IMDb.com movie website says Pitt was banned from ever entering China because of his role in the 1997 "Seven Years in Tibet." The government was upset about the film's portrayal of harsh Chinese rule in Tibet. His later film "Mr. & Mrs. Smith" with Angelina Jolie was popular in China.

Pop and movie stars use Weibo as a way to connect with the giant Chinese market. To get a certified account overseas celebrities have to submit copies of their ID and job evidence among other documents.

Tom Cruise joined Sina Weibo in 2011 and now has over 5 million followers.

Former NBA star Stephon Marbury who now plays for China's professional basketball league is prolific on Weibo and has over 779,000 followers.

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Advertising: Crohn’s and Colitis Foundation Begins New Campaign - Advertising

A NEW print ad by the Crohn’s and Colitis Foundation of America shows a closed bathroom stall, with the gap below the door revealing the enormous clown shoes of the occupant. “I.B.D. is no laughing matter,” says the headline.

“If you have inflammatory bowel disease (I.B.D.), life can feel like a three-ring circus,” continues a block of text. “Chances are, you know one of the nearly 1 in 200 Americans who suffers from the debilitating pain and constant disruptions that come with Crohn’s disease and ulcerative colitis.”

Other stall-door ads show a shin-to-floor view of a woman in a wedding dress (“I.B.D. gave her a day she’ll never forget”), Santa Claus (“I.B.D. doesn’t care if you’ve been naughty or nice”) and a young girl whose feet don’t reach the floor (I.B.D. can make growing up a real pain”).

While the photos and headlines sound a note of whimsy, the text below the ads is decidedly serious, all of them noting, “The physical and emotional toll can be devastating.”

The public service ads encourage readers to learn more about Crohn’s disease by visiting a microsite, EscapeTheStall.com, which has been created for the campaign. The pro bono effort is by the New York office of DraftFCB, part of the Interpublic Group of Companies.

In a commercial for the campaign, the viewer hears, “Chances are you know someone with I.B.D.” The voice turns out to be that of the actress Amy Brenneman (“Judging Amy” and “Private Practice”), who says near the end of the spot, “Someone like me.”

The organization hopes that the public service announcement will run widely on television and in movie theaters. Other elements for the campaign include billboards and ads online and in airports. Ads printed on transparent adhesive film will even appear on mirrors in public restrooms.

The nonprofit group projects that it will secure from $20 million to $23 million in donations of broadcast and print advertising over the next year. But it did not initially want to show bathrooms in its campaign.

“We really started this campaign by saying we wanted to stay away from the bathroom, because we thought the bathroom would underrepresent our disease,” said Richard Geswell, the president of the Crohn’s and Colitis Foundation.

Along with needing to evacuate frequently, symptoms of Crohn’s disease, a chronic inflammatory condition of the gastrointestinal tract, include abdominal pain, rectal bleeding, fevers, weight loss and extreme fatigue.

“I was worried that our patients might think it was too lighthearted, and some aren’t in public restrooms because they can’t even leave the house,” said Mr. Geswell, who added he was won over by the new campaign, which he said struck the right tone and would spur awareness.

Rich Levy, chief creative officer of DraftFCB Healthcare, said, “When we first started this project, the last thing we wanted to do is what I’d call bathroom humor.” But he said that although the campaign was set in restrooms and had whimsical notes, its impact aimed to be more profound.

“What was the universal truth was that behind those doors are thousands and thousands of people who are suffering, and you don’t know who they are, but they know who they are,” said Mr. Levy.

Although the Crohn’s and Colitis Foundation was founded in 1967, only 18.7 percent of Americans have heard of the group, according to a survey commissioned by the group.

As for Crohn’s disease itself, the survey found that 44 percent of respondents knew at least a little about the disease, below the number familiar with diabetes (86 percent), multiple sclerosis (58 percent) and lupus (46 percent).

Mr. Geswell, the foundation president, said that by raising awareness about Crohn’s, his group hoped that along with helping those who don’t know they have the disease, it would help others understand that friends and relatives might be too embarrassed to disclose their condition.

“Aunt Sally who never left the house or came to social occasions” may, far from meaning to snub her family, “turn out to have had Crohn’s or ulcerative colitis,” Mr. Geswell said. Some with Crohn’s disease must visit the bathroom as much as 40 times a day, the foundation says.

Carol Cone, co-author of “Breakthrough Nonprofit Branding” and managing director for brand and corporate citizenship at Edelman, the public relations firm, acknowledged the challenge any agency would face with such an awareness campaign.

“How do you talk about bowels and bowel movements, and do it in a way that’s not so slight and flip that it’s not taken seriously?” said Ms. Cone.

After reviewing the new campaign, Ms. Cone was impressed.

“The way they showed the feet and footwear was a wonderful analogy that Crohn’s and colitis affects anybody in any walk of life,” Ms. Cone said. “This is a sophisticated, hip and modern branding campaign.”

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Noise requirements proposed for hybrid and electric vehicles

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Trial to resume in neo-Nazi leader's slaying

The murder trial resumes Monday for a 12-year-old Riverside boy accused of shooting his father, neo-Nazi leader Jeffrey Hall, as he slept on the family's living room couch in May 2011.

The proceeding began in October with testimony that the boy coldly plotted the killing because of fears that his father planned to leave the boy's stepmother and shatter the family. Hall, an unemployed plumber, allegedly beat and berated his son during drunken rages, his wife and son told investigators.

The trial was delayed to give the prosecution's mental health expert time to assess the boy's mental state. Riverside County Superior Court Judge Jean P. Leonard had barred testimony from the prosecution's initial expert because the psychologist had taken part in a confidential interview of the boy. A new expert has been chosen and is scheduled to testify.

Chief Deputy Dist. Atty. Michael Soccio, in his opening statement, said the sandy-haired boy made a calculated decision to kill his father, making him "no different than any other murderer." The prosecutor called Hall's role as a regional director of the National Socialist Movement a "red herring" that was immaterial to the case.

On Monday, Soccio is expected to call clinical psychologist Anna Salter of Madison, Wis., to testify. Salter is a consultant to the Wisconsin Department of Corrections and has expertise in child psychology and sexual abuse.

The fate of the boy, who was 10 at the time of the shooting and has learning disabilities, comes down to whether he realized his actions were wrong when he pulled the trigger.

The boy's name is not being released by The Times because of his age. He has been charged as a juvenile. If the allegations are found to be true, he could remain in juvenile custody until he is 23.

Public Defender Matthew Hardy argued that the boy's sense of right and wrong was corrupted from growing up in a household filled with violence and hate. Neo-Nazis frequently gathered at the family home in Riverside, family trips to the shooting range were common, and loaded guns were stashed around the house.

More telling, he said, was that social service investigators never tried to remove the boy from the home after they made more than 20 visits.

"He thought his situation was normal. All this did was confuse the kid even more," Hardy said in a recent interview. "He decided to kill his dad because he wanted to end the violence, protect the family and, to some extent, be the hero."

In court, Hardy alleged that the child was manipulated to kill Hall by his stepmother, Krista F. McCary, who worried that her husband would leave her.

The boy told detectives that his plan to kill his father was influenced by an episode of the television show "Criminal Minds," which chronicles the investigations of a fictional team of FBI profilers. In the videotaped police interview, he said he saw an episode in which a boy killed his abusive father and was not arrested.

"The kid did the exact same thing I did," he told police during the interview, which was played at the trial.

The boy told police he had grabbed his father's Rossi .357 magnum revolver from a closet and went downstairs, where his father was asleep on the couch. He pulled the hammer back, aimed the gun at his dad's ear and pulled the trigger. The boy then stashed the gun under his bed.

Little about the family's stucco home near UC Riverside differed from the rest of the well-kept suburban neighborhood, though neighbors complained about Hall's occasional neo-Nazi barbecues and gatherings. Inside, police found dirty clothes strewn across floors, bedrooms smelling of urine, filthy bathrooms and beer bottles littering the downstairs, under the swastika of a National Socialist Movement flag.

"It's clear that violence is the appropriate way in his world," psychologist Robert Geffner, a witness for the defense, testified in November. "A repeated theme in conversations with him was killing. Another part of his focus was guns."

Court records suggest the boy had a history of aggression and violence after Hall and his first wife went through a bitter divorce. Both Hall and his ex-wife, Leticia Neal of Spokane, Wash., accused each other of abusing and neglecting their two children. Hall was granted full custody.

The case will be weighed by the judge, who must decide whether the child knew that his actions were wrong at the time of the shooting. If Leonard rules that the boy did not comprehend that his actions were wrong, he would be set free. If she finds the boy responsible for the murder, a hearing will be held to determine punishment.

If the boy is released, it's unclear if he would be placed with relatives or in the custody of the department of social services, Hardy said. In August 2011, the boy's stepmother was convicted of child endangerment and weapons charges and placed on four years' probation.

McCary, 27, testified earlier in that trial that the boy was violence-prone and difficult to control. Her husband abused drugs and beat the boy more than the other four children living in the home, she told the court.

McCary testified that she was not upset by the possibility that her husband was having an affair. Still, she said, she wanted to end the marriage because of her husband's mood swings.

"You were never sure which Jeff you were going to get," she said.

phil.willon@latimes.com

Times' wire services contributed to this report.

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“Ubuntu for Phones” Turns Smartphones into Desktop PCs

Millions of people have tried out Ubuntu, a free operating system for desktop and notebook PCs. Like Android, Ubuntu is open-source and based on Linux, and while it’s mostly seen as an OS for hobbyists here in the U.S., hardware manufacturers like Dell and HP make Ubuntu PCs for markets like mainland China.

Now Canonical, the startup which drives Ubuntu’s partly community-based development, has announced a version of Ubuntu that’s made for smartphones. The company previously showed off an experimental version of desktop Ubuntu that hobbyists could install on their Nexus 7 tablets. But the version Canonical demoed Wednesday was tailor-made for smartphones.

What makes Ubuntu different?

The smartphone version of Ubuntu bears little resemblance to the desktop version, aside from its graphical style. Its interface is based around gestures and swipes; instead of a back button, for instance, you swipe from the right-hand edge of the screen to return to a previous app. Swiping up from the bottom, meanwhile, reveals an app’s menu, which remains off-screen until then.

Tech expect John Gruber was critical of the Ubuntu phone interface, noting that “gestures are the touchscreen equivalent of keyboard shortcuts” because they need to be explained to someone before they can use them. The Ubuntu phone site itself calls the experience “immersive,” because it allows more room for the apps themselves.

What will Ubuntu fans recognize?

First, the apps. The same Ubuntu apps which are currently available in the Software Center (Ubuntu’s equivalent of the App Store) will run on an Ubuntu phone, provided the developers write new screens designed for phones — much less work than writing a new app from scratch. Ubuntu web apps, already integrated into its version of Firefox, will also work in the phone version.

Second, the dash and the app launcher. Ubuntu’s universal search feature is easily accessible, and swiping in partway from the left edge of the screen reveals the familiar row of app icons.

What unique features does it have over other smartphone OSes?

Besides the gesture-based design, higher-end Ubuntu smartphones will be able to plug into an HDTV or monitor, and become a complete Ubuntu desktop PC. Just add a keyboard and mouse. This feature was originally announced for Android smartphones (using advertising which insults grandmothers), and Android phones featuring Ubuntu are expected before full Ubuntu phones launch.

When will it be available?

Ubuntu phones (not just Android phones with Ubuntu included) are expected to be on shelves starting in 2014. In a few weeks, however, Canonical will have a version available that you can put on your own Galaxy Nexus smartphone to try it out.

Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.
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NBC execs say it's not a 'shoot-'em-up' network

PASADENA, Calif. (AP) — NBC executives said Sunday they are conscious about the amount of violence they air in the wake of real-life tragedies like the Connecticut school shooting, but have made no changes in what has gone on the air or what is planned.

NBC isn't a "shoot-'em-up" network, said network entertainment President Jennifer Salke.

The level of violence on television, in movies and video games has been looked at as a contributing factor — along with the availability of guns and a lack of mental health services — in incidents such as the Dec. 14 attack in a Newtown, Conn., school where 20 first-graders and six educators were killed.

Like many in Hollywood, NBC questioned a link between what is put on the air and what is happening in society.

"It weighs on all of us," said NBC Entertainment Chairman Robert Greenblatt. "Most of the people at this network have children and really care about the shows that we're putting out there. It's always something that's been on our mind but this brought it to the forefront."

NBC hasn't needed to take any tangible steps like minimizing violence in its programming or deemphasizing guns, Salke said, because NBC didn't have much violence on the air. It might be different "if we were the 'shoot-'em-up' network, she said.

She didn't name such a network, but said violence might be an issue on a network that airs many crime procedural shows. That's a staple of CBS' lineup. Greenblatt, who was head of Showtime when the "Dexter" series about a serial killer was developed, said CBS' "Criminal Minds" is "worse than 'Dexter' ever was."

Within an hour after both executives spoke, NBC showed reporters at a news conference highlights of its show "Revolution" that included a swordfight, a standoff between two men with guns, a bloodied man, a building blown up with a flying body and a gunfight.

Later clips of the upcoming series "Deception" featured several shots of a bloodied, dead body.

NBC also is developing a drama, "Hannibal," based on one of fiction's most indelible serial killers, Hannibal Lecter. An airtime for the show hasn't been scheduled, but it could come this spring or summer.

Salke said there is more violence in Fox's upcoming drama "The Following," also about a serial killer, than there will be in "Hannibal." Much of the violence in the upcoming NBC show, created by former "Heroes" producer Bryan Fuller, is implied and not gratuitous.

"We respect the talent and like what he is doing, so we are standing behind him," Salke said. She said there's been a spate of programs about creepy killers because they've been such indelible characters.

Greenblatt said he wasn't trying to be glib, but one of the best tonics for people upset about real-life violence is to watch an episode of NBC's "Parenthood." He said it's a great example of a family that loves each other and grapples with many issues.

"Ultimately, I think you feel good at the end of the day," he said.

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Tehran Is Choked by Annual Buildup of Air Pollution

TEHRAN — Already battered by international threats against their nation’s nuclear program, sanctions and a broken economy, Iranians living here in the capital are now trying to cope with what has become an annual pollution peril: a yellowish haze that engulfs Tehran this time of year.

For nearly a week, officials here and in other large cities have been calling on residents to remain indoors or avoid downtown areas, saying that with air pollution at such high levels, venturing outside could be tantamount to “suicide,” state radio reported Saturday.

On Sunday, government offices, schools, universities and banks reopened after the government had ordered them to shut down for five days to help ease the chronic pollution. Tehran’s normally bustling streets were largely deserted.

Residents who dare to go outside cover their mouths and noses with scarves or surgical masks, but their eyes tear up and their throats sting from the mist of pollutants, which a report by the municipality of Tehran says is made up of a mixture of particles containing lead, sulfur dioxins and benzene.

“It feels as if even God has turned against us,” Azadeh, a 32-year-old artist, said on a recent day as she looked out a window in her apartment that often offers a clear view of Tehran, a sprawling city that is home to millions. But on this day, Azadeh, who did not want her full name used, saw only the blurred outlines of high-rise buildings and the Milad communications tower in the distance. The setting sun was reduced to a yellowish coin by the thick blanket of smog.

The haze of pollution occurs every year when cold air and windless days trap fumes belched out by millions of cars and hundreds of old factories between the peaks of the majestic Alborz mountain range, which embraces Tehran like a crescent moon.

Iran is prominently represented in the World Health Organization’s 2011 report on air quality and health, with three of its provincial towns among the organization’s list of the world’s 10 most-polluted cities. According to the report, Tehran has roughly four times as many polluting particles per cubic meter as Los Angeles. Many cities known for their poor air quality, like Mexico City, Shanghai and Bangkok, are cleaner than Tehran.

But since 2010, when American sanctions on Iranian imports of refined gasoline began to bite, the situation has grown worse, according to the report by the municipality of Tehran.

Faced with possible fuel shortages, Iran surprised outsiders by quickly making up for the loss of imports by producing its own brew of gasoline. While the emergency fuel kept vehicles running, local experts warned that it was creating much more pollution.

A recently released report by Tehran’s department of air quality control contained blank spaces where there should have been information about levels of benzene and lead — components of gasoline — in the capital’s air. But the report did state that while Tehran experienced more than 300 “healthy days” in 2009, in 2011 there were fewer than 150.

Iran’s Health Ministry has reported a rise in respiratory and heart diseases, as well as an increase in a variety of cancers that it says are related to pollution.

The state newspaper Resalat on Saturday called the pollution a continuing crisis, and it urged the authorities to act. “Why is it that when the winds pick up, this problem is again quickly forgotten?” an editorial asked. Another newspaper, Donya-e-Eqtesad, which is critical of the government, pressed for an improvement in gasoline standards.

The pollution caused by the use of the emergency fuel concoction has been a taboo subject here, as officials try to portray each measure to counter the economic sanctions as a success that should not to be criticized by the local news media.

On state television, several officials have denied that the yellow haze has anything to do with the locally produced gasoline.

In an interview on Saturday, Ali Mohammad Sha’eri, the deputy director of Iran’s Environmental Protection Organization, strongly denied that the pollution was linked to gasoline. However, he said that only 20 percent of the emergency fuel was up to modern standards. “Hopefully in three months that level will be 50 percent,” he said.

Meanwhile, the government has imposed strict traffic regulations in Tehran, Isfahan and other major population centers. An odd-even traffic-control plan based on the last digit of vehicle license plates keeps about half of the approximately three and a half million cars in Tehran off the streets on a daily basis.

Other plans to combat the pollution have been less realistic, analysts say. President Mahmoud Ahmadinejad has long advocated a plan to move civil servants from Tehran to reduce overpopulation in the capital. In 2010, the governor of Tehran Province ordered crop-dusters to dump water on the smog in an effort to dissipate it. There have also been plans for placing air purifiers in the city, but experts say they will not work in open spaces.

For those living in Tehran and unable to leave town for a vacation home on the Caspian Sea, waiting for the winds to pick up seems to be the only option.

“My head hurts, and I’m constantly dead tired,” said Niloufar Mohammadi, a university student. “I try not to go out, but I can smell the pollution in my room as I am trying to study.”

Azadeh, the artist, said the pollution forced her to stay indoors, adding to her sense of isolation. Step by step her world was being curtailed, she said. The Western sanctions imposed on Iran make her feel like a pariah, she explained. The government’s mismanagement of the economy and the resulting inflation have left her with little purchasing power, she said; she has stopped shopping for everything but essential items. And last week, security officers removed her illegal satellite dish from her roof.

“The pollution is the last straw for me,” she said. “We should wait helpless for winds to pick up and clean the air before we can safely leave our houses. It shows we have lost all power to control our lives.”

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Spring Street tower in downtown L.A. to become creative offices

A Spring Street office building completed in 1915 has been purchased by a developer who plans to improve it as gentrification sweeps gradually through downtown Los Angeles' formerly depressed historic financial district.

The Corporation Building, at 724 S. Spring St., was acquired by Izek Shomof, one of the most active developers of aging properties in the city's historic core. Shomof said he plans to renovate the 13-story tower and rent office space to creative firms.

Terms of the sale by Spring & Main Property were not disclosed, but real estate experts familiar with the neighborhood valued the deal at about $10 million.

Spring Street was known as the Wall Street of the West in the early 20th century but fell from favor in the decades after World War II as financial firms and other white collar companies moved to newer buildings close to the 110 Freeway or left downtown.

The Corporation Building, like others in the area, came to house garment manufacturing in recent years, though it still bears the painted sign of a longtime former occupant that says "Dr. Campbell Credit Dentist."

Renovations will include retooling the ground floor retail space, Shomof said. "We're talking to restaurants and sidewalk cafes."

Some "creative" tenants, including Smart Architecture, are already in the building, which has no heating or air conditioning. "It's very bare-bones, but it gets great light from the large windows," said Douglas Hanson, a partner at the architectural firm.

Many former offices downtown have been turned into apartments or condominiums, but Hanson said he is pleased that the Corporation Building is to be revived as offices.

"We need to stay away from converting everything to housing," he said. "We need a mix of people living and working in the neighborhood."

Prospective buyers for the Corporation Building included hoteliers, real estate broker Ed Rosenthal of New Downtown Brokerage said.

"There is a lot of activity and changes in ownership in the historical area by Spring and Main streets," Rosenthal said. "The restaurant and boutique hotel scene is alive."

Ace Hotel, a Portland, Ore., chain of boutique inns catering to the young and hip, is building a 180-room outpost in the historic United Artists building nearby at Broadway and 9th Street. It is set to open in the fall.

The Shomof family has been redeveloping properties downtown since 1999, Shomof said. Projects include the revival of Spring Street in the blocks near the former Pacific Stock Exchange. In March, a partnership including the Shomofs bought three run-down early 20th century hotels around 5th and Los Angeles streets that it plans to improve.

Long Beach apartment complex bought

Irvine developer Western National Realty Advisors bought a 206-unit apartment complex in Long Beach for $46 million.

Western National bought the property, at 1613 Ximeno Ave., from Archstone, a Colorado apartment developer and operator. The new owner named the complex built in the 1980s the Landing at Long Beach.

Western National plans to update the 145,000-square-foot garden-style complex, said Jerry LaPointe, vice president of Western National Realty Advisors, an affiliate of apartment investor Western National Group.

The acquisition is the sixth in Western National Realty Advisors' private-equity real estate Fund II, La Pointe said. "We are actively pursuing additional acquisitions."

roger.vincent@latimes.com

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