Other bidders contest Tully's sale to Dempsey


SEATTLE (AP) — A company that teamed up with Starbucks Corp. to bid for the Tully's Coffee chain filed an objection Wednesday challenging the winning offer made by "Grey's Anatomy" star Patrick Dempsey.


AgriNurture Inc. said it's still willing to proceed with its combined bid with Starbucks of about $10.6 million. The bid from Dempsey's company, Global Baristas LLC, was for $9.2 million.


The proposed sale goes before a bankruptcy judge in Seattle on Friday.


Starbucks has said it wants to convert some of Tully's cafes to its own brand. AgriNurture, based in the Philippines, would run the rest under the Tully's name.


Cliff Burrows, who heads Starbucks' Americas business, said he's confident the company put forth the best bid with its companion bidder to give shareholders the most value.


Dempsey said he's confident the court will decide that Global Baristas submitted "the highest and best bid."


AgriNurture, which also does business in the U.S. as Earthright Holdings Inc., already operates Tully's franchises in Asia.


Another bidder has also filed an objection to the sale, saying the rules changed in the middle of the auction.


Read More..

Pap Test May Prove Useful at Detecting More Types of Cancer, Study Suggests





The Pap test, which has prevented countless deaths from cervical cancer, may eventually help to detect cancers of the uterus and ovaries as well, a new study suggests.




For the first time, researchers have found genetic material from uterine or ovarian cancers in Pap smears, meaning that it may become possible to detect three diseases with just one routine test.


But the research is early, years away from being used in medical practice, and there are caveats. The women studied were already known to have cancer, and while the Pap test found 100 percent of the uterine cancers, it detected only 41 percent of the ovarian cancers. And the approach has not yet been tried in women who appear healthy, to determine whether it can find early signs of uterine or ovarian cancer.


On the other hand, even a 41 percent detection rate would be better than the status quo in ovarian cancer, particularly if the detection extends to early stages. The disease is usually advanced by the time it is found, and survival rates are poor. About 22,280 new cases were expected in the United States in 2012, and 15,500 deaths. Improved tests are urgently needed.


Uterine cancer has a better prognosis, but still kills around 8,000 women a year in the United States.


These innovative applications of the Pap test are part of a new era in which advances in genetics are being applied to the detection of a wide variety of cancers or precancerous conditions. Scientists are learning to find minute bits of mutant DNA in tissue samples or bodily fluids that may signal the presence of hidden or incipient cancers.


Ideally, the new techniques would find the abnormalities early enough to cure the disease or even prevent it entirely. But it is too soon to tell.


“Is this the harbinger of things to come? I would answer yes,” said Dr. Bert Vogelstein, director of the Ludwig Center for Cancer Genetics and Therapeutics at Johns Hopkins University, and a senior author of a report on the Pap test study published on Wednesday in the journal Science Translational Medicine. He said the genomes of more than 50 types of tumors had been sequenced, and researchers were trying to take advantage of the information.


Similar studies are under way or are being considered to look for mutant DNA in blood, stool, urine and sputum, both to detect cancer and also to monitor the response to treatment in people known to have the disease.


But researchers warn that such tests, used for screening, can be a double-edged sword if they give false positive results that send patients down a rabbit hole of invasive tests and needless treatments. Even a test that finds only real cancers may be unable to tell aggressive, dangerous ones apart from indolent ones that might never do any harm, leaving patients to decide whether to watch and wait or to go through surgery, chemotherapy and radiation with all the associated risks and side effects.


“Will they start recovering mutations that are not cancer-related?” asked Dr. Christopher P. Crum, a professor at Harvard Medical School who was not involved in the research.


But he also called the study a “great proof of principle,” and said, “Any whisper of hope to women who suffer from endometrial or ovarian cancer would be most welcome.”


DNA testing is already performed on samples from Pap tests, to look for the human papillomavirus, or HPV, which causes cervical cancer. Dr. Vogelstein and his team decided to try DNA testing for cancer. They theorized that cells or DNA shed from cancers of the ovaries and the uterine lining, or endometrium, might reach the cervix and turn up in Pap smears.


The team picked common mutations found in these cancers, and looked for them in tumor samples from 24 women with endometrial cancer and 22 with ovarian cancer. All the cancers had one or more of the common mutations.


Then, the researchers performed Pap tests on the same women, and looked for the same DNA mutations in the Pap specimens. They found the mutations in 100 percent of the women with endometrial cancer, but in only 9 of the 22 with ovarian cancer. The test identified two of the four ovarian cancers that had been diagnosed at an early stage.


Finally, the team developed a test that would look simultaneously for cancer-associated mutations in 12 different genes in Pap samples. Used in a control sample of 14 healthy women, the test found no mutations — meaning no false-positive results.


Dr. Luis A. Diaz, the other senior author of the report and an associate professor of oncology at Johns Hopkins, called the research a step toward a screening test that at first blush appears very effective at detecting endometrial cancer, though obviously less so at finding ovarian cancer.


“Probably one of the most exciting features of this approach,” Dr. Diaz said, “is that we wanted a test that would seamlessly integrate with routine medical practice that could be utilized with the same test that women get every day all over the world, the Pap smear.”


But, he added: “We can’t say it’s ready for prime time. Like all good science, it needs to be validated.”


He and other members of the team said it might be possible to improve the detection rate for ovarian cancer by looking for more mutations and by changing the technique of performing Pap tests to increase the likelihood of capturing cells from the ovary. The change might involve timing the test to a certain point in a woman’s monthly cycle, using a longer brush to collect cells from deeper within the cervix or prescribing a drug that would raise the odds of cells being shed from the ovary.


The technique also needs to be tested in much larger groups of women, including healthy ones, to find out whether it works, particularly at finding cancers early enough to improve survival. And studies must also find out whether it generates false positive results, or identifies cancers that might not actually need to be treated.


Michael H. Melner, a program director in molecular genetics and biochemistry for the American Cancer Society, called the research “very promising,” in part because it is based on finding mutations.


“It tells you not just that cancer is there, but which mutation is there,” Dr. Melner said. “As we learn more and more about which mutations are associated with more or less severe forms of cancer, it’s more information, and possibly more diagnostic.”


Read More..

Consumer bureau to unveil new mortgage standards









In sweeping new rules aimed at fixing the home lending market, the Consumer Financial Protection Bureau on Thursday will define a "qualified mortgage" — one a borrower can actually be expected to pay back — while in effect banning a slew of dicey loans at the center of the financial crisis.


The regulations, among the most important handed down yet by the 18-month-old agency, also aim to loosen the choking loan standards that have prevailed since the housing crash. They do so by limiting bankers' liability for prime loans that can be sold to government-backed mortgage giants such as Fannie Mae.


The rules, to be phased in over the coming year, aim to improve access for creditworthy borrowers to today's historically low-interest loans and to create a stable and predictable housing finance system for banks and their customers alike.





Complying with the rules would provide a "safe harbor" shielding lenders from being sued for one of the most frequent and bitter complaints of the subprime era: sticking borrowers with unaffordable loans, then selling off the loans — and the risk.


One leading consumer advocate said the bureau had gone too far out of its way to accommodate bankers, whose loose lending had triggered the foreclosure crisis and the worst economic collapse since the 1930s.


The bureau's action "invites abusive lending and erodes the progress made by Dodd-Frank," the landmark regulatory reform bill passed after the financial crisis, said Alys Cohen, an attorney with the National Consumer Law Center.


"The safe harbor the bureau has afforded for prime loans provides absolute shelter to lenders who knowingly make unaffordable loans, in direct violation of congressional intent," said Cohen, who was to appear at a home lending forum Thursday in Baltimore with bureau officials.


The safe harbor provision shields lenders only from lawsuits over borrowers' ability to pay. Consumers would still be able to pursue claims that lenders violated other laws, such as those governing deceptive advertising or wrongful foreclosures.


The rules met with relief from mortgage bankers, who had feared Draconian restrictions from the bureau, created by consumer advocate Elizabeth Warren. The former Harvard law professor, newly sworn in as a U.S. senator, was so at odds with the industry and congressional Republicans that President Obama backed away from appointing her to head the agency after tapping her to set it up.


"The goal of this regulation, ensuring that borrowers receive loans that they can repay, is in everyone's best interest. We cannot, and should not, go back to the high-risk lending environment of the early 2000s," Debra W. Still, chairwoman of the Mortgage Bankers Assn., said in a statement.


Consumer bureau Director Richard Cordray, who was scheduled to formally unveil the rules Thursday, said the aim was to achieve "the true essence of 'responsible lending.'"


"The American dream of homeownership was shaken to its foundations," Cordray said in prepared remarks. "But, in the wake of the financial crash, we have been experiencing a housing market that is tough on people in just the opposite way — credit is achingly tight."


The qualified mortgage rules rest on the principle of ability to pay, the goal Congress told the bureau to implement in the regulatory reform law passed after the financial crisis. Senior officials at the consumer agency briefed reporters on it Wednesday.


The rules notably limit a potential borrower's total payments, including those for property taxes, fire insurance and non-housing debt such as credit cards, to 43% of gross income.


During the housing boom, aggressive lenders had set the bar at 50% or higher for mortgage payments alone — disregarding other debt — and then allowed borrowers to qualify by merely stating their incomes, with no documentation.


The rules simultaneously aim to ban mainstream use of the riskiest practices of the housing bubble, such as loans made without checking tax returns and pay stubs; loans with payments so low that the loan balance rises instead of falls; and qualifying borrowers based on low "teaser" rates instead of fully adjusted payments.


Certain subprime loans to borrowers with credit problems could be qualified mortgages, but not the loosely underwritten loans that helped fuel the housing boom and bust.


Lenders would still have to determine that borrowers could afford to repay such loans, which would carry significantly higher interest rates than prime mortgages. They also could be challenged more easily in court — for instance, by borrowers claiming a lender gave them a loan that left them too little money to live on, even though their debt payments were only 43% of their incomes.


Lenders are expected to continue lending outside the guidelines in some cases. For example, jumbo mortgages — those too big for purchase by Fannie and Freddie — are often written to affluent borrowers who for a variety of reasons choose to pay interest only for a period of time. There's no reason that practice should stop, senior consumer bureau officials said.


Lenders will be given a year to phase in compliance with the new rules. Some question certain limits imposed by the regulations, such as limits of 3% on points and fees that borrowers could be charged upfront, and the 43% cap on total debt payments.


The 3% fee limit would be hard to meet in some cases, said the mortgage trade group's Still.


Laguna Beach mortgage broker Richard Cirelli said that the debt ratio could pose problems, especially in expensive real estate markets.


"Capping the debt limit at 43% is going to create some problems," Cirelli said. "Especially for first-time buyers in California. It's still pretty expensive here."


scott.reckard@latimes.com





Read More..

Judge rejects bid to shut Oakland pot dispensary









OAKLAND — The nation's largest medical marijuana dispensary won a round in federal court this week, with a judge rejecting efforts by Harborside Health Center's landlords in Oakland and San Jose to immediately shut down operations.


The property owners have been under pressure since federal prosecutors last summer threatened to seize the buildings, arguing that pot sales were in violation of federal law. But in her ruling, Chief Magistrate Judge Maria-Elena James said that "any argument about the urgency of stopping Harborside's activity rings hollow" — since the landlords had known for years that it was a medical cannabis dispensary.


Allowing Harborside to stay open while a fuller legal airing of the issues took place, James continued, would not cause the landlords irreparable harm.





In her ruling in U.S. District Court in San Francisco, James also found that the property owners had no legal standing to seek an immediate end to sales at the dispensary by contending they violated the federal Controlled Substances Act.


Harborside — which serves more than 108,000 patients — now will have the opportunity to battle the federal civil forfeiture actions in court.


"We look forward to proving our case in front of a jury, and continue to believe we will prevail," Harborside's executive director, Steve DeAngelo, said in a statement.


The city of Oakland also has sued to prevent the property forfeiture, contending that federal prosecutors had missed a five-year statute of limitations and misled city officials with promises that they would not go after dispensaries complying with state and local laws.


In her ruling, James ordered Oakland's case be coordinated with the forfeiture cases.


Monday's ruling sets the stage for what could be a precedent-setting battle over clashing federal and state marijuana laws.


Cedric Chao, an attorney for Oakland, has argued that closure of the dispensaries would deprive the city of tax revenue and force Harborside's patients into the underground market, driving up crime.


"The city of Oakland could not be more pleased" by James' ruling, Chao said. "The patients can continue to get the medicine. They won't be thrown in the streets. There won't be an immediate public health crisis. There won't be a public safety crisis."


The U.S. attorney's office repeatedly has declined to comment on the ongoing litigation. Prosecutors have filed a motion to toss Oakland's suit, contending the city has no legal standing to weigh in. That issue will be heard at a hearing on Jan. 31.


lee.romney@latimes.com





Read More..

The next CIA’s director’s challenges






qWhat John Brennan faces after confirmation


I see no reason why the Senate won’t confirm John Brennan, President Obama‘s chief counter-terrorism adviser, to be the next director of the CIA. There will be pro forma inquiries into his past entanglements with the NSA’s domestic surveillance program and his knowledge and approval of the CIA’s “Greystone” torture protocols, but he will have ready answers for the questions and he will say plenty in private to sooth the concerns of those whose concerns need to be soothed.






Assuming Brennan becomes the DCIA, as he will thenceforth be acronymed, he’ll inherit a powerful spy agency facing a set of tough questions. Actually, every CIA director since the advent of the age of Al Qaeda has more or less dealt with these same issues. The daily demands of the job require tactical thinking and leave little room for attention to the bigger picture.


SEE MORE: Why Django is better than Lincoln


# Is the CIA a paramilitary force? Should it go back to its roots as a source of intelligence and warning?  You see this question phrased as such a lot, but it ignores virtually all of the CIA’s history, except for a period in the 1990s when the “Peace Dividend” and director John Deutch pulled back significantly on the agency’s ambit. The CIA has always been both and will always be both. From the start, the agency has very broadly and probably (in an affront to the original understanding of the National Security Act of 1947) interpreted its mandate to do stuff to further American interests abroad, even and often to the point of violence, as Adam Elkus reminds us today. The question really is one of authorities and chains of command: how are American resources properly allocated? Are the mechanisms of accountability sufficient? Is there really anything better than an ad hoc framework for determining whether combined CIA-military operations are really CIA operations or military operations?


# There is no such thing as secrecy anymore, at least not in the way that the CIA has understood the term. We live in an era of open source everything, which means that the agency’s crown jewels have very short lifespans and that public interest in what the CIA does is bound to increase exponentially. The agency has to figure out a posture on the New Secrecy that satisfies its mission while accepting the Open Source reality. Younger analysts have different expectations of how to gather and collect information and are less satisfied with the complicated and fairly broken traditional secrecy rules.


# Similarly, it is exceedingly difficult for would-be spies to come to the CIA without significant social media trails, and it is very hard for them to work in the world without leaving electromagnetic detritus for everyone to exploit and discover. How can the CIA’s case officers maintain their cover identities? Is the era of fully-fledged cover identities over? Will the CIA continue to rely (and over-rely) on foreign intelligence services for critical human intelligence operations? 


# The same Open Source world that hinders CIA secrecy also provides the agency with far more data than it ever imagined having. The CIA will never face a problem of not having enough intelligence. It will face the problem of having too much and not knowing what it has or how to use it.


View this article on TheWeek.com Get 4 Free Issues of The Week


Other stories from this section:


Like on Facebook - Follow on Twitter - Sign-up for Daily Newsletter
Linux/Open Source News Headlines – Yahoo! News





Title Post: The next CIA’s director’s challenges
Url Post: http://www.news.fluser.com/the-next-cias-directors-challenges/
Link To Post : The next CIA’s director’s challenges
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

'Twilight' finale leads Razzies worst-of list


LOS ANGELES (AP) — The "Twilight" finale had better reviews than the franchise's previous four movies, but you'd never know it from the Razzie nominations singling out Hollywood's worst of the year.


"The Twilight Saga: Breaking Dawn — Part 2" led the Razzies lineup late Tuesday with 11 nominations, including worst picture, lead-acting slots for Kristen Stewart and Robert Pattinson, and supporting-acting nominations for Taylor Lautner and Ashley Greene.


Other worst-picture nominees are the naval action tale "Battleship," the family flick "The Oogieloves in the Big Balloon Adventure," Adam Sandler's raunchy dud "That's My Boy" and Eddie Murphy's comedy flop "A Thousand Words."


A spoof of the Academy Awards, the Razzies announcement came a little more than a day before Thursday's Oscar nominations. Winners for the 33rd annual Razzies will be announced Feb. 23, the night before the Oscar show.


The final installment in the supernatural romance involving vampires, werewolves and a moody schoolgirl, "Breaking Dawn — Part 2" also had nominations for worst director for Bill Condon, plus worst sequel, screenplay and screen ensemble. It picked up two nominations for worst screen couple — for Stewart and Pattinson and for Lautner and child co-star Mackenzie Foy.


Stewart's worst-actress nomination came for two performances in 2012, her Bella Swan of "Twilight" and the title role in "Snow White and the Huntsman."


Earlier "Twilight" movies have been regular nominees for the Razzies but have not come away with any key worst-of awards. But the finale seems to be the one Razzies voters have been waiting for, the way Oscar voters were waiting for the last "Lord of the Rings" film, the one that finally won the big prize.


"That's the analogy we're making, that this is the Razzies' flipside," said Razzies founder John Wilson. "This is our equivalent to 'The Lord of the Rings.' It's our members' last chance to razz 'Twilight.'"


Here's how Razzies organizers describe the "Twilight" finale in the nominations announcement: "The ultimate installment of the inexplicably successful series focuses on Shirtless Werewolf Jacob and his creepy relationship with the daughter of Sparkly Vampire Edward and Gloomy Goth Gal Bella. Together, the four face a final showdown that will determine the fate of Romantic-But-Boring Monsters everywhere."


Sandler — whose "Jack and Jill" made Razzies history last season by winning a record 10 awards, sweeping every category — remains a Razzies favorite this time. "That's My Boy" ran second with eight Razzie nominations, among them worst actor for Sandler and supporting actor for both Nick Swardson and Vanilla Ice.


Tyler Perry was nominated for both worst actor ("Alex Cross" and "Good Deeds") and actress ("Madea's Witness Protection," in which he reprised his cross-dressing title character).


Along with Sandler, Pattinson and Perry, worst-actor contenders are Nicolas Cage for "Ghost Rider: Spirit of Vengeance" and "Seeking Justice"; and Murphy for "A Thousand Words."


Joining Stewart and Perry in the worst-actress lineup are Katherine Heigl for "One for the Money"; Milla Jovovich for "Resident Evil: Retribution"; and Barbra Streisand for "The Guilt Trip."


___


Online:


http://www.razzies.com


Read More..

Global Update: China Moves to Prevent Spread of Yellow Fever From Africa





In a move that underlines how many Chinese citizens now work in Africa, China’s quarantine officials recently urged greater efforts to make sure that a yellow fever epidemic now raging in Sudan does not come back to China.




Local health authorities were asked to scan all travelers arriving from Sudan for fevers. Chinese citizens planning travel to Sudan were advised to get yellow fever shots. Customs officers were told that containers arriving from Sudan might have stray infected mosquitoes inside.


Sudan’s epidemic is considered the world’s worst in 20 years. Sweden, Britain and other donors have paid for vaccinations. The United States Navy’s laboratory in Egypt has helped with diagnoses.


Estimates of the number of Chinese working in Africa, many in the oil and mining industries or on major construction projects, range from 500,000 to 1 million. Experts on AIDS have previously warned that the workers could become a new means of bringing that disease to China, which has a low H.I.V.-infection rate.


ProMED-mail, a Web site that follows emerging diseases, has tracked reports about the Sudan outbreak, with its moderators adding valuable context. China’s mosquito-killing winters make a large yellow fever outbreak there unlikely, moderators said. But Sudan’s containment efforts are troubled. For example, vaccinated people cannot get cards proving they have had shots, but the cards are reported to be for sale at police checkpoints.


Australia’s now-endemic dengue fever, according to ProMED moderators, may have come from mosquitoes arriving in containers from East Timor.


Read More..

Disneyland fights multiday pass abuse by photographing holders









Workers at Disneyland and Disney California Adventure Park took photos of visitors entering the parks Tuesday as part of a new crackdown on abuse of multiday passes.


The photographing of guests — including children — delayed visitors' getting into the park by about 45 minutes, parkgoers said.


"They delayed literally thousands of people in line to do this process," said Bob Shoberg, a San Jose resident who visited Disneyland with his wife, daughters, in-laws and grandchildren.





Disneyland officials denied that guests suffered significant delays and said only multiday pass holders were photographed.


Disney has been struggling to stop several ticket brokers in Anaheim from buying multiday park passes and then "leasing" or "renting" them to visitors for individual days.


The scenario works like this: A ticket broker buys a three-day "park hopper" pass for $205 and rents the ticket to three guests for $99 a day. The broker makes a profit of $92, and the guests, who would otherwise pay $125 for a one-day "park hopper" ticket, save $26 each.


Disneyland prohibits visitors from sharing multiday passes, but the practice does not violate local laws.


To help stop the practice, Disneyland workers a few months ago began adding the names of parkgoers to the passes and requiring that they show identification at the front gate.


On Tuesday, Disneyland took the latest step of photographing visitors who are using a multiday pass for the first time, park spokeswoman Suzi Brown said.


When the pass is used a second time, Disneyland workers at the park turnstiles will see a photo of the guest pop up on a computer screen, she said. If the person at the turnstile is not the person shown on the screen, Brown said the guest won't be allowed to use the ticket.


Disneyland officials declined to say what percentage of visitors use multiday passes, but Brown said only a "very small percentage of guests" were photographed, and that did not cause a significant delay.


"So that our guests are not taken advantage of, we strongly advise that they only purchase tickets at Disneyland Resort, at our hotels or through an authorized seller to ensure that tickets are valid," Brown added.


Brown said the parks realized the problem was growing when park workers noticed ticket brokers waving signs hawking discounted passes on the streets around the park.


One business, Bestticketshere.com, says on its website that it rents multiday passes for Disneyland and Universal Studios. The website said the business guarantees its tickets will be accepted or customers will get a full refund.


In response to an email request for comment on Disneyland's new crackdown, the company wrote: "Is the ultimate goal to shut these companies down so everyone has to pay full price?"


Most theme parks take photographs of people who buy annual passes and affix them to the pass.


Universal Studios Hollywood uses fingerprints and cross-checks the names printed on the annual passes to ensure that the tickets are not shared, park officials said. At Raging Waters in San Dimas, annual pass buyers are photographed and their photo is affixed to the pass.


hugo.martin@latimes.com





Read More..

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."





Read More..

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.


Social Media News Headlines – Yahoo! News





Title Post: 181,354 People on Twitter Think They’re Experts at Twitter
Url Post: http://www.news.fluser.com/181354-people-on-twitter-think-theyre-experts-at-twitter/
Link To Post : 181,354 People on Twitter Think They’re Experts at Twitter
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..