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 consumer 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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2012 campaign dollars poured into unlimited accounts

TALLAHASSEE --
Florida’s sputtering economy did not stop interest groups and donors from spending $306 million this election cycle on state political campaigns, according to final election year tallies released Friday.

The number is lower than the $550 million reported in the 2010 election cycle and does not include the massive amount of federal cash spent in the presidential race. But it points to a new trend: more dollars are going to campaign committee rather than individual candidates.

Three out of every four dollars were unlimited checks to political committees, while the rest went into the campaign accounts of individuals, which are capped at $500 a check.

The shift is a sign that Florida’s $500 limit is outdated and dysfunctional — and ripe for reform, said Dan Krassner, executive director of Integrity Florida, which did the analysis of the campaign finance data released by the Florida Division of Elections.

“Candidate accounts have become nearly irrelevant,’’ said Krassner, executive director of Integrity Florida. The current system allows corporations to write unlimited checks to political committees with loose affiliations to candidates but require them to give no more than $1000 to individual candidates for both the primary and general election. The result is, he said, “the public cannot easy follow the money.’’

House Speaker Will Weatherford, R-Wesley Chapel, who has called for an overhaul of the state’s campaign finance reforms said Friday the numbers prove his point that the political committees – known as Committees of Continuous Existence, or CCEs – have gotten out of hand.

“I’m not trying to cap the amount of money that’s spent and raised, but we should do everything we can to move spending to the candidates and the parties, not committees,’’ he said.

The Integrity Florida analysis found an explosion in the last three election cycles of CCEs — the loosely-regulated entities, which can collect unlimited checks and can pay for consultants, travel, meals and other expenses for a candidate but can’t pay for advertising or mailers. Dozens of legislators use the committees to augment their election bids and steer money to other campaigns.

Weatherford, and Senate President Don Gaetz, R-Niceville, raised the most cash of any legislators who controlled a CCE. Also raising large sums were the two candidates vying to become the next Senate president, Sens. Jack Latvala, R-St. Petersburg, and Joe Negron, R-Palm City.

The cash haul was not limited to the current candidates. Gov. Rick Scott’s political committee benefited from the ability to collect unlimited checks in Florida. He raised $360,000 in November and December, including a $100,000 check from AT&T.

In 2010, when the governor and three Cabinet races were on the ballot along with state legislators, contributions to individual candidates comprised 44 percent of the total. In 2012, contributions to individual candidates dropped to 25 percent of the total, just below where it was in 2008 when 26 percent of the $265 million spent went to individual campaigns.

Meanwhile, 1,119 political committees, including the political parties, raised $230 million or 75 percent of the total in 2012, compared to 56 percent in 2010.

Because some of the money is transferred from a CCE to an ECO or political action committee -- often in a veiled attempt to shield the donor and recipient from the disclosure -- some of the totals reported is double counted, Krassner said

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Canada natives block Harper’s office, threaten unrest

OTTAWA (Reuters) – Aboriginal protesters blocked the main entrance to a building where Canada’s prime minister was preparing to meet some native leaders on Friday, highlighting a deep divide within the country’s First Nations on how to push Ottawa to heed their demands.

The noisy blockade, which lasted about an hour, ended just before Prime Minister Stephen Harper and his aides met with about 20 native chiefs, even as other leaders opted to boycott the session.

Chiefs have warned that the Idle No More aboriginal protest movement is prepared to bring the economy to its knees unless Ottawa addresses the poor living conditions and high jobless rates facing many of Canada’s 1.2 million natives.

Native groups complain that successive Canadian governments have ignored treaties aboriginals signed with British settlers and explorers hundreds of years ago, treaties they say granted them significant rights over their territory.

The meeting was hastily arranged under pressure from an Ontario chief who says she has been subsiding only on liquids for a month. It took place in the Langevin Block, a building near Parliament in central Ottawa where the prime minister and his staff work.

Outside in the freezing rain, demonstrators in traditional feathered headgear shouted, waved burning tapers, banged drums and brandished banners with slogans such as “Treaty rights not greedy whites” and “The natives are restless.”

Until midday on Friday, it was uncertain if the meeting would go ahead, with many native leaders urging a boycott and others saying it was important to talk to the government.

“Harper, if you want our lands, our native land, meaning everyone of us, over my dead body, Harper, you’re going to do this,” said Raymond Robinson, a Cree from Manitoba.

“You’ll have to come through me first. You’ll have to bury me first before you get them,” he shouted toward the prime minister’s office from the steps outside Parliament.

The aboriginal movement is deeply split over tactics and not all the chiefs invited to the meeting turned up. Some leaders wanted Governor-General David Johnston, the official representative of Queen Elizabeth, Canada’s head of state, to participate.

Johnston has declined the invitation, saying it is not his place to get involved in policy discussions. He instead was later hosting a ceremonial meeting with native leaders at his residence.

The elected leader of the natives, Assembly of First Nations National Chief Shawn Atleo, was one of those who attended the meeting with Harper.

He said his people wanted a fundamental transformation in their relationship with the federal government, and would press for a fair share of revenues from resource development as well as action on schools and drinking water.

BANGED ON THE DOOR

Gordon Peters, grand chief of the association of Iroquois and Allied Nations in Ontario, threatened to “block all the corridors of this province” next Wednesday unless natives’ demands were met. Ontario is Canada’s most populous province and has rich natural resources.

Peters told reporters that investors in Canada should know their money was not safe.

“Canada cannot give certainty to their investors any longer. That certainty for investors can only come from us,” he said.

Manitoba Grand Chief Derek Nepinak, who said on Thursday that aboriginal activists have the power to bring the Canadian economy to its knees, was one of the leaders of the protest at the Langevin Block.

“We’re asking him to come out here and explain why he won’t speak to the people,” said Nepinak, who banged on the door at the main entrance to Harper’s offices after choosing to boycott the meeting.

Nepinak and other Manitoba chiefs are also demanding that Ottawa rescind parts of recent budget acts that they say reduce environmental protection for lakes and rivers. The most recent budget act also makes it easier to lease lands on the reserves where many natives live, a change some natives had requested to spur development but which others regard with suspicion.

Ottawa spends around C$ 11 billion ($ 11.1 billion) a year on its aboriginal population, but living conditions for many are poor, and some reserves have high rates of poverty, addiction, joblessness and suicide.

Harper agreed to the meeting with chiefs after pressure from Ontario chief Theresa Spence, who has been surviving on water and fish broth for the last month as part of a campaign to draw attention to the community’s problems. Spence, citing Johnston’s absence, said she would not attend.

“We shared the land all these years and we never got anything from it. All the benefits are going to Canadian citizens, except for us,” Spence told reporters. “This government has been abusing us, raping the land.”

In Nova Scotia, a group of about 10 protesters blockaded a Canadian National Railway Co line near the town of Truro on Friday afternoon, CN spokesman Jim Feeny said.

A truck had been partially moved onto the tracks and was cutting off the movement of container traffic on CN’s main line between the Port of Halifax and Eastern Canada, he said. Passenger services by Via Rail had also been disrupted.

The incident was the latest in a series of rail blockades staged by protestors in recent weeks to press the demands.

($ 1=$ 0.98 Canadian)

(Additional reporting by Louise Egan in Ottawa and Nicole Mordant in Vancouver; Editing by Vicki Allen and Dan Grebler)

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Britney Spears Split with Jason Trawick

After more than three years together, Britney Spears and her fiance Jason Trawick have split, her rep confirmed to People.

RELATED - Britney "Working Hard" on New Music

"Jason and I have decided to call off our engagement," Spears says in the statement. "I'll always adore him and we will remain great friends." Trawick adds, "As this chapter ends for us a new one begins. I love and cherish her and her boys and we will be close forever."

Spears, who got engaged to Trawick on his 40th birthday in December of 2011, previously said of her now-ex, "We're really normal. We just like to watch movies. We work out a lot. We love to work out. We do stuff together like that. We take walks."

VIDEO - More Shocking Celebrity Splits

Today has been a big day for sad Spears news as it was previously announced she wouldn't be returning for another season of The X Factor.

"I've made the very difficult decision not to return for another season," Spears told ETonline in a statement. "I had an incredible time doing the show and I love the other judges and I am so proud of my teens but it's time for me to get back in the studio."

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No charges for NBC host David Gregory over ammunition magazine

AP

WASHINGTON — NBC journalist David Gregory won't face charges for displaying a high-capacity ammunition magazine on his "Meet the Press" news program last month, District of Columbia prosecutors announced Friday.

The city's Office of the Attorney General, which handles low-level crimes, said criminal charges wouldn't serve the public's best interests even though possession of the magazine — capable of holding up to 30 rounds of ammunition — was clearly against local gun laws.

"Influencing our judgment in this case, among other things, is our recognition that the intent of the temporary possession and short display of the magazine was to promote the First Amendment purpose of informing an ongoing public debate about firearms policy in the United States, especially while this subject was foremost in the minds of the public" after the Connecticut school massacre and President Barack Obama's address to the nation, D.C. Attorney General Irvin Nathan wrote a lawyer for NBC.

Still, Nathan said, there were other legal ways to prove the point and that "there is no doubt of the gravity of the illegal conduct in this matter, especially in a city and a nation that have been plagued by carnage from gun violence." He said it was a "very close decision" to not bring charges.

Firearms laws in the nation's capital generally restrict the possession of high-capacity ammunition magazines, such as the one Gregory said he was holding up during a Dec. 23 interview, regardless of whether they're attached to a firearm. Punishment can carry up to a year in jail or a $1,000 fine.

D.C. police say NBC asked for permission to use the clip during a segment and was advised that it would be illegal, though NBC has said it received conflicting guidance from other law enforcement sources.

Gregory held up the magazine as a prop during an interview on gun control with Wayne LaPierre, the executive vice president of the National Rifle Association.

"Here is a magazine for ammunition that carries 30 bullets. Now, isn't it possible that if we got rid of these, if we replaced them and said, 'Well, you can only have a magazine that carries five bullets or ten bullets,' isn't it just possible that we could reduce the carnage in a situation like Newtown?" Gregory asked, referring to the Dec. 14 school shooting in Newtown, Conn., in which a gunman killed 20 children and six adults.

LaPierre replied: "I don't believe that's going to make one difference. There are so many different ways to evade that even if you had that" ban.

Police began investigating after the program aired and recently referred its findings to the attorney general's office.

The NRA couldn't immediately be reached for comment Friday.

However, NRA president David Keene told CNN last month that he didn't believe Gregory should be prosecuted for what he called a "silly felony."

"I do think it illustrates the craziness of some of these laws," Keene said at the time.

Gregory, a longtime correspondent, was named "Meet the Press" moderator in 2008. The program is generally taped in Washington.

"Meet the Press" issued a statement Friday that said: "We displayed the empty magazine solely for journalistic purposes to help illuminate an important issue for our viewers. We accept the District of Columbia Attorney General's admonishment, respect his decision and will have no further comment on this matter."

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Sen. Bill Nelson is going python hunting

Sen. Bill Nelson has taken some ribbing for his focus on Pythons in the Everglades. But the problem is real. So little surprise the 70-year-old Democrat will participate in Florida’s first snake hunt, which begins Saturday and offers cash prizes.

Nelson will go out Thursday with a rancher in Davie.

“He’s had a hand in drawing attention to the problem and it has, in fact, proven to be a very serious problem,” spokesman Dan McLaughlin said. “Bill doesn’t mind the heat, the mosquitoes, the alligators and the poisonous snakes. It puts him in touch with natural Florida.”

Nelson and another hunter will wield machetes and pistols, McLaughlin said.

Hundreds of people have signed up for the python challenge. Grand prizes of $1,500 for harvesting the most Burmese pythons will be awarded to winners of both the general competition and the Python permit holders competition, with additional $1,000 prizes for the longest snake, the Florida Fish and Wildlife Conservation Commission said.

As of Thursday morning, 670 people had signed up for the python challenge. Grand prizes of $1,500 for harvesting the most Burmese pythons will be awarded to winners of both the general competition and the Python permit holders competition, with additional $1,000 prizes for the longest snake, the Florida Fish and Wildlife Conservation Commission said.

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Walmart redesigns plans for Midtown Miami store

In an effort to garner increased support for its store in Midtown Miami, Walmart late Thursday submitted redesigned plans to the City of Miami that buffers the store with independent shops and restaurants along Midtown Boulevard.

The 16,000-square-feet of retail would line the ground floor of one side of the Walmart store, providing a more interactive streetfront for pedestrians that maintains the character of the Midtown Miami project. This additional retail building would be a joint venture between Walmart and Midtown Opportunities, the developer that owns the majority of the undeveloped property at Midtown.

Midtown Opportunities would develop the liner retail bulding and lease the property to retailers and restaurants. The plans were part of an amended permit application Walmart submitted to city staff for approval.

“Throughout this process, we have remained engaged with the surrounding community to discuss ways our plan could best serve local residents,” said Steven Restivo, senior director of community affairs for Walmart. “Our plan now allows for additional retail that will not only compliment our store but also offer customers more choices for their shopping needs. Plus, we think the opportunity to activate an empty parcel will add an additional economic boost to the surrounding area.”

Zyscovich Architects, the firm which created the master plan for Miami’s Midtown, has been hired by Midtown Opportunities to design the retail space facing along Midtown Boulevard between NW 31st STreet and NW 29th Street. The space would have room for about four to six new restaurants and shops.

“The spirit of The Midtown Miami Master Plan has come alive with a variety of residential, commercial and retail establishments,” said Bernard Zyscovich, President and Managing Partner of Zyscovich Architects. “The new project designs will ensure that the urban character of the district will be retained with new shops along Midtown Boulevard that will incorporate a modern design.”

Walmart’s revised plan also includes a slightly adjusted vision for the look of the entire store, providing additional metal canopies, awnings and a glass storefront. Pending the approval of city staff, Walmart hopes to begin construction this summer with an opening befor the end of 2014.

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A Tale of 2 Strategies: The Twitter Genius of Chuck Grassley and Cory Booker

If you’re on Twitter and not following Sen. Chuck Grassley, you’re not using Twitter correctly.

The Iowa Republican is known for his colorful and personal Twitter feed. Take a gander: He personally tweets about everything from the History Channel to “Obamacare” to an incident in which he hit a deer with his car  (“assume dead”). Grassley’s tweets take us along for a ride, one that’s often riddled with spelling errors (which he has said is due to his distaste for typing and the iPhone’s auto-correct function).

Pres/Cong need 2work on Wash spending prob. No time 2waste b/4 Mar. Pres promised tax hike is done. Now he needs 2keep promise 4 less spend

— ChuckGrassley (@ChuckGrassley) January 4, 2013

Rained inIowa this weekend. Still 8 inches shortIowa still still listed dangerous drought pray For rain

— ChuckGrassley (@ChuckGrassley) December 17, 2012

Fred and I hit a deer on hiway 136 south of Dyersville. After I pulled fender rubbing on tire we continued to farm. Assume deer dead

— ChuckGrassley (@ChuckGrassley) October 26, 2012

Contrast Grassley’s tweets to another lawmaker known for his active and personal feed: Newark, N.J., Mayor Cory Booker. On Twitter, he’s part mayor, part celebrity. Booker tweets about city services and was widely praised for how he utilized the platform in the aftermath of superstorm Sandy to connect directly with residents. But then he’ll retweet someone who says she’s going to get a Cory Booker quote tattoo or someone who has a “political crush” on him. Sometimes, Booker tweets like a Kardashian.

Think so, call 9737334311. My people will tell u RT @hennybottle: Is the number to get downed wires removed same for all of essex county?

— Cory Booker (@CoryBooker) January 8, 2013

“Hey, Never Met U, Your tweet’s Crazy, I’ll DM My Number, So Call Me Maybe?” MT @ann_ralston: I have a non-sexual, political crush on you!

— Cory Booker (@CoryBooker) January 8, 2013

Wow. An honor I never quite imagined RT @rachelanncohen: deliberating between several Cory Booker quotes for my next tattoo.

— Cory Booker (@CoryBooker) January 8, 2013

I love you too! RT @alwoldegorgeous: I can actually say I am in love with @kimkardashian#girlcrush

— Kim Kardashian (@KimKardashian) December 12, 2012

Obviously, Booker is savvier with Twitter than Grassley, and he’s utilized the platform effectively, as he vies for statewide office. Booker’s a PR genius with social media. Grassley’s himself–typos, rants, and all. So while Booker probably doesn’t need to take Twitter lessons from the six-term senator, there’s something decidedly old school and earnest that’s kind of appealing about Grassley’s feed, something that would be nice to see in Booker’s feed, too.

Welcome to Twitter Pope Benedict. U will find it useful and interesting

— ChuckGrassley (@ChuckGrassley) December 3, 2012

CORRECTION: Grassley has served in the Senate for six terms.  An earlier version of the story incorrectly listed his tenure.

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First Look: Kesha's C'Mon Music Video

Ke$ha's getting frisky with some furry, fun-loving friends in the new music video for her single C'Mon, and we have your first look!

Related: Kesha on Justin Bieber: 'I Would Hit That'

Straight off her album Warrior, you can catch the premiere of the full C'Mon video Friday on Vevo.com.

Ke$ha also graces the cover of Seventeen magazine, so make sure to pick up a copy on stands now!

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First alleged thug in fatal parka mugging arraigned on murder, weapon possession charges

The first alleged thug busted in a senseless fatal parka mugging is claiming all he did was supply the gun.

"I saw the guy shoot the kid," Timothy Montalvo, 16, said of the January 4 fatal shooting of Raphael Ward in front of a church at 49 Columbia Street. Ward, who is also 16, resisted demands to relinquish the $600 parka, and paid with his life, cops say.

Speaking of the tragedy earlier today, Police Commissioner Raymond Kelly said the actual shooter has been identified as Walter Rodriguez, 20, who is still being sought.

"This was a dispute, possible retaliation over jackets being stolen earlier that evening," Kelly told reporters. "But we are looking for Walter Rodriguez, and Timothy Montalvo has been arrested for possession of the weapon. That is the allegation, that the victim may have been involved in the theft of a jacket."

Pool photo

Attorney Gary Sunden stands next to his client Timothy Montalvo, who was being charge for 2nd degree murder, at his arraignment at Manhattan Criminal Court.

"I brought the gun, and I handed the gun to him before he shot him," Montalvo has admitted to cops, according to a criminal complaint charging him with murder and criminal possession of a weapon.

Montalvo was one of four kids caught on video surveillance entering and then leaving a nearby grocery store just before the shooting. He is the first suspect charged.

He stood before Manhattan Criminal Judge Robert Mandelbaum in a far more down-market-looking bomber jacket than the expensive, fur-trimmed Marmot jacket that Ward died over.

"He is charged with murder, and he did give a confession in this case," assistant district Shanda Strain said in asking successfully that the judge order Montalvo held without bail.

Montalvo is due back in court on Jan. 24, when he will learn if a grand jury has voted a murder indictment against him. His lawyer, Gary Sunden, declined comment.

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