Ten banks settle wrongful foreclosure complaints for $8.5B

WASHINGTON — Ten major banks and mortgage companies agreed Monday to pay $8.5 billion to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.

The banks, which include JPMorgan Chase, Bank of America and Wells Fargo, will pay billions to homeowners to end a review process of foreclosure files that was required under a 2011 enforcement action. The review was ordered because banks mishandled people's paperwork and skipped required steps in the foreclosure process.

Under the new settlement, people who were wrongfully foreclosed on could receive from $1,000 up to $125,000. Failing to offer someone a loan modification would be considered a lighter offense; unfairly seizing and selling a person's home would entitle that person to the biggest payment, according to guidelines released last summer by the Office of the Comptroller of the Currency. Monday's settlement was announced jointly by the OCC and the Federal reserve.

AFP/Getty Images

(FILES)A New York City Police officer stands at the entrance to the JP Morgan Chase World Headquarters on Park Avenue.

The agreement covers up to 3.8 million people who were in foreclosure in 2009 and 2010. Of those, about 400,000 may be entitled to payments, advocates estimate.

About $3.3 billion would be direct payments to borrowers, regulators said. Another $5.2 billion would pay for other assistance including loan modifications.

The companies involved in the settlement also include: Citigroup, MetLife Bank, PNC Financial Services, Sovereign, SunTrust, U.S. Bank and Aurora. The 2011 action also included GMAC Mortgage, HSBC Finance Corp. and EMC Mortgage Corp.

The deal "represents a significant change in direction" from the original, 2011 agreements, Comptroller of the Currency Thomas Curry said in a statement.

Banks and consumer advocates had complained that the loan-by-loan reviews required under the 2011 order were time consuming and costly without reaching many homeowners. Banks were paying large sums to consultants who were reviewing the files. Some questioned the independence of those consultants, who often ruled against homeowners.

Curry said the new deal meets 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."

"It has become clear that carrying the process through to its conclusion would divert money away from the impacted homeowners and also needlessly delay the dispensation of compensation to affected borrowers," Curry said.

Some consumer advocates said that the agreement lets banks off the hook for payments that could have ended up being much higher.

"It's another get out of jail free card for the banks," said Diane Thompson, a lawyer with the National Consumer Law Center. "It caps their liability at a total number that's less than they thought they were going to pay going in."

Leaders of a House oversight panel asked regulators for a briefing on the proposed settlement on Friday. Regulators agreed to brief committee staff after the settlement was announced on Monday.

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Billionaire Phillip Frost an ‘entrepreneur’s entrepreneur’

For that blind first date, a half-century ago, the young doctor, Phillip Frost, showed up at Patricia Orr’s family house in suburban New York, with an unusual gift: a miniature mushroom garden.

In the 50 years since, Frost, the son of a shoe store owner, has gone on to amass a fortune of $2.4 billion, according to Forbes magazine, becoming the 188th wealthiest man in the United States by developing and selling pharmaceutical companies. Along the way, he and Patricia have become major philanthropists in Miami-Dade County and they’ve signed a pledge to give away at least $1 billion more.

“He’s a relentless guy,” says Miami banker Bill Allen, who’s know him for more than 40 years. “He’s not afraid to take risks. ... He knows the intimate details of the chemistry of products, and he’s the kind of guy who can examine 50 deals while eating a sandwich.”

CNBC’s Jim Cramer recently praised Frost’s “incredible track record” for developing companies, calling Frost’s latest endeavor, OPKO Health, a “very risky” investment while noting it could offer huge gains under Obamacare.

But back in 1962, Patricia’s first impression was that Phil Frost was a bit of a nerd, finishing his medical internship with a strong interest in research — including mushrooms. She figured an academic career loomed.

“My mother was very impressed,” recalls Patricia, not so much by the M.D. behind Frost’s name but by the gift, something more serious than the usual flowers or candy. Serious was fine with Patricia, who was living at home while working toward a master’s degree in education at Columbia University. For their first date, they listened to a classical music concert.

Frost’s rise to riches may seem highly distinctive, but in an odd coincidence he has much in common with another prominent Miamian. Frost, 76, and car dealer Norman Braman, 80, both frequently appear on the Forbes list of wealthiest Americans. Both grew up in Philadelphia — Frost the son of a man who sold shoes, Braman son of a barber. Both are Jewish, well-known art collectors and philanthropists.

“He’s an entrepreneur’s entrepreneur,” says Braman. “We have a lot in common, coming from very poor families. But he went to Central High (a public school for exceptional students) and I was not qualified to go there.”

There are other differences. While Braman is voluble and highly visible in the causes he supports, Frost tends to be a reticent, almost shy speaker, given to careful pauses.

‘Lucky chances’

Told that a former colleague had called Frost “lucky,” Frost thought for a long moment. He could have cited many national business stories about his business acumen. Instead, he responded crisply: “I’ll be satisfied with lucky. I benefited from chance meetings.”

Frost spent his first years living above the shoe shop within an Italian market in South Philly. His two brothers were 15 and 16 years older. “I was an afterthought.”

The family was religiously observant, and Frost recalls his father singing him songs in Yiddish when he was small. He lived at home while attending the University of Pennsylvania, except for a year abroad in France. He took many science courses, but his major was French literature.

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CrimeWatch: Two email scams you shouldn’t fall for

This week I am going to share with you some scam emails that are going around. People are falling for them, but many could have been avoided with some common sense. If you get an email like the one below, please call the person before sending cash, which many have done and have lost their money.

Caught out of the country

Omg!! I’m writing this with tears in my eyes, my family and I came down here to Perth, Scotland, in United Kingdom for a short vacation unfortunately we were mugged at the park of the hotel where we stayed, all cash, credit card and cell were stolen off us but luckily for us we still have our passports with us. We’ve been to the embassy and the police here but they’re not helping issues at all and our flight leaves in less than 19 hours from now, but we’re having problems settling the hotel bills and the hotel manager won’t let us leave until we settle the bills, I’m freaked out at the moment.

Sandy scams

Dear Friend, in light of what happened in the Northeast, here is a great opportunity for you to help and make some money. FEMA needs clean-up crews for South Jersey. It’s $1,000 for seven days, hotel and food included. Call this number... [The fraudster’s number would be here.] We will contact you as soon as possible. Thank you for applying.

The latter is a scam that is truly deplorable, but due to the kind hearts of many, they have fallen for it and have given their social security number, date of birth and other information that probably will be used in identity theft. Here the first thing one should have done is gone to the FEMA sight to see if it’s true.

The above scams were emailed to me from several readers, so please be careful, and as I always say, learn to use the “delete” key because if it involves money you have to dish out, it’s a scam.

Assault weapons

Now on to a subject that we should all be adamant about, and that is the murders that have been caused by assault weapons this past year.

On Sept. 13, 2004, the federal assault weapons ban expired. This ban was put in place in 1994, and outlawed 19 types of military-style assault weapons. A clause directed that the ban expire unless Congress specifically reauthorized it, and our congressional leaders did not. Shame on them! These are the consequences we are now seeing across the country. As stated by many in the law-enforcement community, these weapons are nothing more than “cop-killer guns”.

I always tell you that we need to get involved, we need to be part of our community, and we must demand that our community be a safe place to live. Therefore I ask you to please contact your representatives in Congress and ask them to support this ban. I truly believe that the killing of 20 little children should be sufficient for our congressional leaders to take the appropriate action. If you don’t know who your House member is, go to www.house.gov/representatives/find and you can find your representative.

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Cher Signs Development Deal with Logo

Logo just announced at The Television Critics Association in Pasadena, CA that the network has signed a development deal with the ultimate gay icon, Cher.

AUDIO - Listen to Cher's New Song

The show, which is in its earliest stages of development, would mark Cher's first regular TV gig since The Sonny and Cher Show ended in 1977.

While this could change before the show hits the air (if it actually does), Cher's Logo show is set to revolve around Hollywood in the 1960s. It's unknown what Cher's on-screen participation will be like at this time. 

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NY legislators say gun-safety measures will be a priority for state government

ALBANY — Several state senators say new gun safety measures will be a priority when they return to Albany this week following the school shooting in Connecticut that left 20 children dead.

Senate Republican Majority Leader Dean Skelos and Sen. Catharine Young, a Republican from Olean, say any legislative agreement should include a stronger version of Kendra's Law, authorizing court-ordered mental health treatment for individuals who won't seek help but are deemed to be a safety threat.

Sen. Jeff Klein, a Bronx Democrat who heads the Independent Democratic Conference, says after meeting with Gov. Andrew Cuomo they are in agreement they need "to do everything possible to ban assault weapons in New York," as well as ban high-capacity magazines and make sure people with serious mental health issues don't possess guns.

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Billionaire Phillip Frost an ‘entrepreneur’s entrepreneur’

For that blind first date, a half-century ago, the young doctor, Phillip Frost, showed up at Patricia Orr’s family house in suburban New York, with an unusual gift: a miniature mushroom garden.

In the 50 years since, Frost, the son of a shoe store owner, has gone on to amass a fortune of $2.4 billion, according to Forbes magazine, becoming the 188th wealthiest man in the United States by developing and selling pharmaceutical companies. Along the way, he and Patricia have become major philanthropists in Miami-Dade County and they’ve signed a pledge to give away at least $1 billion more.

“He’s a relentless guy,” says Miami banker Bill Allen, who’s know him for more than 40 years. “He’s not afraid to take risks. ... He knows the intimate details of the chemistry of products, and he’s the kind of guy who can examine 50 deals while eating a sandwich.”

CNBC’s Jim Cramer recently praised Frost’s “incredible track record” for developing companies, calling Frost’s latest endeavor, OPKO Health, a “very risky” investment while noting it could offer huge gains under Obamacare.

But back in 1962, Patricia’s first impression was that Phil Frost was a bit of a nerd, finishing his medical internship with a strong interest in research — including mushrooms. She figured an academic career loomed.

“My mother was very impressed,” recalls Patricia, not so much by the M.D. behind Frost’s name but by the gift, something more serious than the usual flowers or candy. Serious was fine with Patricia, who was living at home while working toward a master’s degree in education at Columbia University. For their first date, they listened to a classical music concert.

Frost’s rise to riches may seem highly distinctive, but in an odd coincidence he has much in common with another prominent Miamian. Frost, 76, and car dealer Norman Braman, 80, both frequently appear on the Forbes list of wealthiest Americans. Both grew up in Philadelphia — Frost the son of a man who sold shoes, Braman son of a barber. Both are Jewish, well-known art collectors and philanthropists.

“He’s an entrepreneur’s entrepreneur,” says Braman. “We have a lot in common, coming from very poor families. But he went to Central High (a public school for exceptional students) and I was not qualified to go there.”

There are other differences. While Braman is voluble and highly visible in the causes he supports, Frost tends to be a reticent, almost shy speaker, given to careful pauses.

‘Lucky chances’

Told that a former colleague had called Frost “lucky,” Frost thought for a long moment. He could have cited many national business stories about his business acumen. Instead, he responded crisply: “I’ll be satisfied with lucky. I benefited from chance meetings.”

Frost spent his first years living above the shoe shop within an Italian market in South Philly. His two brothers were 15 and 16 years older. “I was an afterthought.”

The family was religiously observant, and Frost recalls his father singing him songs in Yiddish when he was small. He lived at home while attending the University of Pennsylvania, except for a year abroad in France. He took many science courses, but his major was French literature.

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In Miami’s Wynwood district, the party has overtaken the art

First there was the woman who sat down in the middle of the gallery and spilled her drink on the floor. Then there was another woman who snuck into the gallery’s parking garage, her pants halfway pulled down, desperately looking for a bathroom.

But what made Pan American Art Projects Director Janda Wetherington decide to stop participating in Wynwood’s Second Saturday Art Walks was when someone spilled wine onto a $15,000 painting, then bailed before anyone noticed.

“By that point, we had already stopped offering wine or water to people who came into the gallery, and we even had someone guarding the door to make sure no one brought any food or drink inside,” Wetherington said. But even that tactic failed. “That’s when we started opening earlier in the afternoon on Second Saturdays and close by 8 p.m. at the latest.”

The monthly art walks, which are held the second Saturday of each month, draw thousands of young people and usually wind up as boisterous block parties. On Tuesday, ARTtuesdays/MIAMI will present a panel discussion titled “What’s Next for the Wynwood Art Galleries?” at Books & Books in Coral Gables to explore whether the neighborhood’s increasingly bustling nightlife, combined with the large number of empty warehouse spaces and a lack of a geographical center, may have a negative impact on the galleries.

“Wynwood now has an international profile,” says Helen Kohen, the art historian and critic who will moderate the panel. “It’s been written about a lot. All the people who come to Art Basel have been to Wynwood for various reasons. So here Miami finally has developed a viable arts center, and it seems to be imploding.”

Wedged between 20th and 36th streets, just east of I-95, Wynwood’s Art District is currently home to more than 70 museums, galleries and collections. One of the neighborhood’s most popular attractions are the Wynwood Walls, giant murals that line the streets painted by renowned graffiti artists. There is even a movie theater, O Cinema, that specializes in art film fare.

But the neighborhood is also dotted by vacant warehouses, industrial businesses and eyesore buildings that get in the way of the intended art village vibe.

Fredric Snitzer, one of the few Miami gallerists invited to exhibit at Art Basel Miami Beach, says he doesn’t even bother to open on Second Saturdays any more. He is also pessimistic about the future of Wynwood as a thriving art district, even though he was one of the area’s pioneers (his gallery opened in 1977).

“I don’t know what is going to happen here,” he says. “One of the initial aspirations I had for the neighborhood is that there were so many beautiful kinds of raw spaces that perhaps serious galleries from out-of-town would come in and there would be a Chelsea or SoHo feel — a cluster of galleries showing solid work.

“But there are too many buildings spread out over too large of an area. The neighborhood is sprawling and it still has quite a bit of a crime problem. If it was smaller, the city could control it. But now, there’s a gallery over here and a restaurant a mile away over there. I don’t have the aspirations I used to have about the neighborhood any more.’’

Susan P. Kelley, director of the Kelley Roy Gallery, says that because her gallery is not located on NW Second Avenue — ground zero for the Second Saturday parties — she has been spared a lot of the chaos.

“We don’t get the herds; we get to cultivate our audience to come to us,” she says. “But the tide has shifted dramatically. We used to serve wine, and we stopped that two years ago because kids would come in, pick up the glasses of wine and leave. One of the purposes of a gallery is to provide entertainment to people. Not everyone is a buyer. But you still want them to come to enjoy the art and learn and have their minds expanded. Just not to the point where it isn’t respected.’’

Kelley says that “very little” art is sold on Second Saturdays, and points out that an increasing number of art dealers are holding their openings via invitation on Thursday or Friday nights instead.

But other gallery owners say Second Saturdays are an effective way to entice younger people to pay attention to art.

“People in the art world are constantly complaining that contemporary art doesn’t have a modern audience, and this is one way to fix that,” says Nina Johnson-Milweski, director of Gallery Diet. On Second Saturdays, she extends opening hours to 9 p.m. from her usual 5 p.m. closing time.

“Part of my interest in running a gallery isn’t just for the business: It’s also for the cultural benefit of the city as a whole. A lot of people who live in Miami aren’t even aware of the art scene here.”

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A+E Networks and Amazon Prime Reach Licensing Deal

LOS ANGELES (TheWrap.com) – “Pawn Stars” fans, rejoice; you’ll now be able to catch Big Hoss and Chumley on Amazon Prime.

Amazon announced Friday that it has struck a licensing deal with A+E Networks to carry A&E, bio, History and Lifetime programs on its premium Prime Instant Video service. The deal includes prior seasons of programs such as “Pawn Stars,” “Storage Wars” and “Dance Moms.”

Amazon Prime, which allows subscribers to stream videos through a variety of gadgets, costs $ 79 a year.

The pact between Amazon and A+E Networks comes a few months after rival streaming service Netflix decided to drop all but about 300 hours of A+E programming. Netflix, which had been seeking exclusivity from A+E for its content, opted not to renew its agreement with the company.

Brad Beale, Amazon’s director of digital video content acquisition, said that Amazon has more than doubled the amount of content for Amazon Prime customers.

“We remain focused on adding TV episodes and movies to Prime Instant Video that we think our customers will enjoy,” Beale said. “A+E Networks has some of the most popular shows on television and we know our customers will love streaming the A+E content with Prime Instant Video.”

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Rare Photo Of Teenage Princess Diana

A never-before-seen photograph featuring the late Princess Diana has been made public in the weeks before the rare pic is set to go up for auction.

The black-and-white snapshot displaying a "not to be published" marking shows a teenage Diana lounging next to an until-now mystery pal, reportedly dating back to 1981.

Pics: Remembering Diana 15 Years After Her Death

"The young man was Adam Russell, the great-grandson of former prime minister Stanley Baldwin," Andrew Morton, Diana's biographer, revealed to the U.K.'s Guardian. Through his investigation, the writer discovered the context of the photograph was not intimate, as it appears at first glance. Apparently the twosome had been injured while skiing and simply kept each other company for the afternoon.

Now that's not to say the young man didn't escape Diana's charms.

Related: Naomi Watts Talks Princess Diana Movie - Exclusive

"Adam was somewhat smitten," adds Morton. "But absolutely nothing happened."

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Missoni executive among those aboard small plane missing off Venezuelan coast

ROME — The search resumed Saturday for a small plane that has disappeared off the Venezuelan coast with six people aboard, including Vittorio Missoni, a top executive in Italy's Missoni fashion house, officials said.

Missoni, 58, is the director general of the iconic brand and the eldest son of the company's founder. Flying with him on Friday's flight from Venezuela's Los Roques resort archipelago to Caracas, was Missoni's wife, Maurizia Castiglioni, two Italian friends of the couple, and a crew of two Venezuelans.

Italy's Corriere della Sera newspaper reported that family patriarch Ottavio Missoni, 91, and his wife, Rosita, were at their home in Italy, along with their daughter, Angela, the chief fashion designer and sister of Vittorio Missoni, waiting for information about the search. Italian news reports said the third Missoni sibling, Luca, had flown to Venezuela.

EPA

Vittorio Missoni

"We have no other news" beyond that the plane went missing, Paolo Marchetti, a Missoni official told reporters as he left company headquarters in the northern Italian town of Sumirago on Saturday afternoon.

Missoni, with its trademark zigzag and other geometric patterns in sweaters, scarves and other knitwear, is one of Italy's most famous fashion brands abroad. Vittorio Missoni played a key role in marketing the Missoni family creations in Asia, especially in Japan, Hong Kong and South Korea, and he took on the title of general director of marketing of Missoni SpA. He also is responsible for the company's products in the United States and France.

His elderly parents still play an active role in the family.

On Friday, Venezuela's Interior Minister Nestor Reverol said the plane was declared missing hours after taking off from Los Roques, a string of islands, cays and islets that is popular for scuba diving, white beaches and coral reefs, where the Missonis and their friends were on vacation.

Revero said the plane had been expected at Simon Bolivar International Airport in Caracas but never arrived.

A first day of searching on Friday yielded nothing.

As the search resumed Saturday, the Italian news agency ANSA, reporting from Rome, said a specialized ocean-searching naval vessel was being deployed.

The Missoni brand is scheduled to display its latest menswear creations on the Milan runways in fashion show later this month.

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