Bucks coach Scott Skiles out, Boylan to fill in

MILWAUKEE (AP) — Once again, an NBA team has parted ways with head coach Scott Skiles. Once again, veteran assistant Jim Boylan is being asked to pick up the pieces.

One day after Milwaukee and Skiles agreed it was time for a change, the Bucks said Tuesday that Boylan will coach the team for the rest of the season. General manager John Hammond downplayed the notion that Skiles had lost control of the locker room or otherwise felt friction with management.

"Scott and I did not have a frosty relationship. Scott did not hate this team," said Hammond, who noted that more than half the season remains. "We're not a team in dire straits ... we're expecting good things to happen."

Boylan met with reporters before Tuesday night's home game against Phoenix.

"We'll do what we've been doing as far as being professional, getting ourselves ready for every game and getting out there and competing," Boylan said. "That's my job right now, to get us back on the right track, move us in the right direction and I think the guys we have on the team right now are quality people and committed to that task. That'll be our ultimate goal."

If this change sounds familiar, it should: Skiles was fired as head coach in Chicago on Christmas Eve in 2007 after the Bulls started 9-16. Boylan, an assistant in Chicago, took over and went 24-32. He was fired at the end of the season.

In an interview Tuesday with the Milwaukee Journal Sentinel, Skiles disputed the notion that he didn't like his team.

"There's always the normal coach-player friction that goes on," Skiles said in the Journal Sentinel interview. "Guys at this level are great players. This is, as NBA teams go, this is a good group of guys."

Hammond said he and Skiles had been having a number of conversations recently about the future of the team. He said there was no single factor in Skiles' departure, and that no other assistant coaches were leaving.

"It was a mutual decision. We both agreed to make this decision," he said.

Skiles had a 162-182 record in four-plus seasons with Milwaukee, with one playoff appearance — a first-round loss to Atlanta in seven games during the 2009-10 season. He was a hard-nosed, defensive-minded coach who sometimes seemed to have difficulty meshing with a roster built around volume shooters Brandon Jennings and Monta Ellis.

Jennings said he heard about the change in a phone call Monday night from Skiles and not from anyone within the organization.

"I think that's why I was a little bit frustrated at first," he said. "Just the fact that I had to hear it from my own coach and not the team. If I'm supposed to be their franchise player, why don't I hear the news first?"

Jennings said he was shocked but not upset about the change. He said he spoke with Skiles for about 20 minutes.

"We had our ups and downs, we had great times here," he said. "I have nothing but respect for him because as a rookie he did put the ball in my hands first."

Luc Mbah a Moute said he was shocked and had a great experience playing for Skiles, but coaching changes simply were part of the business of the NBA.

"I kind of had an idea of hearing that the team wasn't really happy with the way everything was going, and not just this year, you know the last couple of years with Skiles," he said. "This year we were kind of like started a good start and then went through a patch where we didn't play so great."

Boylan said the initial change he would make was to insert forward Ersan Ilyasova into the starting lineup for Ekpe Udoh.

Ilyasova re-signed with the Bucks during the summer, but saw his minutes decrease to 22 per game this year after playing 27 in the 2011-12 season. He said he was looking forward to playing for Boylan.

"For me, it's not a big deal you know, if you start or not, my concern has been about the minutes," Ilyasova said. "When you come from the season I had last year, I didn't expect to play less than last year."

Skiles' agent, Keith Glass, said it was hard to pinpoint when Skiles began thinking of stepping aside, but all parties agreed the timing was right.

"There was no blowup. There was no animosity going on. I think everybody made the right decision for their own respective sides," he said.

Two other coaches, the Lakers' Mike Brown and Brooklyn's Avery Johnson, are also out of work in this young season. Brown was fired after five games and Johnson late last month, about three weeks after being named Eastern Conference coach of the month.

The 57-year-old Boylan has been the lead assistant for the Bucks the past four seasons. In a 20-year NBA coaching career, he has also been an assistant in Cleveland, Vancouver, Phoenix, Atlanta and Chicago.

Boylan said he was too worried about keeping the job when he succeeded Skiles in Chicago.

"Last time, from a personal standpoint, I was too worried about trying to keep the job and it kind of restricted me as time went on," he said. "I made the determination when this happened last night, that I was going to try and enjoy this and just do what I like to do which is coach these guys, being around these guys and the coaching staff and the organization and just enjoy it.

"Have a good time with it and get the guys to play hard and compete and let the chips fall where they may at the end," he said.

Milwaukee, losers of four straight when the coaching change was announced, started out a surprising 6-2, only to lose seven of its next nine. The Bucks followed that with a four-game winning streak, the kind of wild swings that didn't sit well with a coach who values consistency — both in play and preparation.

"Considering like a week ago we were 16-12 and beat Miami, you probably wouldn't have guessed this would have happened a week later," forward Mike Dunleavy said.

Skiles did help coax a breakout season out of Larry Sanders, who has emerged as a rebounding and shot-blocking monster over the last few weeks. The demanding coach pushed Sanders to be more consistent, and the lanky forward/center has responded. He grabbed 20 rebounds against Boston on Dec. 21 to start a string of double-digit rebound nights in five of his last eight games and leads the league with 3.07 blocks per game.

Skiles' focus on defense was always going to be tested by a roster revolving around Jennings and Ellis, two flashy scorers who prefer to get up and down the court and lure opposing teams into shootouts.

Jennings and Ellis have been giving plenty of effort, but the Bucks were in the middle of the pack in points allowed per game (15th) and field goal percentage defense (18th), below Skiles' lofty expectations.

Still, the Bucks are only a few games behind Indiana in the Central Division, despite injuries to Beno Udrih and top defender Mbah a Moute, and in seventh place in the Eastern Conference playoff chase.

Skiles' departure could be the first in a series of big shake-ups for the Bucks. Hammond is in the final year of his deal, while Jennings and Ellis can both become restricted free agents after this season.

Hammond said he and team owner Herb Kohl are in discussions about an extension, but he declined to elaborate on the progress of their conversations.

As for Skiles, he is now 443-433 as an NBA head coach in 12-plus seasons, which also includes stints with Chicago and Phoenix. He started this season with a host of new players, though the biggest trade during his tenure was the deal that sent former No. 1 draft pick Andrew Bogut to Golden State for Ellis.

"I never heard Scott say a negative thing to me about that trade or anything else," Glass said. "Everybody has their own opinions on the way things are done, but Scott was always on board with — in terms of support — whatever move was made. ... And I think he liked Monta. I never heard him say a word about that at all in a negative sense."

Glass said it was too early to say whether Skiles was looking to stay in coaching.

"Today is not the day for that ... but I'm sure we will discuss that in the next month or so," he said. "But he's not burning right now."

AP Sports Writers Jon Krawczynski in Minneapolis and Andrew Seligman in Chicago and AP Freelancer DiGiovanni in Milwaukee contributed to this report.

___

Dinesh Ramde can be reached at dramde(at)ap.org.

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Gaps Seen in Therapy for Suicidal Teenagers

Most adolescents who plan or attempt suicide have already received at least some mental health treatment, raising questions about the effectiveness of current approaches to helping troubled youths, according to the largest in-depth analysis to date of suicidal behaviors in American teenagers.

The study, in the journal JAMA Psychiatry, found that 55 percent of suicidal teenagers had received some therapy before they thought about suicide, planned it or tried to kill themselves, contradicting the widely held belief that suicide is due in part to a lack of access to treatment.

The findings, based on interviews with a nationwide sample of more than 6,000 teenagers and at least one parent of each, linked suicidal behavior to complex combinations of mood disorders like depression and behavior problems like attention-deficit and eating disorders, as well as alcohol and drug abuse.

The study found that about one in eight teenagers had persistent suicidal thoughts at some point, and that about a third of those who had suicidal thoughts had made an attempt, usually within a year of having the idea.

Previous studies have had similar findings, based on smaller, regional samples. But the new study is the first to suggest, in a large nationwide sample, that access to treatment does not make a big difference.

The study suggests that effective treatment for severely suicidal teenagers must address not just mood disorders, but also behavior problems that can lead to impulsive acts, experts said. According to the Centers for Disease Control and Prevention, 1,386 people between the ages of 13 and 18 committed suicide in 2010, the latest year for which numbers are available.

“I think one of the take-aways here is that treatment for depression may be necessary but not sufficient to prevent kids from attempting suicide,” said Dr. David Brent, a professor of psychiatry at the University of Pittsburgh, who was not involved in the study. “We simply do not have empirically validated treatments for recurrent suicidal behavior.”

The report said nothing about whether the therapies given were state of the art or carefully done, said Matt Nock, a professor of psychology at Harvard and the lead author, and it is possible that some of the treatments prevented suicide attempts. “But it’s telling us we’ve got a long way to go to do this right,” Dr. Nock said. His co-authors included Ronald C. Kessler of Harvard and researchers from Boston University and Children’s Hospital Boston.

Margaret McConnell, a consultant in Alexandria, Va., said her daughter Alice, who killed herself in 2006 at the age of 17, was getting treatment at the time. “I think there might have been some carelessness in the way the treatment was done,” Ms. McConnell said, “and I was trusting a 17-year-old to manage her own medication. We found out after we lost her that she wasn’t taking it regularly.”

In the study, researchers surveyed 6,483 adolescents from the ages of 13 to 18 and found that 9 percent of male teenagers and 15 percent of female teenagers experienced some stretch of having persistent suicidal thoughts. Among girls, 5 percent made suicide plans and 6 percent made at least one attempt (some were unplanned).

Among boys, 3 percent made plans and 2 percent carried out attempts, which tended to be more lethal than girls’ attempts.

(Suicidal thinking or behavior was virtually unheard-of before age 10.)

Over all, about one-third of teenagers with persistent suicidal thoughts went on to make an attempt to take their own lives.

Almost all of the suicidal adolescents in the study qualified for some psychiatric diagnosis, whether depression, phobias or generalized anxiety disorder. Those with an added behavior problem — attention-deficit disorder, substance abuse, explosive anger — were more likely to act on thoughts of self-harm, the study found.

Doctors have tested a range of therapies to prevent or reduce recurrent suicidal behaviors, with mixed success. Medications can ease depression, but in some cases they can increase suicidal thinking. Talk therapy can contain some behavior problems, but not all.

One approach, called dialectical behavior therapy, has proved effective in reducing hospitalizations and suicide attempts in, among others, people with borderline personality disorder, who are highly prone to self-harm.

But suicidal teenagers who have a mixture of mood and behavior issues are difficult to reach. In one 2011 study, researchers at George Mason University reduced suicide attempts, hospitalizations, drinking and drug use among suicidal adolescent substance abusers. The study found that a combination of intensive treatments — talk therapy for mood problems, family-based therapy for behavior issues and patient-led reduction in drug use — was more effective than regular therapies.

“But that’s just one study, and it’s small,” said Dr. Brent of the University of Pittsburgh. “We can treat components of the overall problem, but that’s about all.”

Ms. McConnell said that her daughter’s depression had seemed mild and that there was no warning that she would take her life. “I think therapy does help a lot of people, if it’s handled right,” she said.

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A Financial Service for People Fed Up With Banks

Steve Dykes for The New York Times

Shamir Karkal, left,

Like many people, Josh Reich got fed up with his bank after it charged him overdraft fees and he endured painful customer service calls to fight them. But unlike most people, Mr. Reich, a software engineer from Australia, decided to come up with a better way to bank.

Mr. Reich and a co-founder, Shamir Karkal, created Simple, an online banking start-up company based in Portland, Ore., that offers its customers free checking accounts and data-rich analysis of their transactions and spending habits.

Few entrepreneurs dare to set their sights on industries as large and entrenched as banking and expect to flourish. But Mr. Reich, 34, a professed data nerd who has built computers and tinkered with the innards of sophisticated cameras, holds a master’s degree in business and has a robust background in financial data analysis. He is confident that Simple’s minimalist approach — it promises not to charge any fees for any services — will draw fans and customers.

“Banks make money by keeping customers confused,” Mr. Reich said. “There’s no incentives to make the experience better.”

Of course, inviting people to trust a start-up with their money is a lot to ask. The company, which began signing up customers late last year in a deliberately slow fashion, now has 20,000 and has processed transactions worth more than $200 million.

It also has the backing of prominent venture capital firms including Shasta Ventures, SV Angel and IA Ventures and has raised more than $13 million. Simple has few, if any, direct competitors, although some services like SmartyPig and Mint offer analysis of bank accounts and financial transactions.

Simple is actually not a bank. It has deals with CBW Bank and Bancorp, federally insured banks, to hold its customers’ money.

And it has built slick apps for the Web and mobile devices to give customers an overview of their accounts and transactions. But it encourages customers to treat it as a bank, closing their more traditional accounts and only using Simple.

The company’s biggest challenge, banking analysts say, will be to persuade people to give it a try.

“It is extremely difficult to get consumers to change and leave their banks,” said Jacob Jegher, an analyst at Celent, a research and consulting firm. “Plus, although they are not a bank, they still operate like a financial institution, and they will face challenges that big banks have decades of experience with.”

After the financial crisis, smaller community banks and credit unions gained customers eager for alternatives to larger corporate banks. Experts say Simple could attract those customers as well.

Early adopters are warming to the service; during a speech last fall at a conference aimed at technology enthusiasts, designers and creative people, Mr. Reich asked how many in attendance were Simple customers. A majority of the crowd raised hands.

Mr. Reich said Simple was keeping its first group of customers small to allow it to work out any kinks. (Already there have been some flaws, like one that briefly locked several users out of their accounts in November.) At this stage, those who want a Simple account have to request an invitation on its site, though these are handed out fairly liberally to those who meet the minimal qualifications of Simple and its bank partners.

Customers receive a plain white card that can be used like a debit card. The company offers most traditional banking features, like direct deposit and money transfers. But there is plenty it does not offer, like joint or business checking accounts, or paper checkbooks, which may be a deal killer for some.

The start-up does not have physical bank branches or automated teller machines, nor does it plan to build any. As a result, Simple customers cannot make cash deposits and must rely on the Internet and phone for service.

Simple tries to make up for what it does not have with modern software design and data analysis.

Each Simple transaction is tagged with detailed information that allows customers to search their accounts with plain English commands like “Show me how much I spent on meals over $30 last month,” or “Show me how much money I spent on gifts in December.”

Customers can see transactions plotted on a map or search for all transactions in a particular state or country, something that would be difficult with a traditional bank account.

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Iran’s Oil Exports and Sales Down 40 Percent, Official Admits

Iran’s oil minister acknowledged for the first time on Monday that petroleum exports and sales had fallen by at least 40 percent over the past year, contradicting his previous denials and providing an unusual public admission that the cumulative impact of Western economic sanctions has grown more severe.

The acknowledgment by the oil minister, Rostam Qasemi, came as new restrictions from the sanctions are threatening to further choke Iran’s ability to sell oil, its most important export. Under provisions of an American law that takes effect in February, importers of Iranian oil that have been exempted from the sanctions cannot send the money used to buy it to Iran without risking penalties in the United States. The result could impound billions of dollars’ worth of Iran’s expected oil revenue in the banks of those importing countries.

Additional punitive measures, which President Obama signed into law last week, broaden the list of blacklisted Iranian industries to include all energy, shipping and shipbuilding enterprises and seek to restrict barter transactions that Iran has been using to circumvent earlier sanctions. Some critics of the new steps say they nearly amount to a trade embargo.

In another consequence of the sanctions’ impact, the Oil Ministry on Monday stopped the sale of jet fuel to Iran’s heavily indebted domestic airlines unless they pay cash. The semiofficial Mehr news agency reported that most commercial airline flights inside the country had been canceled as a result.

Mr. Qasemi, a former Revolutionary Guards commander who was appointed oil minister more than a year ago, had consistently asserted that Iran had no problem selling its oil. In September, in an address to the Parliament, he said that oil exports were rising, despite outside data that showed a sharp drop. At other times, he has threatened to halt all oil exports in retaliation for the sanctions, apparently in a vain effort to raise oil prices by frightening global oil traders.

Both the Organization of the Petroleum Exporting Countries, of which Iran is a major member, and the International Energy Agency, a group of mostly Western oil-importing countries, have reported that Iran’s crude exports fell to roughly a million barrels a day by the end of 2012, compared with 2.4 million a year earlier.

Other Iranian officials have said it is clear that the country’s oil exports have suffered.

Economists knowledgeable about Iran’s sanctions problems said Mr. Qasemi’s acknowledgment of the export decline, made at a parliamentary meeting on finances, was inevitable because the government must find a way to fill a large gap in the budget — a gap that revenue from oil exports had been expected to fill.

The Iranian Students’ News Agency quoted the minister as telling lawmakers that “there has been a 40 percent decrease in oil sales and a 45 percent decrease in repatriating oil money.” The agency also quoted him as forecasting further decreases without specifying how much.

“It’s common knowledge in Iran that oil exports have fallen,” said Djavad Salehi-Isfahani, an economics professor at Virginia Tech, who visited his native Iran last month. “I don’t know if the oil minister had been in denial.”

Dr. Salehi-Isfahani suggested that President Mahmoud Ahmadinejad’s government might have to resolve the budget deficit problem with an accounting maneuver that would recalculate the value of Iran’s oil sales at half the official foreign-exchange rate — 25,000 rials per dollar instead of the central bank’s artificial rate of 12,260 rials per dollar.

That change would be much closer to the rial’s actual value and essentially double the amount — in rials — gained from Iranian oil exports. But such a move would also concede the sanctions’ severe inflationary impact, which has caused a steep fall in the value of the Iranian currency this past year.

Many Iranians have suffered from the rial’s decline, which has essentially made them poorer by raising the price of imported goods. Iran’s inflation also has left many Iranian businesses unable to pay wages or bills. The problem surfaced in a new way on Monday with the abrupt cancellation of domestic flights by Iranian airlines, which had been buying fuel on credit.

The head of the Airlines Association, Seyyed Abdol Reza Musavi, told Mehr that flights in Tehran, Kish, Mashhad and other airports had been halted because the carriers failed to repay their debts, and that fuel would now be provided “on a cash-only basis.” It was unclear how long the flight suspensions would last.

The sanctions on Iran have been intensifying for the past few years because of its disputed nuclear program, which Iran says is for peaceful use but which Western countries and Israel suspect is meant to develop the ability to make nuclear weapons.

Thomas Erdbrink contributed reporting from Tehran.

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Live blog: Samsung’s new gear at CES 2013

yep thats how apple works now, but can you stream network flash players thru your i pad via apple tv , answer = no , same with google tv. hook the comp directly to the comp get a wireless keayboard and an air mouse , and fyi windows media player can be streamed wirelessly from any pc all you need is a 50 dollar blue ray player , if you want to stream media from a hard drive wirelessly it just has to be one built to the standard like any wd home drive , but dont go usb get one that connects via gigabit

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Bama starts with bang at BCS championship game

MIAMI GARDENS, Fla. (AP) — One of the most anticipated BCS championship games began with Alabama getting the ball and driving it down the field for a touchdown against No. 1 Notre Dame's vaunted defense.

Sun Life Stadium was packed and raucous for the kickoff Monday night.

The Fighting Irish won the coin toss, decided to kickoff and the Crimson Tide marched down the field with ease, driving 82 yards on five plays to take a 7-0 lead on Eddie Lacy's 20-yard touchdown run up the middle with 12:03 left in the first quarter.

It was only the third rushing touchdown Notre Dame has allowed this season.

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Oil Sand Industry in Canada Tied to Higher Carcinogen Level

Todd Korol/Reuters

An oil sands mine Fort McMurray, Alberta.

OTTAWA — The development of Alberta’s oil sands has increased levels of cancer-causing compounds in surrounding lakes well beyond natural levels, Canadian researchers reported in a study released on Monday. And they said the contamination covered a wider area than had previously been believed.

For the study, financed by the Canadian government, the researchers set out to develop a historical record of the contamination, analyzing sediment dating back about 50 years from six small and shallow lakes north of Fort McMurray, Alberta, the center of the oil sands industry. Layers of the sediment were tested for deposits of polycyclic aromatic hydrocarbons, or PAHs, groups of chemicals associated with oil that in many cases have been found to cause cancer in humans after long-term exposure.

“One of the biggest challenges is that we lacked long-term data,” said John P. Smol, the paper’s lead author and a professor of biology at Queen’s University in Kingston, Ontario. “So some in industry have been saying that the pollution in the tar sands is natural, it’s always been there.”

The researchers found that to the contrary, the levels of those deposits have been steadily rising since large-scale oil sands production began in 1978.

Samples from one test site, the paper said, now show 2.5 to 23 times more PAHs in current sediment than in layers dating back to around 1960.

“We’re not saying these are poisonous ponds,” Professor Smol said. “But it’s going to get worse. It’s not too late but the trend is not looking good.” He said that the wilderness lakes studied by the group were now contaminated as much as lakes in urban centers.

The study is likely to provide further ammunition to critics of the industry, who already contend that oil extracted from Canada’s oil sands poses environmental hazards like toxic sludge ponds, greenhouse gas emissions and the destruction of boreal forests.

Battles are also under way over the proposed construction of the Keystone XL pipeline, which would move the oil down through the western United States and down to refineries along the Gulf Coast, or an alternative pipeline that would transport the oil from landlocked Alberta to British Columbia for export to Asia.

The researchers, who included scientists at Environment Canada’s aquatic contaminants research division, chose to test for PAHs because they had been the subject of earlier studies, including one published in 2009 that analyzed the distribution of the chemicals in snowfall north of Fort McMurray. That research drew criticism from the government of Alberta and others for failing to provide a historical baseline.

“Now we have the smoking gun,” Professor Smol said.

He said he was not surprised that the analysis found a rise in PAH deposits after the industrial development of the oil sands, “but we needed the data.” He said he had not entirely expected, however, to observe the effect at the most remote test site, a lake that is about 50 miles to the north.

Asked about the study, Adam Sweet, a spokesman for Peter Kent, Canada’s environment minister, emphasized in an e-mail that with the exception of one lake very close to the oil sands, the levels of contaminants measured by the researchers “did not exceed Canadian guidelines and were low compared to urban areas.”

He added that an environmental monitoring program for the region announced last February 2012 was put into effect “to address the very concerns raised by such studies” and to “provide an improved understanding of the long-term cumulative effects of oil sands development.”

Earlier research has suggested several different ways that the chemicals could spread. Most oil sand production involve large-scale open-bit mining. The chemicals may become wind-borne when giant excavators dig them up and then deposit them into 400-ton dump trucks.

Upgraders at some oil sands projects that separate the oil bitumen from its surrounding sand are believed to emit PAHs. And some scientists believe that vast ponds holding wastewater from that upgrading and from other oil sand processes may be leaking PAHs and other chemicals into downstream bodies of water.

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DealBook: Banks Reach Settlements on Mortgages

Correction Appended

11:38 a.m. | Updated

Bank of America agreed on Monday to pay $11.65 billion to Fannie Mae to settle claims over troubled mortgages that soured during the housing crash, mostly loans issued by the bank’s Countrywide Financial subsidiary.

Separately, federal regulators reached an $8.5 billion settlement on Monday to resolve claims of foreclosure abuses that included flawed paperwork used in foreclosures and bungled loan modifications by 10 major lenders, including JPMorgan Chase, Bank of America and Citibank. About $3.3 billion of that settlement amount will go toward Americans who went through foreclosure in 2009 and 2010, while $5.2 billion will address other assistance to troubled borrowers, including loan modifications and reductions of principal balances. Eligible homeowners could get up to $125,000 in compensation.

The two agreements are not directly related, but they illustrate the extent of the banks’ role in the excesses of the credit boom, from the making of loans to the seizure of homes.

Under the terms of the Bank of America deal, the bank will pay Fannie Mae $3.6 billion to compensate for faulty mortgages and will also pay the housing finance giant $6.75 billion to buy back mortgages. It also must pay the agency $1.3 billion related to loan servicing problems.

The settlement will resolve all of the lender’s disputes with Fannie Mae, removing a major impediment to Bank of America’s rehabilitation. The bank had settled its fight with Freddie Mac, the other government-owned mortgage giant, in 2011.

Both Fannie and Freddie, which have posted billions of dollars in losses in recent years, have argued that Countrywide misrepresented the quality of home loans that it sold to the two entities at the height of the mortgage bubble. Bank of America assumed those troubles when it bought Countrywide in 2008.

Before the latest settlement announced on Monday, the Countrywide acquisition had cost Bank of America more than $40 billion in losses on real estate, legal costs and settlements, according to several people close to the bank.

By removing part of the bank’s mortgage albatross, the move is a continued retreat from home lending by Bank of America, even as rivals including JPMorgan Chase and Wells Fargo compete for the profitable refinance business that has boomed with interest rates persistently low.

Bank of America also agreed to sell the servicing rights on about $306 billion worth of home loans to other firms. In separate statements, Nationstar Mortgage Holdings and the Newcastle Investment Corporation announced they were buying the rights. Those servicing costs, which were roughly $3.4 billion in the third quarter, have weighed on the bank’s profits, especially as borrowers fall behind on their bills.

Brian T. Moynihan, the bank’s chief executive, said in November that he intended to sell off about two million loans the bank currently serviced.

“Together, these agreements are a significant step in resolving our remaining legacy mortgage issues, further streamlining and simplifying the company and reducing expenses over time,” Mr. Moynihan said in a statement on Monday.

Bank of America said it expected the settlement to hurt its fourth-quarter earnings by $2.5 billion because of costs tied to foreclosure reviews and litigation. The firm also expects to record a $700 million charge, an accounting move known as a debt-valuation adjustment, related to an improvement in the prices of its bonds.

The deal on Monday helps the bank move away from its troubled mortgage business. Still, the bank’s attempts to resolve other costly mortgage litigation have so far been stymied. Looking to appease investors that sued the bank for losses when mortgages packaged into securities imploded during the financial crisis, the bank agreed to pay $8.5 billion in June 2011. But the settlement, which would help mollify investors including the Federal Reserve Bank of New York and Pimco, has been stalled.

Further thwarting Bank of America’s retreat from the mortgage business, federal prosecutors sued the bank in October, accusing it of churning through loans so quickly that quality controls were virtually forgotten. The Justice Department sued the bank under a law that could mean Bank of America could pay well more than $1 billion to settle.

Bank of America has been embroiled with other legal woes, including accusations that it misled investors about the acquisition of Merrill Lynch. Shareholders, led by pension funds, had said the bank provided false and misleading statements about the health of the Wall Street firm, which, unknown to the public, was racking up huge losses in late 2008 amid turmoil in the markets.

The separate agreement with 10 banks on foreclosure abuses concludes weeks of feverish negotiations between the federal regulators, led by the Office of the Comptroller of the Currency, and the banks. That settlement will end a troubled foreclosure review mandated by the banking regulators.

The deal, which was hashed out over the weekend, had teetered on the brink of collapse after officials from the Federal Reserve demanded that the banks pay an addition $300 million to address their part in the 2008 financial crisis, according to several people briefed on the negotiations who spoke on condition of anonymity.

The Federal Reserve, though, agreed to back down on the demands in the hope that the pact could move ahead and bring more immediate relief to homeowners struggling to stay afloat in a time of persistent unemployment and a sluggish economy.

The multibillion-dollar foreclosure settlement was driven, to a large extent, by banking regulators, who decided that a review of loan files was inefficient, costly and simply not yielding relief for homeowners, these people said. The goal in scuttling the reviews, which were mandated as part of a consent order in April 2011, was to provide more immediate relief to homeowners.

The comptroller’s office and the Federal Reserve said on Monday that the settlement “provides the greatest benefit to consumers subject to unsafe and unsound mortgage servicing and foreclosure practices during the relevant period in a more timely manner than would have occurred under the review process.”

The relief will be distributed to homeowners even if they did not file a claim for their loan files to be reviewed.

Concerns about the Independent Foreclosure Review began to mount in within the comptroller’s office, according to the people familiar with the matter. The alarm, these people said, was that the reviews were taking more than 20 hours a loan file at a cost of up to $250 an hour. Since the start of the review, the banks, which are required to pay for consultants to review the files, had spent an estimated $1.5 billion.

More vexing, the banking regulators said that the reviews were not providing any relief to borrowers or turning up meaningful instances where homes of borrowers current on their payments were seized, according to these people.

Michael J. de la Merced and Ben Protess contributed reporting.

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Correction: January 8, 2013

An earlier version of this article omitted one element of the settlement between Bank of America and Fannie Mae, and summaries of the article in some sections of nytimes.com consequently understated the total amount of the two mortgage-related settlements announced Monday. It is more than $20 billion, not $18.5 billion.

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Chinese Newspaper, Southern Weekend, Challenges Censors

Pool photo by

Xi Jinping at a meeting in Beijing in December. Unrest at an influential newspaper, Southern Weekend, has caught the public’s attention.

BEIJING — Turmoil at one of China’s leading newspapers is posing an early challenge to the measured political program of the new Chinese leader Xi Jinping, pitting a pent-up popular demand for change against the Communist Party’s desire to maintain a firm grip.

The unrest at the influential newspaper Southern Weekend began last week when censors appeared to have toned down the paper’s New Year’s letter to readers — traditionally a call for progress in the new year. That caused journalists and their supporters — including students at nearby Sun Yat-sen University — to issue open letters expressing their outrage.

“Our yielding and our silence has not brought a return of our freedom,” the students said in their petition on Sunday, according to a translation by Hong Kong University’s China Media Project. “Quite the opposite, it has brought the untempered intrusion and infiltration of rights by power.”

By Sunday night, the protests had transformed into a real-time melee in the blogosphere — a remarkable development in a country where protests of all kinds are tightly controlled and the media largely know the boundaries of permissible debate.

In this case, the newspaper’s economics and environmental news staffs appeared to declare that they were on strike, while editors loyal to the government shut down or took control of the paper’s official microblogs. One widely distributed staff declaration with 90 signatures said the publication’s microblogs were no longer authentic.

“I don’t know whether it will be a full strike, but I do know the joint statement about the confiscation of the Weibo account has widespread support,” said one former editor, referring to a microblogging site and speaking on the condition of anonymity.

The turmoil at the Guangzhou-based newspaper resonates especially strongly among politically aware Chinese because Mr. Xi chose southern China for a tour after taking power in November. He made a pilgrimage to nearby Shenzhen, where the father of China’s economic reforms, Deng Xiaoping, initiated them two decades ago.

Indeed, Mr. Xi seems to be casting himself in the mold of Deng, who was known for bold economic reforms but who also brooked no opposition to the rule of the Communist Party.

The latest indication was a speech Mr. Xi made that also was published in newspapers on Sunday. Speaking to senior leaders, Mr. Xi repeatedly invoked Deng, especially on the need to adhere to “socialism with Chinese characteristics,” a phrase often used to mean a combination of pragmatic policies and one-party rule. He also praised the prereform era, in what appeared to be an effort to appeal to harder-line Communists.

But part of the reason for the clamor for reforms are hopes that Mr. Xi himself has raised. So far he has won praise by calling for China’s constitutional protections to be put in effect, ordering officials to cut pomp and setting in motion an anticorruption campaign.

These actions seem to have prompted the calls for even bolder reforms.

Beyond the unrest at Southern Weekend, editors of the edgy historical journal Yanhuang Chunqiu published a cover article last week arguing that the existing Constitution offered a basis for political reform and that the party’s failure to abide by it was a central cause of political instability. On Friday, the magazine’s Web site was shut down, with officials claiming that it had failed to update its registration.

A message posted by the journal about the shutdown was forwarded 31,000 times, provoking many scathing criticisms of the government. The chief editor, Wu Si, said the journal’s staff had filed the paperwork and could be back online in 10 days.

Optimists say they hope the measures against the two publications were the result of recalcitrant officials appointed by the departing team of Hu Jintao and Wen Jiabao, whose decade in power was marked by an overriding desire for stability. Many members of Mr. Xi’s team will not take office until the annual meeting of the National People’s Congress in March, and it could take years for Mr. Xi to put allies into important positions of power.

“If Xi does not remove people and promote some officials, his new policies — if he has any — will be sunk by the old people,” said a senior editor at a top party newspaper who asked to remain anonymous because of the delicacy of the subject. “The conflicts between the old and the new have just emerged.”

Chinese politics since Deng’s time have been defined by similar tensions between liberalization and reaction. But Mr. Xi also confronts millions of increasingly outspoken Internet users whose outpourings can confound even China’s heavy censorship.

Zhan Jiang, a professor of media at the Beijing Foreign Studies University, said the public anger showed how expectations had risen. “Currently in China people are unusually sensitive to developments like this, and so the reaction has been quite intense,” Mr. Zhan said.

Some are less sure that the atmosphere is more open, saying the media shutdowns have occurred because Mr. Xi has avoided taking a clear position.

“There are still no clear rules on the media, and so officials stick to using their habitual ways to control the media,” said Li Datong, a prominent Chinese newspaper editor fired for his views. “There won’t be any change until Xi Jinping enunciates any ideas about major change.”

Other commentators doubt this will happen. They note that in previous jobs Mr. Xi upheld the status quo and that now that he has reached the pinnacle of his career he is unlikely to support systemic reform.

“This is a traditional viewpoint: if you change the emperor you’ll have a change of policy and maybe some new, hopeful things,” said the exiled Chinese political commentator Zhang Ping, who goes by the pen name Chang Ping. “But I don’t think this is likely, because you still have an emperor.”

Jonathan Ansfield contributed reporting from Beijing, and Chris Buckley from Hong Kong.

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Analysts predicting slow start for ‘ultra-HD’ TVs

LAS VEGAS (AP) — Ultra high definition TVs are set to be the talk of International CES, the gadget show kicking off this week, but they aren’t likely to account for much of the market even four years down the road.

That is the conclusion of analysts of the show’s host, a day before TV makers such as Samsung, LG and Sony attempt to wow conference attendees with their latest models.

Ultra-HD TVs, with four times as many pixels as HD TVs, are expected to account for only 1.4 million units sold in the U.S. in 2016, or about 5 percent of the entire market. Sales in the rest of the world are expected to be smaller.

The analysts blamed high prices and low availability for the slow start.

Gadgets News Headlines – Yahoo! News

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