Col Needham created IMDb

The gig: Col Needham, 45, is founder and chief executive of Internet Movie Database, the world's leading online source for information about movies and television shows and for celebrity news. Every month, the site attracts more than 160 million visitors who come to watch movie trailers, read reviews or check out the comprehensive rundown of a movie's cast and crew. Its database contains more than 100 million items, including information about more than 2 million movies and TV shows and some 4 million cast and crew members.

Lifelong movie fan: Hollywood provided the highlights of Needham's childhood. His earliest memory is of seeing Walt Disney's animated classic "Snow White and the Seven Dwarfs" at age 5 with his grandmother, after winning a newspaper coloring competition. "She took me in a taxi to the middle of Manchester, the town in the north of England where I grew up," Needham said. "I can remember the taxi, I can remember the movie."

The 1975 summer thriller "Jaws" kept Col — who at the time was 8 — out of the local swimming pool. The home video revolution allowed him to more thoroughly indulge his passion for film. A family friend who owned a video rental store would lend him video cassette tapes for up to two weeks. "My ridiculous claim to fame was as a 14-year-old when I saw "Alien" 14 times in 14 days," he joked.

Computer geek: An early technology enthusiast, Needham received his first computer — a do-it-yourself hobbyist kit — as a Christmas gift when he was 12. "My love of film and love of technology were kind of on a collision course for the creation of IMDb." Before long, Needham converted his paper diary of the films he'd watched into a computer database that included each movie's title, director, writers, principal cast and crew and plot summary. He would watch movies on VHS tape and faithfully record each film's credits.

Finding movie fans online: Needham graduated from Leeds University in 1988 with a computer science degree and began working in Hewlett-Packard Co.'s research lab in Bristol. Around that same time, he turned to an early type of Internet discussion group, known as the "usenet," to chat about films with other cinephiles. Invariably, talk would turn to actresses — and one member of the news group compiled a list of actresses with their credits.

Needham merged this list with his own data, then took it upon himself, in 1990, to prepare a companion list of actors, and later, of golden-age Hollywood actors and actresses who had died. At the suggestion of someone within the online group, he converted his private database to a version that could be used by any computer connected to the Internet. The IMDb was launched Oct. 17, 1990.

World Wide Web: A doctoral student at Cardiff University in Wales urged Needham to adapt IMDb in 1993 for upstart World Wide Web. At the time, he had no thought of making money with his passion project. "We were all just volunteers who cared passionately about movies, about TV shows, about personalities, and we wanted to share that love with the rest of the world," he said. But after a period of rapid growth, Needham and three others incorporated IMDb in 1996, using a credit card to cover startup expenses. Within two weeks of launch, IMDb sold its first ad. "We were able to pay off the credit card debt before it was due," he said. "I'd like to think that we became the world's first profitable Internet company."

Amazon comes calling: Needham quit his day job in the summer of '96, after IMDb sold its first movie studio ad (to promote 20th Century Fox's "Independence Day"). Within a year, Amazon.com's general counsel approached Needham to arrange a meeting with the online retailer's chief executive, Jeff Bezos, in London. Such an email should have sent Champagne corks popping, said Needham, who mistakenly believed the face-to-face session would focus on advertising. Bezos had something else in mind.

"Jeff had such a clear vision for how IMDb could fit within the Amazon family yet exist as a separate brand," Needham said. "The information on the IMDb site would be optimized for search and discovery, helping you find great things to watch. At the same time, IMDb data could be used on the Amazon website where it would create a great customer experience for buying movies. So we found ourselves saying 'yes.'" The deal was announced in April 1998.

IMDb grows up: Amazon's acquisition afforded the resources to redesign the IMDb site and update the information daily instead of weekly. It began diversifying its offerings in 2002, with the introduction of the IMDbPro subscription service for entertainment industry professionals. It developed more extensive information about television programs in 2006, providing details about individual episodes. This fueled a period of explosive growth for the site. IMDb made a pair of purchases in 2008 to augment its offerings, acquiring online box office reporting service BoxOfficeMojo and a site that streamlines the film festival submission process, Withoutabox.

Going mobile: IMDb made the leap to smartphones in 2009 and has been downloaded more than 50 million times. Mobile users make an average of 175 million visits every month. "We can see our U.S. usage very much mirrors the peak [TV viewing] time," Needham said. "So clearly people are accessing IMDb while they're watching TV shows, while they're watching movies."

Amazon's Kindle Fire tablet boasts X-Ray for Movies, a feature powered by IMDb that allows users to retrieve casting information and other details with the touch of the screen. A new version of the IMDb app for Apple Inc.'s iPad focuses on discovery and recommendations. "People suffer from overwhelming choice," Needham said. "Having IMDb there with our rich database ... combined with your own personal watch list data, we can come up with a list of things that you should see next."

All-time favorite movie? Alfred Hitchcock's "Vertigo." "It's been my favorite movie since I first saw it in November 1989.... It changed the way I view movies. Alfred Hitchcock played me like a piano."

Favorite movies of 2012? Top of the list is Ridley Scott's sci-fi thriller "Prometheus," the indie critical fave "The Perks of Being a Wallflower" and the French drama "Rust and Bone."

A credit of his own: Col Needham is listed in IMDb, for his appearance in a 2001 television documentary "Shawshank: The Redeeming Feature."

Getting personal: Needham and his wife, Karen, have twin daughters. His main hobby is watching movies, although he describes himself as an avid swimmer, "which is quite ironic given my experience of seeing 'Jaws.'"

dawn.chmielewski@latimes.com

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Colorado movie theater reopens after shooting

AURORA, Colo. — A quiet crowd gathered Thursday at what is now Century Aurora for an "evening of remembrance." Young employees offered candy, sodas and popcorn to visitors who mingled inside the complex, which had been painted soft blues, greens and yellows.

The movie theater where a gunman killed 12 people and injured dozens more last July reopened under a new name after extensive remodeling. The governor, mayor, theater officials and a few hundred victims, families and community members attended, but relatives of several who died boycotted the event.

In one aisle, a young man comforted a young woman as she cried. A small room was set up with tables and tissues for those who might need a quiet space to grieve.

Corbin Dates, 23, who said he was in the second row of Theater 9 during the rampage and escaped with a small burn from a bullet casing, called the event empowering.

"Evil doesn't have the best of me and it never will," he said.

But Scott Larimer, whose son John Larimer, 27, was killed, did not come. He was among those who called for a boycott after receiving a brief email shortly after Christmas inviting him to the ceremony and to an unspecified movie.

"They were treating it like I lost my raincoat there and not my son," he said. "I'm not sure if they're just trying to drum up support so they can just reopen their theater and make some money, or what it is."

The fate of the Century 16 theaters was the subject of much debate in the aftermath of one of the worst mass shootings in U.S. history, for which James E. Holmes, 25, has been ordered to stand trial. City officials launched an online survey to gauge public opinion and said the response was overwhelming in favor of reopening.

But earlier this month, 15 family members of nine people killed wrote a letter to Cinemark, the theater's owner, blasting the invitation to the opening and criticizing the company for showing "ZERO compassion to the families of the victims whose loved ones were killed in their theater."

One of them, Jerri Jackson, said Cinemark had never contacted her before she received the invitation, which was sent by a victims' group on Cinemark's behalf.

"I would have thought early on that they would have contacted us and offered their condolences, tried to do something for the families, but they've done nothing," she said. Her son Matt McQuinn, 27, was among the dead.

Some who came to the ceremony had a different perspective.

"We will not let this tragedy define us," Aurora Mayor Steve Hogan said during the 30-minute remembrance. "Aurora is strong, Aurora is caring, and our focus remains on the road before us."

Democratic Gov. John Hickenlooper acknowledged the families who were absent but praised Cinemark and its chief executive for working closely with the community in the aftermath of the shooting.

"Everyone heals. Some slower, some in different ways. Some wanted this theater open, some didn't," Hickenlooper said. "For many here tonight, this is the path to healing."

After the ceremony, everyone was invited to stay for a screening of "The Hobbit."

Tom Sullivan, whose son Alex Sullivan, 27, died, came to the remembrance. He and other family members spent several minutes exploring the complex before taking a seat for the ceremony. He sees the theater as part of his community, which supported him after the death of his son.

"The people of Aurora decided that's what they wanted," to reopen the theater. "So I decided, 'Well, that's what we'll do,'" he said. "The people of Aurora have done everything they can to help us through this very difficult time."

paloma.esquivel@latimes.com

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Tina Fey Wants Boring People to Get a License to Twitter

We realize there’s only so much time one can spend in a day watching new trailers, viral video clips, and shaky cell phone footage of people arguing on live television. This is why every day The Atlantic Wire highlights the videos that truly earn your five minutes (or less) of attention. Today:  

RELATED: Jimmy Kimmel Really Hates Kids; Call Me Again Maybe

Tina, you can be in charge of Twitter-licensing any day. And, please, start with Donald Trump….

RELATED: A Bad Lip Read of Edward and Bella; Kimmel Continues to Make Kids Cry

RELATED: The Honey Boo Boo Nature Special; Everyone’s Favorite Sleepwalking Mom

The Atlantic Wire staff (with the exception of our Canadian correspondent) travels on the New York City subway system every single day. We have never seen this man. If you have, give him a dollar for us:

RELATED: Ai Weiwei’s ‘Gangnam Style’ Isn’t Bad

RELATED: So Which Boyfriend Is Taylor Swift Singing About Now?

Parents, please take this piece of advice: If Jimmy Kimmel comes knocking, the answer is always yes. 

And finally, Notre Dame’s Manti Te’o has changed the way we think about Internet relationships. But before you bemoan the terribleness of Internet dating and how awful everyone’s become, we present you this: 

Wireless News Headlines – Yahoo! News

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Bolshoi's artistic director attacked with acid

MOSCOW (AP) — The artistic director of the Bolshoi Theater's ballet troupe was splashed with acid and may lose his eyesight in an attack that the Bolshoi said appeared to be linked to struggles for influence at one of the world's most famous ballet companies.

Sergei Filin, a 42-year-old former ballet star, was approached late Thursday night by an unknown man who threw the acid at his face as he got out of his car outside his home in central Moscow, city police spokesman Arkady Bashirov said. Theater officials said the man was masked.

The theater's general director, Anatoly Iksanov, said he believed the attack was linked to Filin's work.

"He is a man of principle and never compromised," Iksanov said on Channel One state television. "If he believed that this or that dancer was not ready or was unable to perform this or that part, he would turn them down."

Filin knew that someone was trying to threaten him or undermine his position at the theater, Iksanov said. He said Filin's car tires had been slashed earlier this week and he was targeted in early January by hackers who posted his professional correspondence online.

"He said 'I have a feeling that I am on the front lines,'" Iksanov quoted Filin as telling him Thursday before the attack.

Filin, who danced for the Bolshoi from 1989 until 2007, was appointed artistic director of the Bolshoi's ballet company in March 2011. Before returning to the Bolshoi, he served as artistic director at the Stanislavsky and Nemirovich-Danchenko Theater, Moscow's second ballet company.

Bolshoi spokeswoman Katerina Novikova, who visited Filin in the hospital Thursday night, told The Associated Press that his condition is stable but he could lose his sight.

"We never imagined that a war for roles — not for real estate or for oil — could reach this level of crime," Novikova said on Channel One.

Several stars at the Bolshoi including Nikolai Tsiskaridze, one of its most celebrated dancers, have complained about what they call Filin's unfair treatment of dancers at the Bolshoi.

Alexei Ratmansky, who served as Bolshoi artistic director from 2004 until 2008, described an atmosphere of intrigue at the theater.

"What happened with Sergei Filin was not accidental," Ratmansky, now artist in residence at the American Ballet Theater, posted on his Facebook page. "The Bolshoi has many ills. It's a disgusting cesspool, of those developing friendships with the artists, the speculators and scalpers, the half-crazy fans, ready to bite the throats of the rivals of their favorites, the cynical hackers, the lies in the press and the scandalous interviews of staff.

"This is all one snowball caused by the lack of any ethics at the theater."

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The Neediest Cases: Medical Bills Crush Brooklyn Man’s Hope of Retiring

Andrea Mohin/The New York Times

John Concepcion and his wife, Maria, in their home in Sheepshead Bay, Brooklyn. They are awaiting even more medical bills.

Retirement was just about a year away, or so John Concepcion thought, when a sudden health crisis put his plans in doubt.

For the past 100 years, The New York Times Neediest Cases Fund has provided direct assistance to children, families and the elderly in New York. To celebrate the 101st campaign, an article will appear daily through Jan. 25. Each profile will illustrate the difference that even a modest amount of money can make in easing the struggles of the poor.

Last year donors contributed $7,003,854, which was distributed to those in need through seven New York charities.

2012-13 Campaign

Previously recorded:

$6,865,501

Recorded Wed.:

16,711

*Total:

$6,882,212

Last year to date:

$6,118,740

*Includes $1,511,814 contributed to the Hurricane Sandy relief efforts.

“I get paralyzed, I can’t breathe,” he said of the muscle spasms he now has regularly. “It feels like something’s going to bust out of me.”

Severe abdominal pain is not the only, or even the worst, reminder of the major surgery Mr. Concepcion, 62, of Sheepshead Bay, Brooklyn, underwent in June. He and his wife of 36 years, Maria, are now faced with medical bills that are so high, Ms. Concepcion said she felt faint when she saw them.

Mr. Concepcion, who is superintendent of the apartment building where he lives, began having back pain last January that doctors first believed was the result of gallstones. In March, an endoscopy showed that tumors had grown throughout his digestive system. The tumors were not malignant, but an operation was required to remove them, and surgeons had to essentially reroute Mr. Concepcion’s entire digestive tract. They removed his gall bladder, as well as parts of his pancreas, bile ducts, intestines and stomach, he said.

The operation was a success, but then came the bills.

“I told my friend: are you aware that if you have a major operation, you’re going to lose your house?” Ms. Concepcion said.

The couple has since received doctors’ bills of more than $250,000, which does not include the cost of his seven-day stay at Beth Israel Medical Center in Manhattan. Mr. Concepcion has worked in the apartment building since 1993 and has been insured through his union.

The couple are in an anxious holding pattern as they wait to find out just what, depending on their policy’s limits, will be covered. Even with financial assistance from Beth Israel, which approved a 70 percent discount for the Concepcions on the hospital charges, the couple has no idea how the doctors’ and surgical fees will be covered.

“My son said, boy he saved your life, Dad, but look at the bill he sent to you,” Ms.  Concepcion said in reference to the surgeon’s statements. “You’ll be dead before you pay it off.”

When the Concepcions first acquired their insurance, they were in good health, but now both have serious medical issues — Ms. Concepcion, 54, has emphysema and chronic obstructive pulmonary disease, and Mr. Concepcion has diabetes. They now spend close to $800 a month on prescriptions.

Mr. Concepcion, the family’s primary wage earner, makes $866 a week at his job. The couple had planned for Mr. Concepcion to retire sometime this year, begin collecting a pension and, after getting their finances in order, leave the superintendent’s apartment, as required by the landlord, and try to find a new home. “That’s all out of the question now,” Ms. Concepcion said. Mr. Concepcion said he now planned to continue working indefinitely.

Ms. Concepcion has organized every bill and medical statement into bulging folders, and said she had spent hours on the phone trying to negotiate with providers. She is still awaiting the rest of the bills.

On one of those bills, Ms. Concepcion said, she spotted a telephone number for people seeking help with medical costs. The number was for Community Health Advocates, a health insurance consumer assistance program and a unit of Community Service Society, one of the organizations supported by The New York Times Neediest Cases Fund. The society drew $2,120 from the fund so the Concepcions could pay some of their medical bills, and the health advocates helped them obtain the discount from the hospital.

Neither one knows what the next step will be, however, and the stress has been eating at them.

“How do we get out of this?” Mr. Concepcion asked. “There is no way out. Here I am trying to save to retire. They’re going to put me in the street.”

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Herbalife says fourth-quarter profit will exceed expectations

Herbalife Ltd. forecast that fourth-quarter earnings will come in higher than expected but said expenses could rise as the nutritional supplement distributor ramps up its fight with activist hedge-fund manager William Ackman.

The Los Angeles company said Thursday it also plans to buy back shares, a sign that management believes the stock is undervalued. It's a much-needed boost for a company that's been mired in a battle with an investor who says the company is on its way downhill.

"Herbalife is a financially strong and successful company, having created significant opportunities for distributors and positively impact the lives and health of our consumers over our history," company Chief Executive Michael Johnson said in a statement.

Herbalife said it expected fourth-quarter earnings of $1.02 to $1.05 a share, higher than Wall Street's expectation of $1.01 a share. Sales for the fourth quarter are expected to rise 19.9%, the company said, and its taxes will be lower than projected. The company plans to begin repurchasing shares Tuesday.

The company also said it expected expenses to be temporarily higher "because of recent events."

Herbalife has been battling allegations by Ackman, who said in a December presentation that the company is a glorified pyramid scheme. He's sold short about 20 million shares of the stock, expecting the company to tank. Herbalife is also reportedly being investigated by the Securities and Exchange Commission.

A week ago in Manhattan, Johnson and other Herbalife executives rebutted Ackman's points one by one, proving, they said, that Herbalife has a stable business model and is not scamming anyone. Shares of the company, which had been slumping, began rising again after Johnson's presentation.

Ackman foe Carl Icahn stepped into the controversy this week, taking a stake in Herbalife, according to reports. Icahn could not be reached for comment.

Investors showed mixed reaction to Herbalife's preliminary earnings Thursday. The stock initially shot up in morning trading but leveled off in the afternoon and closed down $1.54, or 3.4%, at $43.52.

Herbalife will release its final fourth quarter results Feb. 19.

Analysts such as Timothy Ramey, of D.A. Davidson & Co., say they're optimistic about the company's future. Ramey also adjusted his expectations of the company's earnings.

In 2013, earnings will be $4.85 a share, up from his previous estimate of $4.55, he said in a note. He also adjusted his forecast for 2012 earnings to $4.05 a share from $4.03.

Ramey said he expects Herbalife stock to thrive once it emerges from the current controversy, which he expects will happen in 2013. In five years, the stock could hit $180, he said.

"There has never been a period of greater scrutiny for Herbalife," he wrote.

alana.semuels@latimes.com

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European regulators ground the Boeing 787 Dreamliner

European regulators ordered all Boeing 787 Dreamliners grounded Thursday, following the lead of U.S. aviation safety officials. (David McNew / Getty Images / January 17, 2013)

By Henry Chu

January 17, 2013, 2:27 a.m.

LONDON – European air-safety officials followed their American counterparts’ lead Thursday by grounding Boeing 787 Dreamliner jumbo jets after a series of worrisome incidents aboard the new aircraft.

The European Aviation Safety Agency, or EASA, announced that it was adopting the Federal Aviation Administration’s directive, issued Wednesday, ordering all 787s taken out of service. Jeremie Teahan, a spokesman for the EASA, said the action was taken “to ensure the continuing airworthiness of the European fleet.”

As a practical matter, the decision by European regulators will affect only two 787s being used by the Polish airline LOT. But the move increases pressure on Boeing, which insists that its new passenger jet is safe but has promised to work with the FAA to resolve any concerns.

Doubts about the 787’s safety grew after a fire aboard a plane parked at Boston’s airport and an emergency landing by an All Nippon Airways flight whose crew reported a strange smell and noticed indications of a problem with a lithium-ion battery.

The FAA’s directive was issued less than a week after U.S. transport officials deemed the 787 safe to fly. The agency said that Boeing now had to “address a potential battery fire risk in the 787.”

Teahan said the EASA would “carefully monitor the situation and is prepared to provide any support the FAA may require in their investigation.”

ALSO:

London copter crash kills 2

FAA grounds entire fleet of Boeing 787s

Germany to bring home its gold by 2020

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Sniping, then singing as 'American Idol' returns

LOS ANGELES (AP) — There was no hair-pulling between Mariah Carey and Nicki Minaj on the season debut of "American Idol," although some viewers may have been reduced to it.

The pop divas exchanged insults worthy of middle schoolers, fellow freshman judge Keith Urban looked trapped between them, and there was a whiff of make-believe Wednesday about the show's touted feud.

"We can have accessories. I didn't know that was allowed. That's all I'm gonna say," Carey commented archly about Minaj's flashy, drum major-style hat.

The rapper took offense.

"Why'd you have to reference my hat?" Minaj said, with Carey then accusing Minaj of rudeness to her during an earlier elevator meeting.

Mercifully, a contestant arrived to break up the bickering and remind us that we tuned in to a talent show, not an episode of "Real Housewives of American Idol."

When the action resumed, Minaj demonstrated a magnificent talent for eye-rolling and upped the ante with a muttered insult.

"If she called me something that begins with a 'b' and ends with an 'itch,' I rebuke it," Carey declared.

Whether the clash is real or not, Minaj's scrappiness came off as far more entertaining than Carey's demure, even queenly manner. Carey is getting a truly royal paycheck: $18 million, to Minaj's $12 million.

The award for least self-absorbed judge goes to genial country singer Urban.

The two-hour episode opened by showcasing last year's winner, Phillip Phillips, and those alumni with established careers, including Carrie Underwood, Kelly Clarkson and Jennifer Hudson.

Then host Ryan Seacrest brought "American Idol" back down to earth and to its new judges.

"Our legacy continues as a new era begins," he said, reciting the panelists' resumes, including record sales, Grammys won and, in Carey's case, vocal range (five octaves, "the definition of diva," Seacrest said).

Cue the parade of good, bad and touching performances and biographies, with contestants facing serious challenges once again an "Idol" hallmark.

The judges, including veteran Randy Jackson, hardened their hearts and rejected a young man who had lost a leg to cancer but melted for a teenage girl whose family fosters children with medical concerns and another singer with partial hearing loss.

Forty-one people survived the New York auditions to sing another day in the Hollywood rounds, with the action moving to Chicago on Thursday's episode.

"I feel like we jell well in a weird, crazy way," Minaj declared optimistically of the panel near the episode's conclusion.

Fox certainly hopes so. Last season, "Idol" lost its status as the most-watched TV program for the first time since 2003, eclipsed by NBC's "Sunday Night Football," and pegged its lowest-rated season since it debuted in summer 2002.

___

Online:

http://www.fox.com

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The New Old Age Blog: Officials Say Checks Won't Be in the Mail

The jig is up.

Two years ago, the Treasury Department initiated its Go Direct campaign to persuade people still receiving paper checks for their Social Security, Veterans Affairs, S.S.I. and other federal benefits to switch to direct deposit.

“At that point, we were issuing approximately 11 million checks each month,” or about 15 percent of the total, Walt Henderson, director of the campaign, told me.

After putting notices in every monthly check envelope, circulating public service announcements and putting the word out through banks, senior centers, the Red Cross, AARP and other organizations, the Treasury Department has since shrunk that number to five million monthly checks.

That means 93 percent of those getting federal benefits are using direct deposit or, if they prefer or lack a bank account, a Direct Express debit card that gets refilled each month and can be used anywhere that accepts MasterCard.

“So people have been getting the word and making the switch,” Mr. Henderson said. Now, federal officials are pushing the last holdouts to convert to direct deposit by March 1.

Although officials say the change is not optional, the jig isn’t entirely up. If you or your older relative does not respond to their pleading, “we’re not going to interrupt their payments,” Mr. Henderson said. But the department will start sending letters urging people to switch.

The major motive is financial: shifting the last paper checks to direct deposit or a debit card (only 2 percent of recipients go that route) will save $1 billion over the next decade, the department estimates.

But safety enters the picture, too. One reason some beneficiaries resist direct deposit, Mr. Henderson said, is that they fear their electronic deposits can be hacked or diverted. Having grown up in a predigital age, perhaps they feel safer with a check in their hands.

But they probably aren’t. In 2011, the Treasury Department received 440,000 reports of lost or stolen benefits checks. With direct deposit, “there’s no check lingering unattended in a mailbox,” Mr. Henderson noted.

The greater reason for sticking with paper is probably simple inertia. “It’s human nature to procrastinate,” he said.

But unless you or your relatives want a series of letters from the Treasury Department, it is probably time for the last fence-sitters to get with the program.

They don’t need to use a computer. People can switch to direct deposit, or get the debit card, at their banks or the local Social Security office. More simply, they can call a toll-free number, (800) 333-1795, and have agents walk them through the change. Or they can sign up online at www.GoDirect.org.

They will need:

1. Their Social Security number.
2. The 12-digit federal benefit number found on their checks.
3. The amount of the most recent check.
4. And, for direct deposit, a bank or credit union routing number, usually found on the front of a check. They can have direct deposit to a savings account, too.

A caution for New Old Age readers: If you think your relative has not switched because he or she is cognitively impaired and can no longer handle his finances, you can be designated a representative payee and receive monthly Social Security or S.S.I. payments on your relative’s behalf. This generally requires a visit to your local Social Security office, documentation in hand.

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Paula Span is the author of “When the Time Comes: Families With Aging Parents Share Their Struggles and Solutions.”

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U.S. finalizes rules for financial firms to avoid foreclosures

In a major effort to heal the $10-trillion U.S. mortgage market, the Consumer Financial Protection Bureau has finalized rules designed to ensure financial firms offer every available option to keep delinquent borrowers in their homes.

The regulations, to be announced Thursday, address widespread complaints that loan servicers — the companies that collect mortgage payments and repossess homes — were woefully unprepared to help borrowers during the tsunami of foreclosures after the housing bust.

They are designed to complement previous settlements by major banks over allegations of widespread servicing and foreclosure abuses. But unlike earlier settlements, they will apply to all large mortgage servicers, not just banks, in all states.

Still, the rules drew immediate criticism from a prominent consumer group, which said they don't do enough to force servicers to consider easing the terms of mortgages and expressed fears that the rules might preempt stronger existing provisions.

"While the establishment of industrywide standards is important, the failure to require meaningful loan modification protections is a retreat from current safeguards under the soon-to-expire [Obama administration] loan modification program," said Alys Cohen, an attorney with the National Consumer Law Center.

The consumer bureau was created when Congress passed the sweeping Dodd-Frank financial reform act in reaction to the mortgage meltdown and the global economic crisis that ensued. The law also required lenders to ensure that they only make loans that borrowers can reasonably be expected to repay.

Last week, the bureau issued major regulations providing a "safe harbor" from lawsuits under that new requirement for lenders who make certain types of presumably sound home loans. A key requirement is that total debt payments for borrowers — including principal, interest, taxes and insurance on home loans — be no more than 43% of gross income.

The rules to be released Thursday, which take effect in a year, bar lenders from pursuing foreclosure proceedings against borrowers while applications for loan modifications are pending — the much-criticized practice of "dual tracking."

The consumer bureau said banks also must provide "direct, easy, ongoing access" to employees who are required to alert borrowers to missing information, provide status reports on modification requests and ensure documents don't get lost.

Banks also are required to inform borrowers who miss two monthly payments about options to avoid foreclosure and to wait until loans go 120 days delinquent before beginning a foreclosure — a provision that would preempt a 90-day requirement under California law.

Richard Cordray, the consumer bureau's director, said distressed borrowers had not gotten the help and support they deserved, such as "timely and accurate information about their options for saving their homes."

"Servicers failed to answer phone calls, routinely lost paperwork and mishandled accounts," Cordray said in remarks to be delivered at an industry conference Thursday.

"Communication and coordination were poor, leading many to think they were on their way to a solution, only to find that their homes had been foreclosed on and sold," he said. "At times, people arrived home to find they had been unexpectedly locked out."

The new rules don't apply to most small banks and credit unions. Bureau officials said they have had few complaints about these small institutions, which are more likely to keep loans on their books, rather than sell them, and generally devote more attention to individual customers.

Servicers often are collecting payments on behalf of loan owners, who may be the banks themselves but more often are trusts created on behalf of mortgage investors. The investors have mandated a wide range of relief programs for troubled borrowers in addition to government-sponsored programs such as the Obama administration's Home Affordable Modification Program.

In the past, servicers would sometimes not inform troubled borrowers about all the options, instead steering them into foreclosure or programs that provided the servicers with greater financial rewards, bureau officials said.

The servicers are now supposed to clearly explain all alternatives to borrowers so they can pick the best one. The new rules also establish clearer opportunities for borrowers to appeal servicers' denials of loan modifications.

In addition to worries that the bureau has not cracked down hard enough on servicers, consumer advocates expressed concern that the new rules will not take effect for a year.

"While we understand that servicers need time to implement complex procedures, we're still in the middle of a foreclosure crisis," Cohen said. "Many people will unnecessarily lose their homes if we wait a year."

scott.reckard@latimes.com

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