ResCap creditor hope









Uncle Sam may make an additional payout to the unsecured creditors of bankrupt mortgage lender ResCap in order to fast-track the sale of its stake in Ally Bank, The Post has learned.

The size of the payout will be determined by an independent mediator, which was appointed recently by the bankruptcy judge overseeing the liquidation of Ally’s bankrupt ResCap unit.

The mediator was appointed at the request of Ally specifically to oversee the added payout, sources said.

The first meetings between Treasury-owned Ally, the ResCap unsecured creditors and the mediator took place this month, sources close to the situation said.




A group of hedge funds has been pushing Ally to quadruple its contribution to the ResCap reorganization from the $750 million now on the table to $3 billion. Treasury owns 74 percent of Ally, and some creditors believe Ally can pay them much more without impacting regulatory capital.

The bank (formerly known as GMAC) will likely put in more equity, sources said. ResCap has already sold its mortgage servicing business and mortgage portfolio.

Every additional dollar contributed by Ally to the ResCap reorganization is a dollar less in value taxpayer-owned Ally has to pay back Treasury. After a $200 million dividend payment this week, Ally — the black sheep of the auto-related bailouts — still owes taxpayers $11.3 billion of the $17.2 billion it took.

Ally, worth more than $10 billion, will sell itself or go public once it completes the restructuring. Washington is looking to fast-track its exit from Ally as credit markets are booming, making Ally more valuable, a source said.

An Ally spokesperson declined comment.

jkosman@nypost.com










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What the week’s big mortgage moves mean for consumers




















This week brought three big developments to the nation’s beleaguered mortgage landscape. For consumers, the complex moves have been mostly mystifying, but experts say they all aim at turning the page.

“There is a strong desire to put behind us all this period of time — the aftermath of the darkest period in American finance. All these things [announced this week] are intended to do that,” said John Taylor, president and CEO of the National Community Reinvestment Coalition, a Washington, D.C.-based consumer advocacy group. “There are good and bad things in it for consumers.’’

A new rule issued Thursday by the Consumer Financial Protection Bureau aims to prevent lenders from making the sort of toxic mortgages that forced many unsuspecting borrowers into ruin. Yet the new “qualified mortgage” rule, according to some lenders, also could perpetuate the nation’s tight credit problem and keep many would-be homebuyers on the sidelines.





Meanwhile, two settlements unveiled Monday with big banks should resolve some lingering issues from the mortgage meltdown that have kept banks focused on past errors instead of getting back to the business of lending.

Here is a quick primer on the week’s developments and some likely implications for consumers.

OCC Settlement

The Office of the Comptroller of the Currency, which regulates nationally chartered banks, Monday unveiled an $8.5 billion settlement with 10 giant banks that service mortgages.

As part of the controversial settlement, the OCC is scrapping its Independent Foreclosure Review, which was aimed at identifying victims of robo-signing and other improper foreclosure tactics by banks, but soon proved to be a badly flawed effort.

Instead, under the OCC’s new approach — which will be spelled out in enforcement actions in a couple of weeks — more than 3.8 million borrowers who faced foreclosure between Jan. 1, 2009 and Dec. 31, 2010 stand to get some payment regardless of whether they actually suffered any harm.

The mortgage servicing banks covered are Bank of America, Wells Fargo, Citibank, JPMorgan Chase, SunTrust, PNC, Sovereign, U.S. Bank, MetLife Bank and Aurora.

The agreement provides for $3.3 billion to go directly to borrowers. Another $5.2 billion is earmarked for loan modifications and the forgiveness of deficiency judgments.

The OCC said the amount that eligible borrowers get will range from a few hundred dollars up to $125,000, depending on the type of error that possibly occurred in their mortgage servicing.

“If a borrower went through foreclosure with one of those 10 lenders, they should receive a couple hundred bucks, whether they deserve it or not,” said Guy Cecala, publisher and CEO of Inside Mortgage Finance Publications in Bethesda, Md., which tracks news and statistics in the residential mortgage industry. “The odds of getting $125,000 is the odds of winning the lottery. It would have to be a false foreclosure or where they were thrown out of their house illegally.”

The OCC will look to 13 broad categories of errors outlined in the Independent Foreclosure Review launched in April 2011.

Those include a litany of bumblings and misdeeds by the mortgage servicers, ranging from foreclosing on a homeowner who was following the rules during a trial period of a loan modification, to failing to offer a loan modification as mandated under a government program, to failing to follow up with a borrower to obtain needed documents under a government program.





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Baby Bones Found Scattered in Ancient Italian Village






SEATTLE — The death of an infant may not have been an occasion for mourning in ancient Italy, according to archaeologists who have found baby bones scattered on the floor of a workshop dating to the seventh century B.C.


The grisly finds consist of bone fragments uncovered over years of excavation at Poggio Civitate, a settlement about 15 miles (25 kilometers) from the city of Siena in what is now Tuscany. The settlement dates back to at least the late eighth century B.C. Archaeologists excavating the site have found evidence of a lavish residential structure as well as an open-air pavilion that stretches an amazing 170 feet (52 meters) long. Residents used this pavilion was as a workshop, manufacturing goods such as terracotta roof tiles.






In 1983, scientists uncovered a cache of bones on the workshop floor, consisting mostly of pig, goat and sheep remains. But among the bony debris was a more sobering find: two arm bones from an infant (or infants) who died right around birth.


In 2009, another baby bone surfaced at the workshop, this one a portion of the pelvis of a newborn. [See Images of the Infant Bones]


The bones “were either simply left on the floor of the workshop or ended up in an area with a concentration of discarded, butchered animals,” said Anthony Tuck, an archaeologist at the University of Massachusetts, Amherst, who presented an analysis of the bones Friday (Jan. 4) at the annual meeting of the Archaeological Institute of America.


Abandoned bones


The discovery of the discarded infant bones in an area used for work could suggest that the people who labored in the workshop had little social status, Tuck said. They may have been slaves or servants whose lost infants would garner little sympathy from the community at large.


However, a third find complicates the picture. In 1971, archaeologists found an arm bone from another newborn or near-term fetus pushed up against the wall of the lavish residence along with other bones and debris. It seems as if someone swept the debris up against the wall, not differentiating between baby bones and garbage, Tuck said. [8 Grisly Archaeological Discoveries]


There’s no way to know whose infant came to rest up against the wall of a wealthy person’s home, said Tuck, who plans to submit the findings to the journal Etruscan Studies. Perhaps the infant belonged to a desperate servant, or perhaps to a member of the family. If so, it may be that even high-status families didn’t consider babies worth mourning when they died in infancy.


The possibility can sound horrifying to modern ears, Tuck said.


“This kind of new data makes people a bit uncomfortable,” he told LiveScience. “People have a tendency to romanticize the past, especially in a place like Tuscany. When we have direct evidence for this kind of behavior, it can be a little tricky to present.”


Death in infancy


Nevertheless, Tuck said, there is reason to think that people have not always given infants the same community status as adults or older children. However, baby bones tend not to preserve well, which makes it difficult to know how ancient Italians in Tuscany treated their deceased infants.


Very few signs of infant burial appear in central Italian cemeteries from this time period, though, Tuck said. The handful of coffins containing baby bones that have been found are loaded with ornaments and jewelry, suggesting that only families of great wealth could have given a lost baby an adult-style funeral.


Even in modern times, societies have sometimes seen babies as belonging to a different category than adults, Tuck said. In areas of extreme poverty and stress that have high infant mortality, the death of a newborn may not trigger many outward displays of mourning, he said.


And many cultures have naming traditions that only recognize the baby’s identity significantly after birth. For example, in traditional Jewish culture, a baby boy’s name isn’t revealed outside the family until the bris, or the ritual of circumcision eight days after birth. According to superstition, naming the baby before then would attract the attention of the Angel of Death.


The Maasai people of Africa give their newborns temporary names until a ceremony as late as age 3, in which the child receives a new name and has his or her head shaved to symbolize a fresh start in life.


On the other hand, not all ancient cultures differentiate between the burials of babies and adults. Stone Age infant graves found in Austria in 2006 date back to 27,000 years ago and contain the same beads and pigments as adult gravesites.


The people who lived in Poggio Civitate more than 2,000 years ago have left little evidence of how they viewed infants, but Tuck and his colleagues expect more finds to emerge as the researchers continue to dig in the Tuscany hills. More evidence that high- and low-class babies were buried differently would suggest that the civilization had a rigid hierarchy, they said.


Images of more than 25,000 objects recovered from the site can be found at Open Context, an open-source research database developed by the Alexandra Archive Institute.


Follow Stephanie Pappas on Twitter @sipappas or LiveScience @livescience. We’re also on Facebook & Google+.


Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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They Dated Golden Globes Edition Part 2

Remember them?

Angelina Jolie, Matt Damon and Jake Gyllenhaal have a tendency to mix it up as far as dates go at the Golden Globes. With the 70th annual ceremony almost upon us, we're looking back at these celebs and their various plus-ones as they arrived to the star-studded event over the years.

Related: They Dated?! Golden Globes Edition - Part 1

Jolie has had the privilege of walking the Golden Globes red carpet multiple times in her career, often on the arm of a different gorgeous gentleman. The beauty's very first adult appearance was in 1999, with then-hubby Johnny Lee Miller. Just three years later, Jolie walked the carpet with new husband Billy Bob Thorton. In 2009, the actress debuted her latest beau, Brad Pitt.

Damon is now happily married to wife Luciana Barroso, but back in 2000 the Good Will Hunting star proudly held the hand of then-girlfriend Winona Ryder. A decade or so prior, his date arrived with her Square One co-star Rob Lowe.

Related: Pick the Winners With ET's Golden Globes Ballot!

Gyllenhaal has dated two award show beauties, Kristen Dunst and Reese Witherspoon. In 2003, the actor escorted Dunst to the ceremony and just three years later, Gyllenhaal would bring Witherspoon as his plus-one.

Click the video for more, and tune in to the Golden Globes on January 13 at 8 ET/5 PT on NBC.

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SAC pulls plug on Chi. shop








Hedge fund SAC Capital said yesterday it is closing down its Chicago office and laying off staff from the four portfolio teams that work there.

The Stamford, Conn.-based firm has $14 billion in assets with offices worldwide, including in New York, Hong Kong, London and Boston.

The company, which has recently drawn fresh scrutiny in the US government’s ongoing insider-trading probe, employs roughly 1,000 people around the world.

The government told SAC and its founder Steven A. Cohen late last year that it may bring civil fraud charges in relation to a case in which a former SAC fund manager has been charged with having traded in pharmaceutical companies Elan and Wyeth, now owned by Pfizer, with illegally obtained information about drug-trial results.












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Wisdom from the mouths of babes




















The other day, a friend of mine email me the following letter from a 7-year-old second-grader, Abigal Lily Alder, at Heron Heights Elementary in Broward County, and I want to share it with you, my dear Neighbors in Religion readers:

The title: "AUTISM SPEAKS to Me!"

"If I could help somebody it would be my brother, Grant, who has autism. People with autism like Grant sometimes have trouble communicating and they may act 'different.' I participated in a walk for Autism Speaks with my family, and learned that for every 88 kids one of them will have autism like my brother. If you have a conversation with someone who has autism they are not always able to focus on what you are saying and they may only want to talk about things that are important to them.





“Restaurants, playgrounds and shops can sometimes be too exciting for them at first. They may be loud, say things you may not expect or they may have trouble understanding what you are asking them.

I would like people to accept kids like my brother who are unique in their own way, and not judge them. Just be patient. If you see someone who you think may have autism, you should help them or just be a friend. I went to camp during the summer with kids who have autism like my brother, and I found out that they can be real friends just like anyone else. We laughed together and played games. It was a blast and I am still friends with many of them.

“There are good things about autism, too. My brother is the most fun and active person. He is awesome on computers and every morning when I wake up, my brother has a big smile on his face and he says, 'It is a beautiful morning.' He is still the BEST BROTHER EVER!

“I know I may be only seven, but I can make a difference and so can you."

Abby is in Mrs. Chiros' class and was the essay contest winner for her grade level.

Oh, thank you, so much Abby. You are wise beyond your young years. I know your parents are so proud of how sensitive you are — and that's a feather in their hats. God bless you and Grant. My godson Isaiah Swift, 6, has autism and I love him so much, and tell him often.

Although he had not been able to speak, one day at church he shocked my boots off, so to speak, when he said without any prompting, "I ... love ... you.”

It brought tears of joy to my eyes.

‘Why I am Thankful’

On Dec. 28, I asked readers to share reasons they are thankful. Here is a response from Charlotte Delascasas:

"I am grateful for the upcoming MLK Holiday and our national tradition of community service. Coral Gables Congregational Church will be having their annual food drive and Pastor Laurie Hafner will remain fasting up in the tower until 3,000 pounds (one dollar also equals one pound) is raised before the cherry picker brings her down, usually 7 p.m. Saturday night, when there will be a rock ‘n’ roll band in our parking lot in front of the Biltmore Hotel, to celebrate.

“Our church will also adult education about Dr. King from 9:45 to 10:45 a.m., each Sunday in January. I am thankful that our congregation welcomes everyone, no matter where you are on your spiritual journey, with an open door. Each Thanksgiving we join Temple Judea and Riviera Presbyterian for an interfaith service and we have welcomed theologians from all religions to speak as well. Our social justice program includes Green Christians, who have just started a community garden.





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‘Liquipod’ takes smartphone waterproofing on the road







Amid a sea of Ultra-HD TVs, smart washing machines and various other gadgets, waterproofing expert Liquipel took to CES 2013 to make two announcements. The firm, which adds an interior and exterior waterproof nanocoating to cell phones, revealed a new and improved waterproofing material that is even more effective than its first-generation solution. Liquipel also unveiled its new “Liquipod,” a portable machine that can waterproof gadgets anywhere in the world while device owners wait, according to TechCrunch. Previously, Liquipel required customers to ship their handsets to the company’s offices for treatment.


[More from BGR: iPhone 5 now available with unlimited service, no contract on Walmart’s $ 45 Straight Talk plan]






This article was originally published on BGR.com


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The Big Winners of the People's Choice Awards

Host Kaley Cuoco kicked off the People's Choice Awards with a big bang on Wednesday night live from Nokia Theatre L.A. LIVE, where Katy Perry and Robert Downey Jr. walked away with multiple trophies.

RELATED: People's Choice to Honor Bullock as Humanitarian

Prior to handing out awards, Cuoco began the show with a taped segment that featured a LL Cool J, Katniss Everdeen (aka Jennifer Lawrence) and characters from Twilight, who gave the actress kick-butt lessons.

After the night was officially underway, Katy Perry took home Favorite Pop Artist, Favorite Music Video, Favorite Music Fan Following and Favorite Female Artist, while Robert Downey Jr. won Favorite Movie Actor and Favorite Superhero.

Here's a list of some other notable winners:

Favorite Comedic TV Actress - Lea Michele

Favorite Comedic TV Actor - Chris Colfer

Favorite Dramatic TV Actress - Ellen Pompeo

Favorite Dramatic TV Actor - Nathan Fillion

Favorite Movie Actress - Jennifer Lawrence

Favorite Movie - The Hunger Games

Favorite Late Night Talk Show Host - Jimmy Fallon

Favorite Country Artist - Taylor Swift

Favorite Song - What Makes you Beautiful by One Direction

Favorite Band - Maroon 5

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Seabrook Sent Off








One more corrupt New York pol has a confirmed reservation at a federal lockup.

Ex-City Councilman Larry Seabrook (D-Bronx) was sentenced Tuesday to five years in prison and ordered to pay $619,715 in restitution. He’s to report March 8.

Frankly, he should consider himself lucky.

Last summer, the former powerbroker was found guilty of nine corruption counts; over a seven-year period, he used several nonprofit organizations under his control to funnel $2 million in taxpayer funds to his mistress and several relatives.

US Attorney Preet Bharara asked for a 7-plus-year sentence, but Judge Deborah Batts opted to take into account Seabrook’s public service (as opposed to the private graft?) in imposing the lesser sentence.





Dan Brinzac



Larry Seabrook





Either way, one wonders how much his fate ultimately changes things.

After all, he joins an All-Star squad of recently convicted downstate miscreants that includes ex-state Sens. Pedro Espada, Jr., Carl Kruger and Hiram Monserrate, plus Seabrook’s fellow ex-Councilman Miguel Martinez — to name a few.

With the notable exception of Kruger — guilty of outright bribery — all in some way were caught using nonprofits as their personal piggybanks.

“Reforms” supposedly will put an end to such chicanery. Be skeptical.



Have an opinion on this Post editorial? Send it in to LETTERS@NYPOST.COM!










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Florida company provides electrical power for the world




















More than 4,000 miles from its home base in Doral, Energy International is helping keep the lights on and the power grid humming in Gibraltar, the British territory on the southern tip of the Iberian Peninsula.

Energy International, a global provider of power plants and energy solutions, sent a temporary plant that will provide power for at least the next two years while a more permanent fix is sought for the territory’s erratic and aging electrical system.

The Doral company was founded 14 years ago as MCA Power Systems and its initial goal was to pursue energy contracts in Latin America. It began in 2000 with a name change and in recent years its focus has become global.





“The world needs energy,’’ said Brett Hall, EI’s vice president of finance.

While the 2007-2008 recession curtailed the growth of worldwide energy demand, the U.S. Energy Information Agency has projected that global demand for electricity will increase by 2.3 percent annually from 2008 to 2035.

The potential is especially strong in developing nations. The International Energy Agency estimated that in 2009, 21 percent of the world’s population — 1.4 billion people — didn’t have access to electricity. In sub-Saharan Africa, the percentage of people without power rises to 69 percent.

Energy International has expanded sales from Latin America and the Caribbean to Europe, Africa and the Middle East, boosting revenue from $100 million annually in 2009 to more than $300 million today, Hall said. This year, EI is anticipating revenue of $350 million to $375 million.

In the next seven years the company, which is privately owned by American shareholders and affiliated with Gecolsa — the Caterpillar dealership in Colombia — hopes revenue will top $1 billion, he said.

Even though Energy International is based in the United States, it does little work domestically. Its sweet spot is emerging economies and projects that require an investment on its part of $100 million or less.

“Our focus is to do whatever makes the most economic sense for a particular market,’’ said Hall.

“We’re not going to be building a nuclear power plant,’’ he said. But EI will accommodate its solutions to local fuel supplies whether it’s biofuel, natural gas or heavy fuels that are more prevalent.

When it comes to the type of temporary power solution needed by Gibraltar, which had been plagued by a string of power outages at its archaic electrical facilities, EI can have a temporary plant up and running in 30 to 40 days, supplying the engineering, rental turbines and other equipment and doing the installation.

“We were able to support Gibraltar’s power needs on short notice,’’ said Andres Molano, EI’s vice president of sales. “Some of their equipment required major maintenance and they needed to stop their plants.’’

EI, one of the world’s largest suppliers of interim energy solutions, signed a $12 million contract with the government of Gibraltar in November and the plant was operational by Dec. 21. The agreement includes an option for a three-year extension.

The equipment now in use in Gibraltar is considered part of EI’s fleet and will move on to other energy emergencies when its service in the territory famed for the Rock of Gibraltar is complete.

But when it comes to its permanent power plants, EI will build a facility for a client looking to generate its own power or construct a plant, run it and sell power directly to the final user.

“We can do all the work ourselves. We have all the skills in house — finance, design, operations, maintenance, building and the equipment,’’ said Hall.

Energy International moved into the Middle East last year, completing projects in Oman and Yemen and establishing a subsidiary in Dubai to pursue business in Africa and the Middle East, said Molano.

“Africa is new to us, but we believe there are opportunities there,’’ he said.

The company also is looking for continued growth in Latin America, especially in Colombia, which is now attracting foreign investors who previously had been spooked by violence.

Remote areas of the Amazon where temporary power solutions are needed also represent opportunity for the company.

“EI is very fortunate to be in a position in which we have more excellent opportunities than capital.’’ said Hall, so this year it will be concentrating on raising equity to finance growth.

“One of our biggest challenges in 2013,’’ Hall said, “will be to find investors or joint venture partners to provide capital that will enable EI to perform these projects so our aggressive revenue growth targets can be achieved.’’





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