Issue link: http://www.epageflip.net/i/367522
ByLauraWides-Munoz The Associated Press WASHINGTON President Barack Obama is consid- ering key changes in the nation's immigration sys- tem requested by tech, in- dustry and powerful inter- est groups, in a move that could blunt Republicans' election-year criticism of the president's go-it-alone approach to immigration. Administration officials and advocates said the steps would go beyond the expected relief from de- portations for some immi- grants in the U.S. illegally that Obama signaled he'd adopt after immigration ef- forts in Congress collapsed. Following a bevy of recent White House meetings, top officials have compiled rec- ommendations from busi- ness groups and other ad- vocates whose support could undercut GOP claims that Obama is exceeding his authority to help peo- ple who have already vio- lated immigration laws. "The president has not made a decision regard- ing next steps, but he be- lieves it's important to un- derstand and consider the full range of perspectives on potential solutions," said White House spokes- man Shawn Turner. One of the more popu- lar requests among busi- ness and family groups is a change in the way green cardsarecountedthatwould essentially free up some 800,000 additional visas the first year, advocates say. The result would be threefold: It would lessen the visa bottleneck for busi- ness seeking global talent; shorten the green card line for those being sponsored by relatives, a wait that can stretch nearly 25 years; and potentially reduce the in- centive for illegal immigra- tion by creating more legal avenues for those wanting to come, as well as those al- ready here. Obama's aides have held more than 20 meetings in recent months with busi- ness groups and other in- terest groups to discuss possibilities, ahead of an announcement about next steps the president is ex- pected to make in Septem- ber. Coordinating these "listening sessions," as the White House calls them, is its Office of Public Engage- ment, led by top Obama adviser Valerie Jarrett. Obama's options with- out new laws from Con- gress are limited and would only partially ad- dress obstacles business groups say are preventing them from hiring more workers. Even so, ad- ministration officials say these groups are urging the White House to help streamline a complex and unpredictable system. Republicans are work- ing to use immigration and the surge of unaccom- panied minors at the bor- der against Democrats in the midterm elections by arguing that Obama and his party are undermining the rule of law. "Politically we think it flips the switch because it's not just talking about a ben- efit to those who broke the law," said former Rep. Bruce Morrison, D-Conn., who au- thored the 1990 immigra- tion law and is now lob- bying on behalf of groups representing tech indus- try professionals, business management and U.S. citi- zens married to foreigners. Matt Mackowiak, a Texas-based Republican strategist, said the moves on legal immigration might prompt businesses to praise the president, even if it's not enough to persuade the business community to side with Democrats in the elections. "From the White House's perspective, this is an easy way for them to score some points," Mackowiak said. "They'll say: 'We're arguing about substance, Repub- licans are arguing about process.'" Obama in June an- nounced that in the face of congressional inaction, he would act on his own to address as much of the nation's immigration mess as he could. Since then, ad- vocates for the roughly 11 million people living in the country illegally have lob- bied for deportation relief particularly for the par- ents of U.S.-born children and the parents of youth who authorized to remain in the country under a pro- gram Obama announced in 2012. KEY CHANGES Obama weighs broader move on US immigration system LUISALONSOLUGO‑THEASSOCIATEDPRESS Faith leaders and activists participate in a July 31demonstration in front of the White House, asking President Barack Obama to modify his deportation policies. Obama is considering key changes in the legal immigration system. By Jeff Horwitz The Associated Press WASHINGTON How much will Bank of America's ex- pected $17 billion mortgage settlement cost the com- pany? The answer is, almost certainly not that much. In mega-settlements ne- gotiated with the govern- ment, a dollar is rarely worth an actual dollar. Inflated figures make sensational headlines for the Justice Department, and $17 billion would be the largest settlement by far arising from the economic meltdown in which mil- lions of people in the United States lost their homes to foreclosure. But the true cost to companies is often obscured by potential tax deductions and opaque ac- counting techniques. The expected Bank of America settlement will resolve allegations that the bank and companies it later bought misrepre- sented the quality of loans they sold to investors. Most of the problem loans were sold by Merill Lynch and Countrywide Finan- cial before Bank of Amer- ica bought them during the 2008 financial crisis. To settle the government's claims against the three companies, Bank of Amer- ica will pay $9.65 billion in cash and provide con- sumer relief valued at $7 billion, according to offi- cials who spoke on condi- tion of anonymity because the deal isn't scheduled to be announced until Thurs- day at the earliest. Bank of America de- clined comment on any settlement-related topics Wednesday. Whether cash payments are structured as penalties or legal settlements can determine whether tar- geted companies can de- clare them as tax-deduct- ible business expenses. Also, consumer relief is an amorphous cost category: If Bank of America's deal re- sembles the department's previous settlements with JPMorgan and Citigroup, that part could be less costly to the company than the huge figures suggest. Some of the relief will, in fact, come in the form of cash donated to commu- nity organizations or, in Ci- ti's case, lending money to affordable housing proj- ects at below-market rates. But much of the relief will come from modifying loans that the banks have already concluded could not be re- covered in full. Reducing the principal on troubled loans often just brings the amount that borrowers owe in line with what the banks already know the loan to be worth. Settlement math also af- fects the actual cost of the deals, allowing banks to earn a multiple for each dol- lar spent on certain forms of relief. Under Citi's deal, for example, each dollar spent on legal aid counsel- ors is worth $2 in credits, and paper losses on some affordable housing project loans can be credited at as much as four times their ac- tual value. How much the total package of cash and non- cash borrower aid is worth is impossible for outside ob- servers to say. "Companies that have reached for these settle- ments have not taken an explicit charge for it," said Moshe Orenbuch, a banking stock analyst for Credit Su- isse who has debated how to value noncash settle- ments with clients. FORECLOSURES Bank of America settles with US for $17 billion By Robert Burns The Associated Press WASHINGTON At least 34 sailors are being kicked out of the Navy for their roles in a cheating ring that op- erated undetected for at least seven years at a nu- clear power training site, and 10 others are under criminal investigation, the admiral in charge of the Navy's nuclear reactors program told The Associ- ated Press. The number of accused and the duration of cheat- ing are greater than was known when the Navy an- nounced in February that it had discovered cheating on qualification exams by an estimated 20 to 30 sailors seeking to be certified as instructors at the nuclear training unit at Charles- ton, South Carolina. Stu- dents there are trained in nuclear reactor operations to prepare for service on any of the Navy's 83 nu- clear-powered submarines and aircraft carriers. Neither the instructors nor the students are in- volved in handling nuclear weapons. After further investiga- tion the Navy determined that 78 enlisted sailors were implicated. Although the cheating is believed to have been confined to a sin- gle unit at Charleston and apparently was not known to commanding officers, the misconduct had been happening since at least 2007, according to Adm. John M. Richardson, direc- tor of naval reactors. The exact start of the cheating was not pinpointed. "There was never any question" that the reactors were being operated safely, he said in an AP interview, yet the cheating was a stun- ning violation of Navy eth- ics. Richardson said he was "loaded for bear" at the outset of the investigation, unconvinced the cheating was confined to a single training unit. But he now believes that it had not spread, and that this was one reason that the ring managed to operate so long without being discovered. NUCLEAR TRAINING Navy kicks out 34 for exam cheating By Michael Felberbaum The Associated Press RICHMOND, VA. Same-sex couples will have to wait longer to begin marry- ing in Virginia after the U.S. Supreme Court agreed Wednesday to delay an ap- peals court ruling striking down the state's gay mar- riage ban. The nation's highest court granted a request from a county clerk in northern Virginia to delay a decision by the 4th U.S. Circuit Court of Appeals in Richmond that would have allowed for same-sex cou- ples to marry beginning Thursday morning. The state would have also had to start recognizing gay mar- riages from out of state if the Supreme Court had de- nied the request. The court provided no explanation for its order. The Supreme Court's de- cision was not unexpected, as it previously issued an order in January putting same-sex unions on hold in Utah. A federal appeals court had upheld a decision striking down Utah's ban. Most other federal court de- cisions in favor of same-sex marriage also have been put on hold. By granting the delay, the Supreme Court is mak- ing clear that it "believes a dignified process is better than disorder," said Byron Babione, senior counsel for Alliance Defending Free- dom, a conservative legal group based in Scottsdale, Arizona, that supported the challenge by the two Vir- ginia circuit court clerks whose duties include issu- ing marriage licenses. Supporters of same- sex marriage were disap- pointed, saying gay and les- bian couples have waited long enough to marry. DELAY GRANTED Court blocks same-sex marriages in Virginia C & C PROPERTIES An Independently owned and operated Member of Coldwell Banker Residential Affiliates. 741 Main Street, Suite #2 Red Bluff, CA 96080 1-800-287-2187 (530) 527-2187 FOR 24/7 PROPERTY INFO CALL 1-888-902-7253 TEHAMA COUNTY REAL ESTATE TEAM • OPEN 7 DAYS A WEEK www.redbluffcoldwellbanker.com See All Tehama County Listings at $59,900 3 BD 1 BA 1,080 Sq Ft 0.17 AC Prop Code 4229 $84,900 2 BD 1 BA 840 Sq Ft 0 AC Prop Code 4219 $114,900 3 BD 2 BA 1,299 Sq Ft 1.84 AC Prop Code 4339 $129,900 3 BD 2 BA 1,180 Sq Ft 0.15 AC Prop Code 4669 $136,000 1 BD 2 BA 1,200 Sq Ft 0.64 AC Prop Code 4729 $139,500 3 BD 1 BA 960 Sq Ft 0.26 AC Prop Code 4519 $149,000 3 BD 2 BA 1,230 Sq Ft 0 AC Prop Code 4809 $149,500 3 BD 2 BA 1,102 Sq Ft 0.3 AC Prop Code 4709 $149,900 3 BD 2 BA 1,488 Sq Ft 0 AC Prop Code 4109 $150,000 2 BD 1 BA 1,024 Sq Ft 0.31 AC Prop Code 4439 $155,000 3 BD 2 BA 1,258 Sq Ft 1.74 AC Prop Code 4819 $159,000 3 BD 2 BA 1,425 Sq Ft 0.27 AC Prop Code 4009 $159,500 3 BD 2 BA 1,242 Sq Ft 0.16 AC Prop Code 4319 $160,000 3 BD 2 BA 1,161 Sq Ft 0.16 AC Prop Code 4079 $168,000 3 BD 2 BA 1,102 Sq Ft 1.01 AC Prop Code 4839 $169,900 3 BD 2 BA 1,490 Sq Ft 0.95 AC Prop Code 4629 $174,000 2 BD 2 BA 1,669 Sq Ft 10.6 AC Prop Code 4759 $180,000 3 BD 2 BA 1,680 Sq Ft 2.15 AC Prop Code 4349 $185,000 3 BD 2 BA 1,589 Sq Ft 0.88 AC Prop Code 4139 $185,000 2 BD 2 BA 1,249 Sq Ft 0.18 AC Prop Code 4479 $189,500 3 BD 2 BA 1,518 Sq Ft 1.29 AC Prop Code 4419 $199,900 3 BD 2 BA 1,800 Sq Ft 0.6 AC Prop Code 4569 $210,000 3 BD 2 BA 1,314 Sq Ft 5 AC Prop Code 4329 $219,000 3 BD 2 BA 1,172 Sq Ft 1.54 AC Prop Code 4509 $224,000 3 BD 2 BA 1,783 Sq Ft 1.08 AC Prop Code 4179 $225,500 3 BD 2 BA 1,718 Sq Ft 0.31 AC Prop Code 4149 $259,000 3 BD 2 BA 1,831 Sq Ft 4.91 AC Prop Code 4119 $299,000 3 BD 1 BA 1,268 Sq Ft 10 AC Prop Code 4269 $299,900 4 BD 4 BA 2,918 Sq Ft 0.33 AC Prop Code 4399 $314,950 3 BD 2 BA 1,484 Sq Ft 5 AC Prop Code 4039 $324,000 3 BD 2 BA 1,944 Sq Ft 0 AC Prop Code 4749 $379,900 3 BD 2 BA 1,990 Sq Ft 4.04 AC Prop Code 4019 $389,500 3 BD 3 BA 1,790 Sq Ft 1.14 AC Prop Code 4259 $399,000 3 BD 3 BA 2,345 Sq Ft 0.71 AC Prop Code 4309 $399,000 3 BD 2 BA 1,968 Sq Ft 8.72 AC Prop Code 24449 $435,000 3 BD 3 BA 2,295 Sq Ft 17.84 AC Prop Code 4489 $585,000 4 BD 2 BA 3,700 Sq Ft 8.85 AC Prop Code 4249 $599,000 4 BD 3 BA 6,500 Sq Ft 0.76 AC Prop Code 4199 | NEWS | REDBLUFFDAILYNEWS.COM THURSDAY, AUGUST 21, 2014 8 A