came from worlds savings bank, a unit of golden west from wachovia that merged two years ago.ministration examining allegations of fraud. it will deliver its findings next month. another big foreclosure event, a supreme court judge threatening to fine lenders in new jersey. as for trading, san jose-based adobe system helping to design today's rally. the shares up there 75. adobe talking about resurgence and demand for software, photo shop and programs used by advertising agencies and others. right now probably the overall market real quiet weekend. but we are positive so far this morning. the s & p around those two-year highs. the silicon valley index also is higher. after all the holiday shopping, we're going to need cash, right? block bester with a chance of an extra thousand bucks. you have to get golden tickets. blockbuster offering bankruptcy protection. it does plan to close an initially 182 stores by the ends of march. i'm jane king, bloomberg news. >> jane, thank you so much. >> overnight for much of the bay area, the clouds cleared just long enough for people to get a

when wells fargo merged with wachovia, it also assumed her loan.he tried to get her loan modified. >> they turned me down and now i haven't heard anything. all they did was send me a form out for a short sale if i wanted to do a short sale to my home. >> reporter: selling the house at a loss is not an option but under a new agreement with the state attorney general, wells fargo may be required to give james a new loan. qualified borrowers will get letters in the coming weeks. housing advocate maeve elise brown. >> it includes people who are behind in payments or people who are at imminent risk of defaulting. >> reporter: like it will for james. she lives on social security and a small pension. there is not much left after $837 monthly mortgage payments. she does without some basics. >> less food, less you know -- >> reporter: you're giving up on things? >> right, exactly. >> reporter: as part of the agreement, wells fargo is required to pay $3 3 million in restitution to the 12,000 people who lost their homes to foreclosure. it isn't a lot of money

the loans originate bid world savings in wachovia banks wells fargo later acquired. nearly 15,000 california homeowners with pick a pay loans will get modifications. you may remember they allowed homeowners to decide how much to pay that. option helped drive many homeowners to the brink of foreclosure, some lost their homes and will be compensated. with just days until christmas, retailers rolling out red carpet from sun up to sundown. jc penny holiday hours 6:00 a.m. to midnight. toys are us locations will be open 88 straight hours leading up to saturday. >> this is going to be one of the highest volume retail periods in the history of man kind. every day from now until christmas will be massive. >> it looks like we're spending more this holiday season than predicted. national retail federation had been predicting a 2.4% increase. now looks like it could be three and a half percent. with all rains and winds you can experience damage to the home. it's happening all over the place. when does your company pay? when do you? the basic rule of thumb is that if water rises

her work and the mayor's office of criminal justice, but when she went on to become an employee of wachovia and wells fargo, funding these programs and getting other people to be aware of their programs, not just simply cutting a check, but showing up at our vigils, at job training programs and helping advocate for young people, so she really brings a whole perspective of justice to her work and real sensitivity to young people and making sure that all people are brought to the table and all people and stakeholders are brought forth in the discussion. i also come here representing richard fuentes, my partner. he was the developer for mission economic development agency a few years ago, and he asked me to share with you that agnes was a leading proponent and one of the largest supporters of the program, so she really has her hand around the bay and in this city. her fingerprints are everywhere in advocating for the community and bringing resources together for the community, so i urge you to support her in his appointment. supervisor campos: thank you. next speaker. >> supervisors, i submitt

it has to do with so called pick a pay loans from world savings and wachovia taken over by wells fargo. they contain minimum payment options and made loans seem affordable to borrowers like willie bryant. what he and many others didn't realize was that his monthly payment would later mushroom. the settlement reached with the attorney general's office yesterday provides $2 billion for new lines. >>> homeowners who qualify will receive notices in the next few weeks. >>> gift cards have become a holiday ritual. this season there's a new gift card that lets you do more than just shop. julie watson has how it works. >> for many gift cards are a holiday favorite. now there's a new kind that lets you do more. this year bernadette la duke is stuffing the kids' stocks with investment cards. >> i'm not just giving them something they'll go right away to the store to spend. >> reporter: instead giving them a gold mine card that can be used to start a savings plan and invest. >> mom and dad take the gift card with the child, go to the web site, goldline.com, and set the child set up an account. >>

all were originated by world savings and wachovia which are banks wells fargo acquired. >>> just a few hours ago, it appears newport rhode island may have pushed out san francisco to host the next america's cup. the announcement was a change from last year. patty lee is live with more on this. >> reporter: the announcement came as a bottom shell because of the timing. >> in a week, they are going to go rhode island and say it's a better deal? i don't get it. >> reporter: mark says he was disappointed to hear the company may choose newport to host the america's cup after negotiating with his team for months. >> they had told us we were the only america city in the deal when it started to change, i suppose technically, they have every right to shop it. >> reporter: he says negotiators enough started talking with newport officials after san francisco supervisors approved the city's bid to host the race. >> because they had a deal in their hands they could have people compare. so they were shopping our deal. >> reporter: this letter presented today in nport confirms bmw has spoken with the

the bank did not make the loans but adwyered them when it bought wachovia saving. it will modify thes loans and forgive some of the debt. >>> iphone users could soon have better wi-fi connections. at&t will spend almost $ 2 billion to buy bandwidth from qualcomm. since iphone users are limited to at&t contracts, at least for now, they only have 3-g connections. at&t arrival, verizon, started offering the 4-g service this month. there are reports it could offer service this month. >>> a stuntman fell 40 feet from a platform and came crashing down on the stage during the "spiderman musical." he was rushed to the hospital. audience members were sent home. the production of the show has been delayed several times because of technical problems. several other cast members have been hurt in previous incidents. >>> surveillance camera was r olling and captured a h orrifying crime. it involves a car and inknow stent children heading to -- innocent children heading to school. >>> a 6.5 earthquake rocked iran hours ago. we've been told the rescue operations have been called o

has to do with their so-called pick a pay loan from world savings and wachovia which were taken over by wells fargo. they contain minimum payment options. what many didn't realize is that the monthly payment would later mushroom. today's settlement reached with the attorney general's office provides $2 billion for these new loans. homeowners who qualify will receive notices in the next few weeks. >>> late today police pulled a minivan out of the russian river in their search for a missing southern california woman. folks last saw the woman leaving a restaurant around 10:00 p.m. saturday night. she was following them to her hotel in her chrysler minivan but they say somewhere on highway 1 they lost sight of her behind them. it is not clear if the investigators found a body inside the minivan. her friends say she had not been drinking. >>> police say the man who killed a well known community leader in san mateo county over the summer is now behind bars. it happened outside hillsdale mall. linda yee tells us the suspect had been in plain view of police all along. >> reporter: police zer

the adjustable raid loans by world savings bank and wachovia bank. wells fargo acquired both banks. under the terms of the mortgages, payments mushroomed to the point many borrowers couldn't afford. as part of the settlement, wells fargo will pay $32 million in restitution to thousands more borrowers who have already lost their homes to foreclosure. >> for social security recipients, soon the check won't be in the mail. the government has decided starting may of next year, new recipients will get their benefit checks electronically three months later than the original proposal. current recipients will have to switch to direct deposit or a debit card in march 2013. 80% of the 58 million already get their payments electronically. it helps eliminate lost or stolen checks. >> some of oprah's favorite things are helping two san francisco women in the audience when the show first aired last month. but the bigger prize has come since then. their nonprofit organization has benefited from the so-called oprah effect. carolyn tyler has more. >> oprah, yeah. (laughter) >> thank you, oprah! >> c

now it all has to do with so- called pick a pay loans from world savings and wachovia taken own by wellsd afternoon. the borrowers like this man. what he and many others didn't realize is that his monthly payment would later mushroom. the settlement reached yesterday with the attorney general's office provides $2 billion for new loans. home owners who qualify will receive notices in the next few weeks. >>> it appears the first tracks for high-speed rail in california will reach into bakersfield. the high-speed rail authority board voted unanimously yesterday to extend the first segment to 120 miles between fresno and northern bakersfield. the decision came after the authority got an extra $1.2 billion. $600million came from the federal government and the same amount in matching state bonds. >>> time now 5:22. new data showing the percentage of cigarette smokers in california dropped but not in san francisco. the california department of health says about 13% of adults were smokers last year and that's down slightly from 2008. and about half of the percentage who smoked in 1985. but in sa

they were marketed as pick a payment loans, usually by wachov wachovia. borrowers found they planned to levels they couldn't afford. the bank's agreement will result in write-downs, interest reductions and other concessions. >>> berkeley resident patrick lang said he loved the chevy volt. so today the 25-year-old is the first person in the bay area to drive the 2011 electric car off the lot this morning. he won the volt video contest for the chance to own one. he says despite the electric battery, that car is power. >> we took it actually to milford proving grounds, did a loop there. you stomp on the pedal, it goes. >> the car gets between 25 to 50 miles from a single charge from a wall socket. a gas-powered generator supplements the electric battery. it does come with a $40,000-plus price tag. >>> the two weeks surrounding christmas are typically slow for silicon valley tech companies. facebook and billionaire mark zuckerberg is off to china meeting with tech leaders there. "time's" person of the year visited the headquarters of china's top search engine

our second largest client was wachovia. - holy cow. - you know, two large banks that were just disappearingk that was more the stress that we were having than having the lenders in front of us and trying to muscle us up at that time. so we've taken this crisis and turned it around to make the business a better business. - but i think the argument that you've made too, then, is a very rational argument, and it's hard to counter, because, of course, if they're sitting there and you're dangling the keys, you sort of change the rapport. they suddenly say, "oh, do we want this?" - yeah. - but bankers become irrational if there is a panic. they're like anybody else. and there was a panic when lehman went down and when bear stearns was barely salvaged. could you deal with irrational bankers? i mean, they could say, "yeah, yeah, yeah, we hear all that, but we don't care". you know what i mean? it must be harder to make that kind of... - i think you're right, but at the same time, they were extremely irrational, but when it came down to running day- to-day operations and asking key questions--you kn

the loans actually made by wachovia and world savings bank which wells now owns.his red means speeds are below 20 mph as you pass the scene of the crash. wednesday morning commute looking at almost a half hour to make your way westbound 4 heading out of antioch towards concord. let's go outside for a live look in walnut creek. we've got slow traffic as you make your way southbound on of 80 through the san ramon valley. the bay bridge toll plaza metering lights on and a backup to the 880 overcrossing. for the latest go to abc7news.com and click on the traffic link. eric? >> megan, thank you very much. it's 6:54. doctors say a risky blood transplant appears to have cured a man of the aids virus and leukemia. he's a 40-year-old american living in berlin that was given a stem cell transplant. it destroys the immune system with drugs and radiation and re replaces it. the doctors say this is too risky for widespread use. the journal bloods reports he has been free of aids and leukemia for three years now. >> if you bring a nonperishable food item to any library in the s

in 2008, the treasury department provided an $18 billion tax break to wells fargo to purchase wachovia, allowing that bank to control 11% of all bank deposits in this country. hear this, mr. president, because this is just quite unbelievable. when we try to understand what's going on in the economy today, the rich getting richer, the poor getting poorer, the middle class collapsing, today, after we bailed out all of these large banks, three out of four of them now much larger than they were before, and today bank of america, j.p. morgan chase, citigroup and wells fargo, the four largest financial institutions in this country, hold about $7.4 trillion in assets, and that is equal to over half of the nation's estimated total output last year. four financial institutions have assets worth more than 52% of our total output last year. and instead of allowing them to -- instead of breaking these large institutions up, we let them get bigger. in fact, mr. president, according to simon chase -- simon johnson, i'm sorry, the former chief economist of the international monetary fund -- quote --

in 2008, the treasury department provided an $18 billion tax break to wells fargo to purchase wachovia, allowing that bank to control 11% of all bank deposits in this country. hear this, mr. president, because this is just quite unbelievable. when we try to understand what's going on in the economy today, the rich getting richer, the poor getting poorer, the middle class collapsing, today, after we bailed out all of these large banks, three out of four of them now much larger than they were before, and today bank of america, j.p. morgan chase, citigroup and wells fargo, the four largest financial institutions in this country, hold about $7.4 trillion in assets, and that is equal to over half of the nation's estimated total output last year. four financial institutions have assets worth more than 52% of our total output last year. and instead of allowing them to -- instead of breaking these large institutions up, we let them get bigger. in fact, mr. president, according to simon chase -- simon johnson, i'm sorry, the former chief economist of the international monetary fund -- quote --