Christoph Waltz, Adele among early Golden Globe winners

BEVERLY HILLS (Reuters) – Austrian actor Christoph Waltz and Adele notched early wins at the Golden Globe Awards on Sunday, while “Lincoln” and Iran hostage thriller “Argo” were in a close race for the top honor, best movie drama.

Waltz carried off the Golden Globe for best supporting movie actor for his role as a dentist-turned-bounty hunter in Quentin Tarantino‘s quirky slavery Western “Django Unchained.”

“Let me gasp!” said Waltz. “It’s extraordinary … Quentin, my indebtedness and gratitude to you know no words.”

British Grammy-winning singer Adele, in her first major public appearance since giving birth in October, shared the trophy for performing and co-writing the best original song, “Skyfall,” for the James Bond movie of the same name.

Comedians Tina Fey and Amy Poehler, hosting the Globes for the first time, got the ceremony off to a rollicking start with jokes about some of the top Hollywood stars in the audience, and impersonations of Johnny Depp and Julianne Moore.

Pointing out “Zero Dark Thirty” director Kathryn Bigelow at the glitzy dinner, Poehler said she had not been closely following the controversy over the torture scenes depicted in the thriller about the hunt for Osama bin Laden.

But, she added, “when it comes to torture, I trust the lady who spent three years married to James Cameron,” Poehler quipped, to roars from the audience. Bigelow is the former wife of Cameron, director of blockbusters “Avatar” and “Titanic.”

“Meryl Streep is not here. I hear she has the flu, and I’m told she is amazing in it,” Poehler joked about the esteemed actress.

The Golden Globes, handed out by the Hollywood Foreign Press Association, has become the entertainment industry’s second-biggest awards show after February’s Oscars, or Academy Awards.

But its influence on the Academy Awards has been somewhat sapped this year because Oscar nominations were announced three days ago, instead of a week after the Globes awards show.

TV HONORS FOR ‘HOMELAND’

Unlike the Academy Awards, the Golden Globes also honor television dramas and comedies.

On Sunday they chose Showtime terrorism thriller “Homeland” as best drama series, and the show’s Damian Lewis as best actor for his role as a Marine returning from Iraq who is turned by Muslim extremists.

HBO’s drama “Game Change” about Sarah Palin’s 2008 run for U.S. vice president won best TV film, while Moore won for her portrayal of the polarizing former Alaska governor.

In the movie category, “Lincoln,” Spielberg’s account of U.S. President Abraham Lincoln’s battle to end slavery, went into the evening with a leading seven nominations.

But it faces strong competition from “Argo,” and “Django Unchained,” which started the evening with five nominations.

“Zero Dark Thirty” and visually arresting shipwreck tale “Life of Pi” round out the best dramatic film contest.

The Golden Globes also hand out prizes for best comedy or musical, where the lavish screen version of hit stage musical “Les Miserables” is facing strong competition from comedy “Silver Linings Playbook.”

Jennifer Lawrence won the award for best actress in a comedy movie for her role as a young widow in “Silver Linings Playbook.”

“Les Miserables” stars Hugh Jackman and Anne Hathaway hoped to take home a Golden Globe later on Sunday.

(Reporting By Jill Serjeant; Editing by Stacey Joyce)

Movies News Headlines – Yahoo! News

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Susan Nolen-Hoeksema, Psychologist Who Studied Depression in Women, Dies at 53

Susan Nolen-Hoeksema, a psychologist and writer whose work helped explain why women are twice as prone to depression as men and why such low moods can be so hard to shake, died on Jan. 2 in New Haven. She was 53.

Andrew Sacks

Susan Nolen-Hoeksema at the University of Michigan in 2003. Dr. Nolen-Hoeksema's research showed that women were more prone to ruminate, or dwell on the sources of problems rather than solutions, more than men.

Her death followed heart surgery to correct a congenitally weak valve, said her husband, Richard Nolen-Hoeksema.

Dr. Nolen-Hoeksema, a professor at Yale University, began studying depression in the 1980s, a time of great excitement in psychiatry and psychology. New drugs like Prozac were entering the market; novel talking therapies were proving effective, too, particularly cognitive behavior therapy, in which people learn to defuse upsetting thoughts by questioning their basis.

Her studies, first in children and later in adults, exposed one of the most deceptively upsetting of these patterns: rumination, the natural instinct to dwell on the sources of problems rather than their possible solutions. Women were more prone to ruminate than men, the studies found, and in a landmark 1987 paper she argued that this difference accounted for the two-to-one ratio of depressed women to depressed men.

She later linked rumination to a variety of mood and behavior problems, including anxiety, eating disorders and substance abuse.

“The way I think she’d put it is that, when bad things happen, women brood — they’re cerebral, which can feed into the depression,” said Martin Seligman, a professor of psychology at the University of Pennsylvania, who oversaw her doctoral work. “Men are more inclined to act, to do something, plan, beat someone up, play basketball.”

Dr. Seligman added, “She was the leading figure in sex differences in depression of her generation.”

Dr. Nolen-Hoeksema wrote several books about her research for general readers, including “Women Who Think Too Much: How to Break Free of Overthinking and Reclaim Your Life.” These books described why rumination could be so corrosive — it is deeply distracting; it tends to highlight negative memories — and how such thoughts could be alleviated.

Susan Kay Nolen was born on May 22, 1959, in Springfield, Ill., to John and Catherine Nolen. Her father ran a construction business, where her mother was the office manager; Susan was the eldest of three children.

She entered Illinois State University before transferring to Yale. She graduated summa cum laude in 1982 with a degree in psychology.

After earning a Ph.D. in psychology at the University of Pennsylvania, she joined the faculty at Stanford. She later moved to the University of Michigan, before returning to Yale in 2004.

Along the way she published scores of studies and a popular textbook. In 2003 she became the editor of the Annual Review of Clinical Psychology, an influential journal.

Dr. Nolen-Hoeksema moved smoothly between academic work and articles and books for the general reader.

“I think part of what allowed her to move so easily between those two worlds was that she was an extremely clear thinker, and an extremely clear writer,” said Marcia K. Johnson, a psychology professor and colleague at Yale.

Dr. Nolen-Hoeksema lived in Bethany, Conn. In addition to her husband, a science writer, she is survived by a son, Michael; her brothers, Jeff and Steve; and her father, John.

“Over the past four decades women have experienced unprecedented growth in independence and opportunities,” Dr. Nolen-Hoeksema wrote in 2003, adding, “We have many reasons to be happy and confident.”

“Yet when there is any pause in our daily activities,” she continued, “many of us are flooded with worries, thoughts and emotions that swirl out of control, sucking our emotions and energy down, down, down. We are suffering from an epidemic of overthinking.”

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Henry's Tacos stands down

Janis Hood got her start at Henry's Tacos when she was 10.

Her mother allowed her to fasten caps on the hot sauce and serve RC Cola to customers.

Through 51 years, the family business served ground beef tacos and burritos to customers. But on Saturday, the Studio City neighborhood treasure — a favorite of actor Elijah Wood and comedian George Lopez — closed its doors.

The shutting of Henry's Tacos, named for Hood's grandfather, Henry Comstock, came after a yearlong saga with the landlord that Hood said began when she applied for a historic designation. She said the application sparked conflict, and the landlord refused to renew her lease.

"It's a very emotional day for me," Hood said Saturday.

In recent weeks, news of the closure prompted thousands of fans to sign an online petition to save the restaurant and inspired a Twitter hashtag (#SaveHenrysTacos).

At one point, a financial consultant and a TV writer were in talks to purchase the restaurant to keep it open. "It all just took us back to our childhood," said Matt Pyken, a Studio City TV writer who grew up eating at the stand, explaining why he sought to buy it with his former middle-school buddy. "We wanted it to be the same place."

But in the end, Hood decided to work with longtime employee Omar Vega, who wants to relocate the shop but keep the name. Hood said she plans to eventually sell the business to Vega. A preservation group has offered to store the stand's signage, she said.

On Saturday, customers formed a line down the sidewalk for a last meal, and Hood said the stand would keep serving them until the food ran out. Cathy McCroskey, a longtime customer, posed for a picture in front of the stand and pantomimed wiping away a tear. "This is a neighborhood icon," she said.

McCroskey and her husband, Steve, both 55, have lived in the Tujunga Village area since the late 1980s and came to pay one last visit to the stand they'd enjoyed for years. They took photos and, of course, ordered a bean and cheese burrito. They said the stand's Googie-style architectural design and history made it a neighborhood gem.

Near them, a large sheet of paper had been taped to a wall of the stand for people to jot their goodbyes.

"Sacred ground. We have been coming for four generations. It was the first food I ate and my kids ate. It saved my sister ... it was all she would eat when she was sick. Please prevail," wrote Kathryn Vanderveen.

"Henry, please keep the sign and stay in Studio City, we love you," another message said.

Vega, a 21-year veteran of the stand, said he hopes to do just that. He would like to retain the old location's ambience by using the old sign and menu and even hopes to replicate the colorful lettering on the stand's outside wall that spells "Henry's Tacos."

"I hope everything goes well," Vega said.

For Hood, the closure is the end of an era. She said the restaurant is where she grew up and recalled going to elementary school blocks away. After school, she'd walk to the stand to see her mother and linger there.

"A lot of the customers took me under their wing and were helpful to me," she said.

After Hood's mother, LeVonne Eloff, died in 2009 at 82, longtime customers shared stories with Hood, some of which she said she had never known. They told her, for example, that her mother and stepfather had sometimes used the honor system with customers.

Now, Hood said she's acting in the same vein, "paying it forward" by helping Vega get his start running the business, a move she sees as continuing her family's legacy.

nicole.santacruz@latimes.com

ruben.vives@latimes.com

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A Google-a-Day Puzzle for Jan. 13

Our good friends at Google run a daily puzzle challenge and asked us to help get them out to the geeky masses. Each day’s puzzle will task your googling skills a little more, leading you to Google mastery. Each morning at 12:01 a.m. Eastern time you’ll see a new puzzle posted here.

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And now, without further ado, we give you…

TODAY’S PUZZLE:

Note: Ad-blocking software may prevent display of the puzzle widget.

Ken is a husband and father from the San Francisco Bay Area, where he works as a civil engineer. He also wrote the NYT bestselling book "Geek Dad: Awesomely Geeky Projects for Dads and Kids to Share."

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Treasury Will Not Mint $1 Trillion Coin to Raise Debt Ceiling

WASHINGTON — The Treasury Department said Saturday that it will not mint a trillion-dollar platinum coin to head off an imminent battle with Congress over raising the government’s borrowing limit.

“Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate the production of platinum coins for the purpose of avoiding an increase in the debt limit,” Anthony Coley, a Treasury spokesman, said in a written statement.

The Obama administration has indicated that the only way for the country to avoid a cash-management crisis as soon as next month is for Congress to raise the “debt ceiling,” which is the statutory limit on government borrowing. The cap is $16.4 trillion.

“There are only two options to deal with the debt limit: Congress can pay its bills, or it can fail to act and put the nation into default,” Jay Carney, the White House press secretary, said in a statement. “Congress needs to do its job.”

In recent weeks, some Republicans have indicated that they would not agree to raise the debt limit unless Democrats agreed to make cuts to entitlement programs like Social Security.

The White House has said it would not negotiate spending cuts in exchange for Congressional authority to borrow more, and it has insisted that Congress raise the ceiling as a matter of course, to cover expenses already authorized by Congress. In broader fiscal negotiations, it has said it would not agree to spending cuts without commensurate tax increases.

The idea of minting a trillion-dollar coin drew wide if puzzling attention recently after some bloggers and economic commentators had suggested it as an alternative to involving Congress.

By virtue of an obscure law meant to apply to commemorative coins, the Treasury secretary could order the production of a high-denomination platinum coin and deposit it at the Federal Reserve, where it would count as a government asset and give the country more breathing room under its debt ceiling. Once Congress raised the debt ceiling, the Treasury secretary could then order the coin destroyed.

Mr. Carney, the press secretary, fielded questions about the theoretical tactic at a news conference last week. But the idea is now formally off the table.

The White House has also rejected the idea that it could mount a challenge to the debt ceiling itself, on the strength of the Fourteenth Amendment to the Constitution, which holds that the “validity of the public debt” of the United States “shall not be questioned.”

The Washington Post earlier published a report that the Obama administration had rejected the platinum-coin idea.

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Milan Fashion Week starts on somber note

MILAN (AP) — Milan Fashion Week started off on a somber note Saturday, as the design world maintained a vigil for the missing CEO of the family-run Missoni fashion house.

The Italian National Fashion Chamber urged the fashion community to post messages on social networks to keep pressure on authorities not to abandon the search for Vittorio Missoni and five others who disappeared aboard a twin-engine plane near Venezuelan islands on Jan. 5.

Designers expressed their solidarity with the family on the first day of menswear previews Saturday.

“No one better than me can understand the pain and anguish that they are experiencing, the suffering of the sister Angela,” Donatella Versace told Italian reporters before her menswear preview. Versace’s brother, Gianni, the founder of the company, was killed by a gunman in Miami in July 1997.

Despite the uncertainty, the Missoni fashion house confirmed its menswear preview show for Sunday. In a message posted on Facebook, designer Angela Missoni, Vittorio’s sister, expressed gratitude for messages of support. Their brother, Luca, a trained pilot, was in Venezuela helping with the search.

“They did very well to confirm the appointment with the new collection. Vittorio would have done the same,” said Mario Boselli, head of the fashion chamber.

Thirty-seven brands were holding fashion shows to present their menswear collections for next winter over four days.

___

DOLCE&GABBANA

Dolce and Gabbana’s menswear collection for next winter is pure masculinity, infused with southern romanticism.

With motifs of winter roses, illuminated Madonnas and baroque embossing, the 2014 winter menswear collection evokes the design house’s Sicilian roots. And to drive home the point, the designing duo chose ordinary Sicilians as their models, as they have done in the past, filling the runway with men who were more muscular, with more pronounced features and often shorter than those usually seen in fashion.

Cinched high-waist pleated pants strongly suggested a bygone era. Trouser lengths varied from calf to ankle, straight or cuffed, while jacket, coats and vests ranged from short waist cuts to long overcoats.

In its most basic iteration, the collection featured black pants paired with white blousons or dark ribbed sweaters — the clothes of a craftsman, a fisherman, a laborer. Detailing like an overlay of white lace on the blousons elevated the look far above mere utility.

And there were also garments fitting of the merchant class — rich brocade jackets and thick furry overcoats and velvet suits. These more formal clothes, including a dark suit jacket overlayed with white lace and finished with velvet trim, could be worn for business, a personal celebration or to Sunday Mass.

___

BURBERRY PRORSUM

Tradition meets innovation in Burberry Prorsum‘s new winter looks for men.

The “I Love Classics” collection — or made more technology-friendly, I (heart) Classics — focuses heavily on outerwear, from the classic trench and duffel, to topcoats, Chesterfields and bombers.

While diving deep into Burberry’s archives, designer Christopher Bailey managed also to have fun, adding a touch of whimsy with repeating heart motifs and oversizing military-inspired accents.

“I liked the idea of celebrating things that are familiar, classic, the kind of classic Burberry, classic menswear,” Bailey said backstage. “But I wanted to be playful as well.”

Bailey married innovation and levity in traditional coats made of light-weight transparent rubber with a repeating heart lining. Bailey said Burberry developed the rubber to be silky to the touch. Cashmere also gets special treatment, with new finishes and bonding to alter the texture.

Colors followed the classic line — camel, bone, olive, navy and black — with deep reds and dark royal purple.

Maintaining a light mood, animal prints also accented classic bags, complementing the Burberry check pattern, and also adorned shoes and boots. Animal print sunglasses complete the look.

___

JIL SANDER

Tall, almost Puritan collars gave gravitas to Jil Sander’s first winter menswear collection since returning to the label she founded.

The ample lapels made prominent in the collection for next fall/winter often contrasted in tone or texture with the jacket or sweater they accented, and were sometimes layered over more traditional notched lapels. Short-cropped hair kept the focus on neckline.

Suit jackets were kept mostly shorter and allowed to billow slightly in the back. This permitted whimsical layering with longer sweaters underneath — and most of the suits were finished with sweaters, crew necks or mock turtlenecks, rather than shirts. Pants were straight, and ankle-length, giving way to well-polished boots.

While the looks adhered to the line’s minimalist credo — simplicity and clean lines — there was nothing austere about it.

The colors and fabrics were both lush and luxurious. Crimson, cobalt and pine contrasted soothingly with more sober grays and black. Even strong shades were easy on the eyes. Materials included chunky corduroy, cashmere knit and leather.

For fun, Sander offered sleeveless pull-over vests, leaving arms and shoulders bare, and sometimes bi-colored in Harlequin fashion. For more serious moments, there were double-breasted pinstripes, distinguished with monochrome panels.

___

ZEGNA

Cyber-kinetic patterns give energy to classic looks by Ermenegildo Zegna.

Zegna signals a push for innovation in the title of the collection: “Style for Change.”

Zegna zips up the double-breasted suit with graphic lines, while repeating patterns of dots fused into lines give motion to overcoats.

Gray dominates the collection, giving it an urban flair.

The basic look forms around suits, paired with slim, elegant ties or scoop-neck sweaters. Trousers are straight cut without being tight, and might include a cummerbund that elongate the look.

Much attention is flourished on collars, which when small might be decorated with a clip, or when oversized adorned with a clasp.

Textures operate in contrast. Soft alpaca coats are worn over tailored suits.

Shoes taper to a point, while bags span a range from travel backs to computer totes.

Entertainment News Headlines – Yahoo! News

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City Room: Cuomo Declares Public Health Emergency Over Flu Outbreak

With the nation in the grip of a severe influenza outbreak that has seen deaths reach epidemic levels, New York State declared a public health emergency on Saturday, making access to vaccines more easily available.

There have been nearly 20,000 cases of flu reported across the state so far this season, officials said. Last season, 4,400 positive laboratory tests were reported.

“We are experiencing the worst flu season since at least 2009, and influenza activity in New York State is widespread, with cases reported in all 57 counties and all five boroughs of New York City,” Gov. Andrew M. Cuomo said in a statement.

Under the order, pharmacists will be allowed to administer flu vaccinations to patients between 6 months and 18 years old, temporarily suspending a state law that prohibits pharmacists from administering immunizations to children.

While children and older people tend to be the most likely to become seriously ill from the flu, Mr. Cuomo urged all New Yorkers to get vaccinated.

On Friday, the Centers for Disease Control and Prevention in Atlanta said that deaths from the flu had reached epidemic levels, with at least 20 children having died nationwide. Officials cautioned that deaths from pneumonia and the flu typically reach epidemic levels for a week or two every year. The severity of the outbreak will be determined by how long the death toll remains high or if it climbs higher.

There was some evidence that caseloads may be peaking, federal officials said on Friday.

In New York City, public health officials announced on Thursday that flu-related illnesses had reached epidemic levels, and they joined the chorus of authorities urging people to get vaccinated.

“It’s a bad year,” the city’s health commissioner, Dr. Thomas A. Farley, told reporters on Thursday. “We’ve got lots of flu, it’s mainly type AH3N2, which tends to be a little more severe. So we’re seeing plenty of cases of flu and plenty of people sick with flu. Our message for any people who are listening to this is it’s still not too late to get your flu shot.”

There has been a spike in the number of people going to emergency rooms over the past two weeks with flulike symptoms – including fever, fatigue and coughing – Dr. Farley said.

Mayor Michael R. Bloomberg and Mr. Cuomo made a public display of getting shots this past week.

In a briefing with reporters on Friday, officials from the C.D.C. said that this year’s vaccine was effective in 62 percent of cases.

As officials have stepped up their efforts encouraging vaccinations, there have been scattered reports of shortages. But officials said plenty of the vaccine was available.

According to the C.D.C., makers of the flu vaccine produced about 135 million doses for this year. As of early this month, 128 million doses had been distributed. While that would not be enough for every American, only 37 percent of the population get a flu shot each year.

Federal health officials said they would be happy if that number rose to 50 percent, which would mean that there would be more than enough vaccine for anyone who wanted to be immunized.

Two other diseases – norovirus and whooping cough – are also widespread this winter and are contributing to the number of people getting sick.

The flu can resemble a cold, though the symptoms come on more rapidly and are more severe.

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S.F. mourns a twin with a passion for fashion

SAN FRANCISCO — They were known simply as the San Francisco Twins.

At 5-foot-1 and about 100 pounds apiece, the fashion enthusiasts were an integral part of the city fabric for four decades. With matching furs, hats and high-end purses, they completed one another's sentences, posed for countless tourist snapshots and modeled for the likes of Reebok, Joe Boxer and IBM.

Now one is gone.

Vivian Brown, 85, who had Alzheimer's, died in her sleep Wednesday, leaving behind Marian, who was eight minutes younger. The illness, and news of the twins' financial distress, brought an outpouring of support from city residents in recent months.

Donations managed by Jewish Family and Children Services helped Vivian move into an elegant assisted living facility in Lower Pacific Heights and provided for a car service so Marian could visit "as much as she wanted to," Development Director Barbara Farber said. "The community really responded.…It's been a beautiful thing."

At a benefit concert for the twins in August, the Go-Go's Jane Wiedlin and other musicians honored Marian. Cash flowed in to cover her meals at Uncle Vito's Pizza on Nob Hill, long one of the ladies' regular haunts.

On Friday, fans offered collective condolences as they swallowed some bitter medicine: The sightings that brought joy to many — of the twins in leopard-print cowboy hats parading up and down Powell Street and window shopping at Union Square — are forever a thing of the past.

In saying goodbye to Vivian, the city has ushered out an era of style.

"All of that has gone, and that's true of all cities," said Ann Moller Caen, the widow of Pulitzer Prize-winning San Francisco columnist Herb Caen, who wrote often about the twins. "They've lost the elegant few."

Mayor Ed Lee echoed residents' grief in online postings throughout the day, saying that "San Francisco is heartbroken" over Vivian's passing and was "fortunate to have called her a true friend."

The twins, who were born in Kalamazoo, Mich., and held degrees in business administration, moved to San Francisco in 1973, lured by Vivian's chronic bronchial condition. Once on the West Coast, Vivian became a legal secretary and Marian worked at a bank.

But fashion was their passion, and they cut a striking double image.

There were the fitted white suit jackets with pleated skirts, veiled hats and white fur coats; the red wool Ellen Tracy suits with black felt hats and black gloves.

"When you first came to the city and saw them, you might think it was a little joke. But it really wasn't," Caen said Friday. "They were very warm and very pleasant to everyone, and they just loved Herb. And he loved them."

Evelyn Adler recalled that her father, who sold shoes at the Emporium on San Francisco's Market Street in the 1970s, had regularly waited on "the girls," as he called them.

"They were always at the very height of sometimes ridiculous fashion," said Adler, 82. Her father, she said, had talked of how years of wearing pointy shoes left the twins with overlapping toes. (They later embraced lower heels that were "much more suited to their feet," Adler said.)

As a volunteer for Jewish Family Services, Adler recently shopped for a new wardrobe for Vivian — and was taken aback by the sight of the twins in separate outfits. About a quarter-century ago, the twins admitted to an interviewer that after a six-month attempt to dress differently in their 20s, they had abandoned the project forever. Even their lingerie matched.

They had their regular haunts, which Marian now frequents solo.

David Dubiner, owner of Uncle Vito's Pizza, said the sisters began coming in nearly two decades ago. They always sat at the table by the window, chatting with tourists for so long that their food had to be reheated.

Vivian often did more talking, Dubiner said, but Marian now holds court for two

On Thursday evening, Marian arrived alone at the Sir Francis Drake Hotel on Union Square to "have a glass of champagne and toast her sister goodbye," said Tom Sweeney, chief doorman at the hotel who for the last 37 years watched the twins descend the four blocks from their Nob Hill apartment.

"They're quite the personalities of San Francisco," Sweeney said. "We'll definitely miss Vivian."

lee.romney@latimes.com

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A Google-a-Day Puzzle for Jan. 12

Our good friends at Google run a daily puzzle challenge and asked us to help get them out to the geeky masses. Each day’s puzzle will task your googling skills a little more, leading you to Google mastery. Each morning at 12:01 a.m. Eastern time you’ll see a new puzzle posted here.

SPOILER WARNING:
We leave the comments on so people can work together to find the answer. As such, if you want to figure it out all by yourself, DON’T READ THE COMMENTS!

Also, with the knowledge that because others may publish their answers before you do, if you want to be able to search for information without accidentally seeing the answer somewhere, you can use the Google-a-Day site’s search tool, which will automatically filter out published answers, to give you a spoiler-free experience.

And now, without further ado, we give you…

TODAY’S PUZZLE:

Note: Ad-blocking software may prevent display of the puzzle widget.

Ken is a husband and father from the San Francisco Bay Area, where he works as a civil engineer. He also wrote the NYT bestselling book "Geek Dad: Awesomely Geeky Projects for Dads and Kids to Share."

Read more by Ken Denmead

Follow @fitzwillie and @wiredgeekdad on Twitter.

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DealBook: Wells Fargo's Mortgage Gains May Be Unsustainable

8:40 p.m. | Updated

Wells Fargo has turned its mortgage business into an enormous profit machine. The San Francisco-based bank posted earnings of $5.1 billion in the fourth quarter, a 24 percent increase from the previous year.

But its strong gains may not be sustainable, unless interest rates drop significantly or the housing market recovers substantially. Both are long shots.

“Rates really don’t have to go up very much to discourage a whole swath of people from returning to the housing market,” said Lance Roberts, chief economist at StreetTalk Advisors, an investment advisory firm.

In recent years, Wells Fargo has aggressively expanded its mortgage business, a strategy that has helped drive record profits. The company reported net income of $18.9 billion in 2012, up 19 percent from 2011. Revenue rose 6 percent in the same period.

“We saw robust growth across the entire bank, proving that there is a lot of value in a strong, diversified business,” said Timothy J. Sloan, chief financial officer of Wells Fargo.

But after 12 consecutive quarters of rising profits, Wells Fargo may find it difficult to keep up the pace.

The bank’s recent mortgage profits largely reflect the government’s efforts to stimulate the economy, rather than a robust recovery in the housing market.

As the Federal Reserve has cut interest rates, millions of borrowers have refinanced their home loans to reduce costs. Refinancing accounted for 72 percent of Wells Fargo’s mortgage origination in the fourth quarter.

That business has been especially lucrative of late.

Banks pass on most of their mortgages to government entities like Fannie Mae and Freddie Mac, which guarantee that the loans will be repaid. With the guarantee attached, banks sell the mortgages to bond investors and book a financial gain.

Profits have ballooned with the government intervention. The Fed has been a big buyer of mortgage bonds in an effort to drive down interest rates. But banks have not cut ordinary borrowers’ rates by the same amount.

That means the difference, or spread, between the rates increased last year. Wells Fargo’s gains from this activity totaled $10.3 billion in 2012, more than double the previous year.

Those gains may be hard to beat.

While the Fed has promised to purchase more mortgage bonds, interest rates may not fall much further. If mortgage rates stagnate or rise, fewer borrowers are likely to refinance or buy a house. And if the mortgage bond market weakens, banks will make less of a gain when selling the mortgages.

Already, refinancing activity appears to be slowing. In the fourth quarter, Wells Fargo handled $125 billion of mortgage originations, up 4 percent from the previous year. But loan production was higher earlier in the year, peaking at $139 billion in the third quarter.

At the same time, the Fed’s low rates are actually hurting other parts of the business. An important measure of a bank’s overall lending profitability, the net interest margin, has eroded. In the fourth quarter, Wells Fargo’s net interest margin dropped slightly to 3.56 percent, from 3.89 percent a year earlier.

Investors shrugged off the strong profits because of such concerns. Wells Fargo’s shares fell slightly on Friday, to $35.10, a 0.85 percent drop.

In an effort to assuage investors’ concerns about the refinancing business, Mr. Sloan, the chief financial officer, said in a conference call on Friday that he saw “billions of dollars in refinancing opportunities.”

Housing market numbers support his optimism. Over 70 percent of mortgages had interest rates above 4 percent in the fall, according to CoreLogic, a housing data firm. Some of those borrowers would benefit financially from refinancing, given that the interest rate on fixed, 30-year loans is 3.4 percent.

If the refinancing boom does sputter, a significant increase in new mortgages could help fill the void. That depends largely on the health of the housing market. While house prices posted annual gains last year, the recovery is far from robust.

Wells Fargo’s servicing business, in which the bank collects payments from homeowners, could also soften the blow. In the fourth quarter, the company reported $926 million in fees from that activity, up 6 percent from a year earlier.

Wells Fargo can also rely on other businesses to pick up some of the slack. In an interview on Friday, Mr. Sloan said that strong loan growth throughout the bank, including in autos and credit cards, reflected potential opportunity.

The bank reported gains in its wealth management business, where profit increased 13 percent, to $351 million. It has also been focusing on its brokerage business as regulations have curbed profits in other areas.

Cost-cutting could be another option. In the past, the bank has shown it can be aggressive on that front.

Recently, Wells Fargo has been developing its online and mobile banking operations so that it can trim staffing costs in its branches. It has also refocused on core businesses and sold units like H. D. Vest Financial Services, which it put on the auction block in 2011.

The company has also cleaned up much of the costly legal mess stemming from the mortgage crisis, striking several deals with federal regulators over the last year. This week, Wells Fargo was among the 10 banks that agreed to an $8.5 billion settlement with the Comptroller of the Currency and the Federal Reserve over claims of shoddy foreclosure practices, including sloppy paperwork used in home seizures and botched loan modifications. Separately, the bank has allotted $1.2 billion to prevent foreclosures.

With the settlement, Wells Fargo puts an end to an expensive foreclosure review that was mandated by regulators. The review cost the bank an estimated $125 million each quarter.

“By putting these issues behind us, we can focus more of our resources on serving our customers,” the bank’s chief executive, John G. Stumpf, told analysts on Friday.

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