Financiers Bet on Rental Housing

DAVID N. MILLER, a master of bailouts, steps to the dais and coolly explains how the financial world went crazy.

It is February 2010. The anger behind Occupy Wall Street is building. Flicking through slides, Mr. Miller, a Treasury official working with the department’s $700 billion Troubled Asset Relief Program, lays out what caused the housing bubble: easy credit, shoddy banking, feeble regulation, and on and on.

“History has demonstrated that the financial system over all — not every piece of it, but over all — is a force for good, even if it goes off track from time to time,” Mr. Miller tells a symposium at Columbia University in remarks posted on YouTube. “As we’ve experienced, sometimes this system breaks down.”

But, it turns out, sometimes when the system breaks down, there is money to be made.

Mr. Miller, who arrived at the Treasury after working at Goldman Sachs, described himself as a “recovering banker” in the video.

Today, he has slipped back through the revolving door between Washington and Wall Street. This time, he has gone the other way, in a new company, Silver Bay Realty, which is about to go public. He is back in the investment game and out to make money with a play that was at the center of the financial crisis: American housing.

As the foreclosure crisis grinds on, knowledgeable, cash-rich investors are doing something that still gives many ordinary Americans pause: they are leaping headlong into the housing market. And not just into tricky mortgage investments, collateralized this or securitized that, but actual houses.

A flurry of private-equity giants and hedge funds have spent billions of dollars to buy thousands of foreclosed single-family homes. They are purchasing them on the cheap through bank auctions, multiple listing services, short sales and bulk purchases from local investors in need of cash, with plans to fix up the properties, rent them out and watch their values soar as the industry rebounds. They have raised as much as $8 billion to invest, according to Jade Rahmani, an analyst at Keefe Bruyette & Woods.

The Blackstone Group, the New York private-equity firm run by Stephen A. Schwarzman, has spent more than $1 billion to buy 6,500 single-family homes so far this year. The Colony Capital Group, headed by the Los Angeles billionaire Thomas J. Barrack Jr., has bought 4,000.

Perhaps no investment company is staking more on this strategy, and asking stock-market investors to do the same, than the one Mr. Miller is involved with, Silver Bay Realty Trust of Minnetonka, Minn. Silver Bay is the brainchild of Two Harbors Investment, a publicly traded mortgage real estate investment trust that invests in securities backed by home mortgages.

In January, Two Harbors branched out into buying actual homes and placed them in a unit called Silver Bay. It offered few details at the time, leaving analysts guessing about where it was headed.

“They were not very forthcoming,” says Merrill Ross, an analyst at Wunderlich Securities. As of Dec. 4, Two Harbors had acquired 2,200 houses. Ms. Ross says she couldn’t find out how much Two Harbors paid or the rents it was charging. Two Harbors shares, which recently traded at $11.66, are up about 25 percent in 2012.

Two Harbors now plans to spin off Silver Bay into a separately traded public REIT. The new company will combine Silver Bay’s portfolio with Provident Real Estate Advisors’ 880-property portfolio. Silver Bay will focus on homes in Arizona, California, Florida, Georgia, North Carolina and Nevada, states where prices fell hard when the bottom dropped out.

In a filing with the Securities and Exchange Commission last week, Silver Bay said it planned to offer 13.25 million shares at an initial price of $18 to $20 a share. But it’s no slam dunk. While home prices nationwide have begun to recover — they were up 6.3 percent in October, according to a report last week from CoreLogic, a data analysis firm — prices could fall again if the economy falters anew. Millions of Americans are still struggling to hold onto their homes and avoid foreclosure.

“Recent turbulence in U.S. housing and mortgage markets has created a unique opportunity,” Silver Bay said in an S.E.C. filing. The company, which will be the first publicly traded REIT to invest solely in single-family rental homes, says its investment plan will help clear foreclosed homes from the market, spruce up neighborhoods and renovate vacant homes, presumably while enriching its new shareholders. Its portfolio will be managed by Pine River Capital Management, a hedge fund in Minnetonka that has reportedly been buying bonds backed by risky subprime mortgages. Mr. Miller is a managing director at Pine River and chief executive of Silver Bay.

Mr. Miller, through a spokesman, declined to comment for this article, citing the pending stock offering.

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Te'o and Manziel hit Manhattan with Heisman hopes

NEW YORK (AP) — Notre Dame linebacker Manti Te'o was looking forward to a break after a five-city-in-five-days tour, during which he has become the most decorated player in college football.

"I'm just trying to get a workout in and get some sleep," he said Friday about his plans for the night.

Texas A&M quarterback Johnny Manziel seemed to have more energy when he arrived at a midtown Manhattan hotel with his fellow Heisman Trophy finalist. In fairness, Johnny Football's week hasn't been nearly as hectic, though this trip to New York city is different from the first time he visited with his family when he was young.

"It's just taking it up a whole 'nother level, but happy to be here," he said.

Manziel and Te'o spent about 30 minutes getting grilled by dozens of reporters in a cramped conference room, posed for some pictures with the big bronze statue that they are hoping to win and were quickly whisked away for more interviews and photo opportunities.

Manziel, Te'o or Collin Klein, the other finalists who couldn't make it to town Friday, each has a chance to be a Heisman first Saturday night.

Manziel is trying to be the first freshman to win the award. Te'o would be the first winner to play only defense. Klein would be Kansas State's first Heisman winner.

Manziel and Te'o were on the same flight from Orlando, Fla., where several college football awards were handed out last night. The 6-foot-1, 200-pound quarterback was just happy the 255-pound linebacker didn't try to record another sack when they met.

"He's a big guy," Manziel said, flashing a big smile from under his white Texas A&M baseball cap. "I thought he might stuff me in locker and beat me up a little bit."

The two hadn't had much time for sightseeing yet, but they did walk around Times Square some, saying hello to a few fans. They probably weren't too difficult to spot in their team issued warm-up gear.

"We've just been talking about goofy stuff. Playing video games. Playing Galaga. Just some things from back in the day. Messing around with each other," Manziel said. "Kind of seeing who is going to take more pictures. He's definitely taking that award right now."

Te'o is already going to need a huge trophy case to house his haul from this week. He has won six major awards, including the Maxwell as national player of the year. He'll try to become Notre Dame's eighth Heisman winner and first since Tim Brown in 1987.

"I can only imagine how I would feel if I win the Heisman," he said.

Charles Woodson of Michigan in 1997 is the closest thing to a true defensive player winning the Heisman. Woodson was a dominant cornerback, but he also returned punts and played a little receiver. That helped burnish his Heisman credentials.

Te'o is all linebacker. He leads the top-ranked Fighting Irish with 103 tackles and seven interceptions.

Klein was the front-runner for the Heisman for a good chunk of the season, but he played his worst game late in the season — in a loss at Baylor — and the momentum Manziel gained by leading Texas A&M to victory at Alabama has been tough to stop.

Manziel's numbers are hard to deny. He set a Southeastern Conference record with 4,600 total yards, throwing for more than 3,000 and rushing for more than 1,000.

Klein, by comparison, averages about 100 fewer total yards per game (383-281) than Manziel.

A freshman has never won the Heisman. Oklahoma running back Adrian Peterson came closest in 2004, finishing second by Southern California's Matt Leinart.

Manziel is a redshirt freshman, meaning he attended Texas A&M and practiced with the team but did not play last year. Still, he'd be the most inexperienced college player to win the sport's most prestigious award.

"It's surreal for me to sit here and think about that this early in my career," he said. "With what me and my teammates have gone through, with how they've played and how they've helped me to get to this point, it's just a testament to how good they are and how good they've been this year.

"Without them I wouldn't be here and that's the real story to all this."

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India Ink: Vijay Malhotra, Indian Olympic Association Official Who Defies International Rules, Optimistic

NEW DELHI – India’s Olympic Association defied the International Olympic Committee this week and held elections whose results officials in Switzerland said were not valid and would be ignored.

But while international officials remained adamant Thursday that India needed to undertake fundamental reforms before being allowed back into the Olympic fold, officials in India said that the entire controversy was the result of a misunderstanding that could be cleared up with a chat.

On Tuesday, the International Olympic Committee suspended India from participating in the Olympic movement because India’s Olympic leaders are too old, too long-serving and too tainted. The suspension has been widely seen as an enormous embarrassment to the world’s second most populous nation.

Vijay Kumar Malhotra, who was the acting president of the Indian Olympic Association until Wednesday and was in charge when relations with officials in Switzerland reached the breaking point, said in an interview Thursday that India’s Olympic leaders planned to gather Friday to put together an easy-to-understand explanation to mollify the international committee.

“So we will go to the I.O.C. and explain the situation,” Mr. Malhotra said, referring to the international committee. “We will ask them to withdraw the suspension.”

International rules forbid Olympic leaders from serving beyond the age of 70 or for longer than eight years. Mr. Malhotra, 81, is one of many sports leaders in India who defies both restrictions and plans to continue doing so.

“In the archery association where I am the president, we did not follow the government code and we told them that if you do not recognize us, do so, we are not worried,” he said. “I am above 70 and I became the president and have been since 1975.” (The archery association was “de-recognized” by India’s Ministry of Sports on Friday, because of Mr. Malhotra’s age).

In an e-mail sent Thursday, Pere Miro, a spokesman for the International Olympic Committee, said that the Indian association “is not entitled to hold any elections without express prior approval of the I.O.C. We therefore do not recognize any elections the body may have held since being suspended as they are null and void.”

“This issue has been ongoing for more than two years and the I.O.C.’s position has been expressed to all parties concerned on numerous occasions,” Mr. Miro wrote.

In response, the Indian Olympic Committee released a press statement Thursday night defending its election.

“The general body also discussed the International Olympic Council’s [sic] statement that the elections were null and void and wish to clarify that the polls took place with a well laid-out procedure and there is nothing to believe otherwise,” the group stated.

Boria Majumdar, a history professor at Monash University in Melbourne, Australia, said the government should remove the leaders of the Indian Olympic Association.

“They had the last two years to get their house in order and to prevent national shame,” Mr. Majumdar said. “But none of them have been willing to put the national interests over their own self interests.”

On Wednesday, the Indian Olympic Association elected Lalit Bhanot as its secretary general even though Mr. Bhanot is currently on bail and facing corruption charges related to his role in the scandal-plagued 2010 Commonwealth Games.

Mr. Bhanot became internationally famous for explaining the poor sanitation standards in the Commonwealth Games’ athletes’ village as the result of differing standards of cleanliness between India and the Western world.

Abhay Singh Chautala, the newly elected president of the Indian Olympic Association, will meet Friday with Jitendra Singh, the Indian government’s sports minister, to discuss his group’s suspension, according to a press statement. Jitendra Singh has publicly criticized the Indian Olympic Association for failing to follow international guidelines. He also offered to broker a compromise between the Indian association and the international committee.

Top sporting positions in India provide prestige, international travel benefits and some control over sports jobs, and Indian officials have been loathe to surrender those privileges. Their oversight of India’s sports scene has failed to deliver much glory to the country. The 2012 Olympics were its most successful ever, but India won only six medals and failed to win a single gold. In its entire history, India has won 26 medals; the American swimmer Michael Phelps alone has won 22 medals.

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Manning leads Broncos past Raiders 26-13

OAKLAND, Calif. (AP) — Going on the road in a short week is a tough task for any NFL team.

Now the Denver Broncos get the reward for beating the division rival Oakland Raiders — three extra days of rest before their most important game remaining in the regular season.

Peyton Manning threw for 310 yards and had his 30th touchdown pass of the season on the game's opening drive to help the Broncos roll to their eighth straight victory, 26-13 over the Raiders on Thursday night.

"These Thursday night games are tough, especially late in the year," Manning said. "I know I'm tired."

Knowshon Moreno ran for 119 yards and a score on a career-high 32 carries, and Matt Prater kicked four field goals to help the Broncos (10-3) move a half-game ahead of New England and Baltimore for the second-best record in the AFC.

Denver now gets the extra rest before visiting the Ravens next week in a game that will help decide who gets a first-round playoff bye.

"It means a lot," cornerback Champ Bailey said. "We're probably going to need it. The more preparation you could have for a team like that, the better."

Carson Palmer threw one interception that thwarted a possible scoring chance for the Raiders (3-10) and lost a fumble that set up a touchdown for the Broncos as Oakland lost its sixth straight game. It is the team's longest skid since also losing six in a row in 2007.

The Raiders played the game with heavy hearts as coach Dennis Allen's father, Grady, died earlier in the week from cardiac arrest. Allen was away from the team for two days but returned Wednesday and coached the game.

"I took my father off life support (voice cracking), and that's not easy to do," Allen said. "So was it hard? Yeah, it was hard. But I know my father would want me to be here with this football team, and I wanted to be here with this football team. So I'm sure you guys can imagine it wasn't an easy situation."

The Raiders' players talked during the week about rallying around their first-year coach, but came out flat against a fierce division rival and were swept in the season series by the Broncos for the first time since 2006.

The game was mildly competitive for only a brief time as the Raiders got on the board late in the first half on a touchdown pass from Palmer to Darren McFadden and then started with the ball in the third quarter trailing 13-7.

McFadden, returning from a four-game absence for a sprained right ankle, broke off a 36-yard run on the first play from scrimmage, but the Raiders' drive stalled in Denver territory after that and the Broncos took the game over. McFadden later left the game after re-injuring the ankle.

Manning, who joined Brett Favre as the only quarterbacks in NFL history with 5,000 career completions, converted a third-and-11 with a perfectly placed 22-yard pass to Demaryius Thomas. Manning followed that with a 29-yard completion to Eric Decker, but the drive stalled after a pass-interference call on Matt Giordano gave the Broncos a first down at the 1. Matt Prater's 20-yard field goal made it 16-7.

Mike Goodson then made the ill-advised decision to return a kick from 8 yards deep in the end zone, forcing Oakland to start a drive at their 8. Von Miller then beat Khalif Barnes for a sack on third down, stripping the ball from Palmer. Mitch Unrein recovered at the 2 and Moreno scored two plays later to make it 23-7.

Moreno is filling in for the injured Willis McGahee and is giving the Broncos the running game they will need to be successful in the postseason.

"You always have to have your mind ready to carry it as many times as they need," Moreno said. "That's what we needed. It felt good. It felt good for this offense, you know all the hard work that we do put in."

Prater added another field goal later in the third quarter and Manning went on to his record 12th season with 10 wins as a starting quarterback.

The only remaining drama was whether quarterback project Terrelle Pryor would get his first action of the season for Oakland. He didn't, giving the frustrated Raiders fans yet another reason to be upset even though Palmer added a 56-yard TD pass to Darrius Heyward-Bey and finished with 273 yards passing.

"To rack up this many losses in a row in the fashion that we've done is just extremely frustrating," Palmer said.

After the game police said a man fell from the upper deck at the stadium shortly before kickoff and was in serious condition at a hospital. Initial reports called the fall an accident, but police said it remained under investigation. The team had no comment.

NOTES: Raiders CB Michael Huff left in the first half with a wrist injury. ... Manning needed 221 games to reach 5,000 completions, 18 fewer than Favre. ... Miller has sacks in six straight games. ... Oakland rookie WR Rod Streater had four catches for a career-high 100 yards.

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

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Tanks Deployed in Cairo After Night of Deadly Clashes

Asmaa Waguih/Reuters

Supporters of the Muslim Brotherhood walked past tanks outside the Egyptian presidential palace in Cairo on Thursday. More Photos »

CAIRO — An elite Egyptian unit deployed tanks outside the presidential palace on Thursday after a night of battles between Islamists and secular protesters that left five people dead and 450 wounded, spreading chaos in one of Cairo’s wealthiest suburbs and leaving streets littered with debris and burned-out cars.

Angry mobs of Islamists battled the secular protesters with fists, rocks and firebombs in the first major outbreak of violence between political factions here since the revolt against then-President Hosni Mubarak began nearly two years ago.

With at least 12 tanks drawn up near the palace, troops from the presidential guard hammered stakes into the ground to string barbed wire to separate Islamists camping outside the palace and secular protesters chanting slogans urging the guardsmen to choose “between the revolutionaries and the killers.”

The severity of the clashes — and their potential political impact — became apparent when three senior advisers to Mr. Mubarak’s successor, Mohamed Morsi, Egypt’s first freely elected president, resigned during the clashes Wednesday, blaming him for the bloodshed. Mr. Morsi’s prime minister implored both sides to pull back in order to make room for “dialogue.”

Graffiti on the walls of the presidential compound, mocking President Morsi, had been covered by Thursday morning with patches of white paint.The scale of the fighting, in the affluent Heliopolis neighborhood just outside Mr. Morsi’s office in the presidential palace, raised the first doubts about Mr. Morsi’s attempt to hold a referendum on Dec. 15 to approve a draft constitution approved by his Islamist allies over the objections of his secular opposition and the Coptic Christian Church.

Periodic gunshots could be heard at the front lines of the fight, and secular protesters displayed birdshot wounds and pellets. But it could not be determined whether the riot police or Islamists or the opposition had fired the guns.

Many in both camps brandished makeshift clubs, and on the secular side a few carried knives. Thousands joined the battle on each side. The riot police initially tried to fight off or break up the crowds with tear gas, but by mid-evening on Wednesday, the security forces had all but withdrawn. They continued to try to separate the two sides across one boulevard but stayed out of the battle that raged on all around.

In a city square on the Islamist side of the battle lines, a loudspeaker on the top of a moving car blared out exhortations that the fight was about more than politics or Mr. Morsi.

“This is not a fight for an individual, this is not a fight for President Morsi,” the speaker declared. “We are fighting for God’s law, against the secularists and liberals.”

Protesters reportedly set fire to Muslim Brotherhood political offices in the cities of Suez and Ismailia.

Even after two years of periodic battles between protesters and police, Egyptians said they were shocked and alarmed by the spectacle of fellow citizens drawing blood over matters of ideology or political power.

“It is Egyptian fighting Egyptian,” said Mohamed Abu Shukka, 23, who was blocked from entering his apartment building and shaking his head.

Distrust and animosity between Islamists and their secular opponents have mired the outcome of Egypt’s promised transition to democracy in debates about the legitimacy of the new government and its new leaders’ commitment to the rule of law.

The clashes followed two weeks of sporadic violence around the country since Mr. Morsi, a former leader of the Muslim Brotherhood movement, seized temporary powers beyond the review of any court, removing the last check on his authority until ratification of the new constitution.

Mr. Morsi has said he needed the expanded powers to block a conspiracy by corrupt businessmen, Mubarak-appointed judges and opposition leaders to thwart Egypt’s transition to a constitutional democracy. Some opponents, Mr. Morsi’s advisers say, would sacrifice democracy to stop the Islamists from winning elections.

Mai Ayyad contributed reporting.

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Guatemala detains McAfee, to expel him to Belize

GUATEMALA CITY (Reuters) – Guatemalan police arrested U.S. software guru John McAfee on Wednesday for illegally entering the country and said it would seek to expel him to neighboring Belize, which he fled after being sought for questioning over his neighbor’s murder.

McAfee, who had been in hiding for three weeks, crossed into Guatemala with his 20-year-old girlfriend to evade authorities in Belize who wanted to quiz him as “a person of interest” about the killing of fellow American Gregory Faull.

“He entered the country illegally and we are going to seek his expulsion for this crime,” Interior Minister Mauricio Lopez Bonilla said. McAfee was detained by Guatemalan police and a member of Interpol at the upscale Intercontinental hotel in Guatemala City.

One of Silicon Valley’s first entrepreneurs to build an Internet fortune, the 67-year-old made millions of dollars through the antivirus software that now carries his name.

McAfee’s behavior has been increasingly erratic in recent years but there is no international arrest warrant for him. Police in Belize say he is not a prime suspect.

Government spokesman Francisco Cuevas said the entrepreneur would be expelled to Belize and he expected the process to be completed by early Thursday morning.

Fernando Lucero, spokesman for Guatemala’s immigration department, saidimmediate deportation had been ruled out. McAfee’s lawyer Telesforo Guerra was seeking an injunction to have him released and the American said on his blog www.whoismcafee.com that he would not now be returned to the Belize border until a higher judge reviewed the case.

McAfee was taken to a residence belonging to the immigration department guarded by a small group of police.

He had been seeking political asylum in Guatemala, which has been embroiled in a long-running territorial dispute with Belize. .

Residents and neighbors on the Caribbean island of Ambergris Caye, where McAfee has lived in Belize for about four years, say he is eccentric, impulsive, volatile and at times unstable, citing his love of guns and young women.

McAfee has said he believes authorities in Belize will kill him if he turns himself in for questioning. Belize’s prime minister has denied this and called him paranoid and “bonkers.”

“It’s a wild, wild country,” McAfee told Reuters in an interview in his hotel room just hours before his detention.

“Everyone sees one part of Belize,” he said. “They think it’s a wonderful, peaceful, lovely place, blue waters, so McAfee has got to be crazy. Maybe I am crazy. If I were, I wouldn’t know.”

In Belize, he was often seen with armed bodyguards dressed in camouflage, pistols tucked into his belt. McAfee’s slain neighbor had complained about the loud barking of dogs that guarded his exclusive beachside compound.

His run-in with authorities in Belize is a world away from a successful life in the United States, where the former Lockheed systems consultant started McAfee Associates in the late 1980s. McAfee has no relationship now with the company, which was sold to Intel Corp.

NO REGRETS

There was already a case against McAfee in Belize for possession of illegal firearms, and police had previously raided his property on suspicion he was running a lab to make illegal synthetic narcotics.

He says he has not taken drugs since 1983.

“(Before then) I took drugs constantly, 24 hours of the day, I took them for years and years. I was the worst drug abuser on the planet,” McAfee said. “Then I finally went to Alcoholics Anonymous, and that was the end of it.”

But he has no regrets about the path his life has taken, or the loss of the lion’s share of his fortune over the years and says he is happier now that he cares less for material things.

“My life has not declined,” he said. “My life has been on the increase ever since I decided that stuff – houses, money – doesn’t mean much. I had more money than I could spend in million lifetimes. Why would I care?”

McAfee says he has been persecuted by Belize’s ruling party because he wouldn’t pay out some $ 2 million to it.

“The misunderstanding of the severity of their request for money was my big mistake,” McAfee said. “Had I known that, I would maybe have said $ 2 million is way too much. Let’s negotiate something, just don’t rape me for the next seven months. Writing a check would have been a lot easier.”

The party has denied soliciting money from him.

McAfee has been living in the tiny Central American nation for about four years, and wants to return to live there eventually. But he says he is being framed, and denies any involvement in his neighbor’s killing.

“We had one disagreement about a dog. I had disagreements with all my neighbors about my dogs. I had a disagreement with myself about my dogs. They were noisy,” he said.

“Why would I leave behind the body and all the evidence?” he asked. “I’m not stupid.”

(Additional reporting by Gabriel Stargardter; Writing by Simon Gardner; Editing by Philip Barbara, Lisa Shumaker and Patrick Graham)

Tech News Headlines – Yahoo! News

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Bryant eclipses 30,000, Lakers beat Hornets 103-87

NEW ORLEANS (AP) — Kobe Bryant grinned and uttered the word "irony" as he considered the fact that the team that drafted him nearly 17 years ago was his opponent on the night he eclipsed a scoring milestone to join an exclusive club of NBA greats.

It's easy to forget that it was the Hornets who drafted and then traded Bryant away back in 1996.

In the years since, the Hornets have changed cities, from Charlotte to New Orleans, and Bryant has become one of five players in NBA history to score 30,000 points, surpassing the mark with a 29-point performance that helped the Lakers to a 103-87 triumph Wednesday night.

"It's funny how sports always seems to kind of have that connectivity, in some shape, form or fashion," Bryant said. "It just always seems to come full circle."

Bryant entered the game needing 13 points to make history and no one doubted he would get it. NBA Commissioner David Stern, who happened to be making a scheduled visit with new Hornets owner Tom Benson, offered Bryant a congratulatory hand shake before tip-off.

Bryant had 17 points by halftime, eclipsing the 30,000-mark with a short jumper in the paint over Robin Lopez late in the first half. That might have been the least spectacular of his baskets, which included the usual array of soaring dunks, demoralizing transition 3-pointers and twisting, off-balance jumpers.

The only other players to score more than 30,000 are Kareem Abdul-Jabbar, Karl Malone, Michael Jordan and Wilt Chamberlain.

"It's pretty awesome," Bryant said. "These are players I respect tremendously and obviously grew up idolizing and watching and learned a great deal from."

When Lakers coach Mike D'Antoni was asked before tipoff about Bryant's impending milestone, the coach joked, "That just means he is old."

In fact, at 34, Bryant is younger than the other four were when they hit the mark, but Bryant also turned pro at 18, and is in his 17th season.

"Honestly, I don't know why I'm still working as hard as I am after 17 years," Bryant said. "That's the thing that I'm most proud of — every year, every day working hard at it. It's a lot of years, a lot of work."

Dwight Howard added 18 points and five blocked shots for the Lakers, who trailed 48-47 at halftime, but seized control with a 13-0 run to open the third quarter, and the lead grew as large as 20 in the fourth.

Ryan Anderson scored 31 points, hitting 5 of 8 3-pointers for the Hornets, who were playing their ninth straight game without top overall draft choice Anthony Davis. Greivis Vasquez added 16 points, while Lopez scored 15 points and blocked five shots.

Antawn Jamison scored 15 and Metta World Peace 11, and Chris Duhon had 10 assists for Los Angeles, which is playing without Steve Nash and Pau Gasol and won for only the second time on the road this season. The Hornets fell to 3-7 at home and lost for the 10th time in 12 games overall.

The Hornets led from early in the first quarter until halftime, going up by as many as eight points when Al-Farouq Aminu slammed down an alley-oop lob from Vasquez, energizing the largest crowd of the season at the New Orleans Arena.

Bryant helped the Lakers trim their deficit after that, hitting five free throws and his milestone on 3-foot jumper in the last 2:15 of the second quarter.

Jamison opened the third-quarter onslaught with 3, Howard followed with a fast-break layup and Bryant had two straight fast-break dunks, one of which he created with a steal. Howard finished the surge with a layup.

"I just didn't think our defense was there, especially that first five or six minutes of the third quarter," Hornets coach Monty Williams said. "Our defense was really poor, and we can't afford those lapses."

After the game, Bryant sat in his locker, reflecting on the elite company he now keeps in NBA history, and the things he sees in younger, prolific scoring stars like Oklahoma City's Kevin Durant, whom the Lakers will face on Friday night, and who could very well join the 30,000-point club at the rate he's going.

One common characteristic, Bryant said, is an apparent immunity to both pressure and criticism.

"Scorers kind of have a fighter-pilot mentality. We're a different breed," he said. "But there are different positions. We scored in a myriad of ways. We all went about it differently in different situations. It's fun to see."

NOTES: Before attending the game, Stern toured the headquarters of the New Orleans Saints, also owned by Benson, and saw how Benson's plans for the NBA franchise were taking shape. New construction has begun on additions that will also accommodate Hornets offices and practice courts. .... Stern said he was pleased to be able to also see Bryant surpass the 30,000-point mark in person. "As a talent, a competitor, I think that he is up there on the pedestal with Michael Jordan," Stern said. "He is one of the greatest." ... Stern also discussed the possibility of a team name change for New Orleans, something Benson has said he wants since buying the club last spring. Stern says the club has not yet applied for a name change but that the league would likely accept whatever name the Hornets want and expedite the transition.

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Recipes for Health: Winter Squash and Walnut Spread — Recipes for Health

Andrew Scrivani for The New York Times

2 pounds pumpkin or winter squash, such as kabocha or butternut, seeds and membranes scraped away, cut into large pieces (if using butternut, cut in half crosswise, just above the bulbous bottom part, then cut these halves into lengthwise quarters and scrape away the seeds and membranes)

3 tablespoons extra virgin olive oil

1/2 medium onion, finely chopped

2 tablespoons finely chopped fresh mint

1/8 teaspoon freshly grated nutmeg

1/4 cup (1 1/4 ounces/35 g) lightly toasted walnuts, finely chopped

1 ounce Parmesan, grated (about 1/3 cup)

Salt and freshly ground pepper

1. Heat the oven to 425 degrees. Line a baking sheet with foil and oil the foil. Place the squash on the baking sheet and rub or toss with 1 tablespoon of the olive oil. Place in the oven and bake until tender, 40 to 60 minutes depending on the type of squash and the size of the pieces. Every 15 minutes use tongs to turn the pieces over so different surfaces become browned on the foil. Remove from the oven and allow to cool, then peel and place in the bowl of a food processor fitted with the steel blade. Pulse several times, scrape down the sides of the bowl, then purée until smooth.

2. Heat another tablespoon of the olive oil over medium heat in a large, heavy skillet and add the onion. Add a generous pinch of salt, turn the heat to medium low and cook, stirring often, until very tender, sweet and lightly caramelized, about 20 minutes. Remove from the heat and add to the squash. Add the mint, nutmeg, walnuts, Parmesan, and 1 tablespoon olive oil and pulse together. Season to taste with salt and pepper. Serve on croutons.

Yield: 2 cups

Advance preparation: This will keep for three to four days in the refrigerator and freezes well. It benefits from being made a day ahead.

Variation: Omit the Parmesan for a vegan version. If desired, blend in 1 to 2 teaspoons of light miso.

Nutritional information per tablespoon: 35 calories; 2 grams fat; 0 grams saturated fat; 1 gram polyunsaturated fat; 1 gram monounsaturated fat; 1 milligram cholesterol; 4 grams carbohydrates; 1 gram dietary fiber; 15 milligrams sodium (does not include salt to taste); 1 gram protein

Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”

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Port-Au-Prince Journal: Campaign in Haiti to Close Orphanages

Ben Depp for The New York Times

An orphanage north of Port-au-Prince that is part of Mission of Hope Haiti.

PORT-AU-PRINCE, Haiti — Orphanages packed with little ones dot the landscape here, some with brightly colored signs outside their gates, others unmarked on back roads. But many of the children are not actually orphans, and a campaign is under way to close as many of the institutions as possible for good.

In the courtyard of one, Chris Savini, a missionary from Illinois, rocked a 10-month-old boy to sleep. The infant’s mother had died, and his father, Luxe Étienne, overwhelmed with eight children, turned over six of them to orphanages.

“He knew it was his son’s best shot,” said Mr. Savini, who arranged with the father for an American couple to adopt the baby from Mission Une Seule Famille en Jésus Christ, on the outskirts of Port-au-Prince.

Such arrangements have long been commonplace here. After the earthquake in 2010, it became clear that most children in the hundreds of orphanages in Haiti have living parents, as 10 Americans were jailed for taking custody of 33 children they said they believed to be orphans and trying to cross into the Dominican Republic with them. All the children were subsequently found to have parents living in Haiti.

Since then, a consensus has developed among government officials, children’s advocates, religious leaders and others that a new approach is required, starting with a reduction in the number of orphanages. But the transition is not easy, and some question whether the country is ready for it.

Of the roughly 30,000 children in Haitian institutions and the hundreds adopted by foreigners each year, the Haitian government estimates that 80 percent have at least one living parent.

The decision by Haitian parents to turn their children over to orphanages is motivated by dire poverty. Also, large families are common, and many parents unable to afford school fees believe that orphanages at least offer basic schooling and food.

On a recent visit to the orphanage caring for three of his children, Mr. Étienne said he struggled to make a living as a contractor and could barely support his two children who remained at home. Their private school fees, the equivalent of $237 per year, add to his burden.

“If I had enough income, I would have taken them back home,” he said, holding his cooing son.

Under rules put in place last month to comply with the Hague Convention on Intercountry Adoptions, the Haitian government intends to play a larger role in regulating adoptions. In cases involving children who are not orphans, the government intends to meet with the birth parents at the beginning of the process to obtain their consent and offer assistance like job training if they want their children to stay with them.

“We don’t want poverty to be the only motivation,” said Arielle Jeanty Villedrouin, who took charge of Haiti’s child welfare services last year. “For many cases in the past, that was the only motivation.”

To reduce the number of orphanages, the government has also begun inspecting institutions here in the capital and in the far-flung provinces and trying to close those in the worst shape and reunite as many children as possible with their families. A vast majority of the orphanages are unauthorized, and only 112 are accredited. Before this year, the government did not even have a count of the institutions.

Mission Une Seule Famille en Jésus Christ, where Mr. Étienne’s son awaits adoption, opened in 2005, but its director, Joseph Kesnel, said he picked up an application for accreditation only in October. Inspectors had not yet visited the orphanage, but there were troubling signs, including children complaining of not having enough to eat, a smell of urine and a baby without a diaper in the dirt courtyard.

With a team of 160 inspectors, financed in part by Unicef, the government has reviewed 725 orphanages and has found 72 to be of such poor quality that they should close. But actually shuttering them is another matter. Since September 2011, only 26 have been closed.

When one orphanage, Soeurs Rédemptrices de Nazareth, in the hills outside Port-au-Prince, was closed in June, 3 of the 64 children had to be hospitalized because of malnourishment, officials said, and others showed signs of rat bites and scabies. The director, Sister Dona Bélizaire, has been jailed on suspicion of child trafficking. Her backers have started an Internet campaign asserting that she is being held without cause.

The closings, though, have halted, because there are so few authorized orphanages that can take in children while the government tracks down their families, said Mrs. Villedrouin, the child welfare official.

Emily Brennan reported with the help of a grant from the International Reporting Project.

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Bret Bielema leaves Wisconsin for Arkansas

FAYETTEVILLE, Ark. (AP) — In its second stunning hiring this year, Arkansas tabbed Wisconsin coach Bret Bielema to take over a program that went into a tailspin after former coach Bobby Petrino was fired for hiring his mistress to work in the athletic department.

The Razorbacks released a statement Tuesday night saying Bielema will leave the Badgers after seven seasons. The announcement came minutes after he met with players at Wisconsin, and he'll be introduced at an afternoon news conference in Fayetteville on Wednesday.

"His tough, aggressive style of play has been successful and will be appealing to student-athletes and Razorback fans," Arkansas athletic director Jeff Long said in a statement. "He not only shares the vision and values for the future of Arkansas football, he embraces them."

A person familiar with the situation, who spoke on the condition of anonymity because the information hasn't been released publicly, says the deal is for six years and $3.2 million annually.

Bielema replaces interim coach John L. Smith, who was hired after Petrino was fired. Long announced after the season that Smith wouldn't return.

Barry Alvarez's hand-picked successor at Wisconsin, Bielema was 68-24 with the Badgers, with four double-digit-win seasons. He coached Wisconsin to a 17-14 victory over Arkansas at the Capital One Bowl in his first season.

He is leaving the Big Ten for the SEC and a Razorbacks program that opened the year with hopes of challenging for a national championship only to get mired in the Petrino scandal before stumbling to a 4-8 finish.

Bielema seems likely to bring a far different approach than what the Razorbacks have become accustomed to. Arkansas continually ranked among the Southeastern Conference's best passing teams under Petrino. Bielema, meanwhile, is known for his dominant offensive lines and slew of running backs.

"During my conversation with Jeff (Long), he described the characteristics for the perfect fit to lead this program," Bielema said in a statement. "It was evident we share the same mission, principles and goals."

Wisconsin running back Montee Ball tied Barry Sanders' long-standing single-season record of 39 touchdowns last year, and this year became the FBS career leader in touchdowns. He currently has 82 touchdowns after running for three Saturday night in the Big Ten title game against Nebraska — a 70-31 romp that secured the Badgers third straight trip to the Rose Bowl, where they will play Stanford on Jan. 1.

The 42-year-old Bielema was the defensive coordinator at Wisconsin for two years before being promoted to head coach in 2006. He played for Iowa and started his coaching career there as an assistant under Hayden Fry and later Kirk Ferentz.

"I was very surprised when Bret told me he was taking the offer from Arkansas," said Alvarez, now Wisconsin's athletic director. "He did a great job for us during his seven years as head coach, both on the field and off. I want to thank him for his work and wish him the best at Arkansas."

The Illinois native takes over a program still reeling following the Petrino scandal, one eager for stability and leadership.

"I'm excited about this decision," Arkansas cornerback Tevin Mitchel tweeted.

The Razorbacks improved their win total in four straight seasons under Petrino, including a 21-5 mark in 2010-11, and finished last season ranked No. 5. They had talked openly in the spring about competing for the school's first SEC championship and perhaps a national title.

Then came the April 1 motorcycle accident that led to Petrino's downfall. The married father of four initially lied about being alone during the wreck, later admitting to riding with his mistress — a former Arkansas volleyball player he had hired to work in the athletic department.

Smith, who had been an assistant the last three seasons at Arkansas under Petrino, was chosen by Long to guide a team that returned first-team All-SEC quarterback Tyler Wilson and a host of other key playmakers. The decision was lauded by the Razorbacks, who welcomed the personable Smith back with open arms.

The season hit the skids with a stunning overtime loss to Louisiana-Monroe on Sept. 8, starting a four-game losing streak that dropped Arkansas out of the rankings. The Razorbacks finished with the school's lowest win total since 2005, missing a bowl game for the first time since 2008.

"It's very difficult for me to believe that is not a bowl-eligible team," LSU coach Les Miles said following the Tigers' win over the Razorbacks in the season finale. "Watching the talent there, (it's) very capable."

Arkansas struggled to find its identity in the SEC after leaving the former Southwest Conference in 1992, but it appeared to have finally found just that under Petrino, who was hired after leaving the Atlanta Falcons during the season in 2007.

The Razorbacks turned into an offensive powerhouse under Petrino, leading the league in scoring and total offense last season. After winning 10 games and reaching the school's first BCS bowl game in 2010, losing to Ohio State, Arkansas won 11 games in 2011, capped by a Cotton Bowl win over Kansas State.

Still, Arkansas has yet to win the SEC, losing in the conference championship game three times.

While the country watched closely to see how Arkansas would react following Petrino's dismissal, Smith made headlines of his own throughout the season. The former Michigan State and Louisville coach filed for bankruptcy during the season, revealing $40.7 million in debt he blamed on bad land deals.

He was under far more fire from Arkansas fans for the mounting losses and it will be up to Bielema to turn things around in the loaded SEC West, with Alabama, LSU and now Texas A&M.

Long said during the season that the new coach would be tasked with building on the recent success at the school, which is looking into expanding the 72,000-seat Razorback Stadium and is currently building an 80,000-square-foot football operations center.

"The infrastructure in place at Arkansas shows the commitment from the administration to accomplish our goals together and I am excited to begin to lead this group of student-athletes," Bielema said. "This program will represent the state of Arkansas in a way Razorback fans everywhere will be proud of."

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