Wells Fargo & Co., the largest U.S. home lender, has assigned about 400 underwriters to originate mortgages for the bank to hold, with as many as 40 percent of those loans likely to fall outside government guidelines taking effect this week.
Cape Wind, the proposed $2.6 billion wind farm off the coast of Massachusetts criticized by local residents including the Kennedy family, will qualify for a key federal tax credit that expires at the end of the year, according to its turbine supplier Siemens AG.
Bank of America Corp., JPMorgan Chase & Co. and three other banks agreed to pay $25 million to New York to resolve some monetary claims over the use of a mortgage database after reaching a $25 billion national settlement over foreclosure practices.
Cape Wind Associates LLC, the developer of a 468-megawatt wind farm off the coast of Massachusetts, said regulators approved a power sales contract with utility Nstar, bringing the project one step closer to financing.
When the largest U.S. banks agreed to pay $25 billion last year to settle claims of abusive foreclosure practices, they promised to stop seizing homes from borrowers who had completed applications for mortgage help.