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.
Bank of America Corp. and JPMorgan Chase & Co. , along with three other U.S. mortgage servicers, proposed paying $5 billion to settle a probe of their foreclosure practices by state and federal officials, two people familiar with the matter said.
Rajat Gupta, the ex-Goldman Sachs Group Inc. director accused of giving inside information to fund manager Raj Rajaratnam about that company and Procter & Gamble Co., may face additional allegations he passed tips, prosecutors said.
Two Citigroup Inc. executives are departing after federal prosecutors named them earlier this year in a mortgage-insurance fraud case that resulted in a $158.3 million settlement and an admission of wrongdoing by the bank.
Citigroup Inc. ’s effort to streamline its North American consumer finance unit caused overdue loans to jump more than expected as the bank moved 750,000 customer accounts to new locations, a person briefed on the matter said.
The biggest U.S. mortgage lenders and servicers say they’re putting the foreclosure mess behind them, and that it never was a major problem. The reality is these companies are so big and unmanageable, the people in charge of running them have no way to know if that is true.