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.
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., 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.
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.
Citigroup Inc., the third-largest U.S. lender by assets, plans to stop using brokers to originate mortgages and probably will cut jobs as it exits the business while banks grapple with the fallout from the housing collapse.
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.