Burlington, Vermont’s most-populous city, is on the verge of losing its investment-grade bond ranking with a municipally backed project to bring high-speed Internet service siphoning taxpayers’ funds and prompting a property-tax increase.
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.
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., 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.
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.