Homeowners have received about $3.1 billion in cash under a federal settlement with 13 big banks over alleged misconduct in processing mortgages that may have resulted in wrongful foreclosures, the Federal Reserve said in a report released Monday.
The report said 83 percent of the 4.2 million borrowers covered by the January 2013 settlement, or about 3.4 million, had cashed checks as of April 25. The amounts paid range from several hundred dollars to $125,000.
The 13 banks include Bank of America, Citigroup, JPMorgan Chase, Wells Fargo and Goldman Sachs.
The $9.3 billion settlement called for $3.6 billion in cash payments and $5.7 billion in aid such as reduced mortgage loans. The settlement ended a review of mortgage files required under a 2011 action by federal regulators.
Boeing is deciding what to do with six newly manufactured commercial airplane bodies that fell off a train in a derailment in western Montana, including three that slid down a steep riverbank.
Boeing spokeswoman Dina Weiss said Monday that experts from Boeing and Spirit Aerosystems, which built the fuselages, were at the site.
She said in a statement that some Boeing 777 and 747 airplane parts appeared undamaged after Thursday’s derailment and will be shipped to the company’s Everett, Wash., assembly plant.
The derailment sent three 737 fuselages down an embankment of the Clark Fork River and knocked three others from the train.
Crews were working to hoist the fuselages from the river about 50 miles west of Missoula. Montana Rail Link spokeswoman Lynda Frost has said it could take until Tuesday to remove all three.
● Former Treasury secretary Lawrence H. Summers urged Congress to reauthorize the endangered Export-Import Bank, saying that allowing the agency to shut down while other countries have similar programs to boost their foreign sales would be “the economic equivalent of unilateral disarmament.” In an opinion article in the Financial Times on Sunday, Summers said the bank is crucial to U.S. economic engagement in the global economy. Republican lawmakers oppose reauthorizing the export-assistance agency before its charter expires Sept. 30
● Airbus Group’s helicopter division sealed a $600 million deal Monday to sell 123 helicopters to Chinese companies. The orders, including light single-engine helicopters from Airbus Helicopters’ Ecureuil family and the light twin-engine EC135, are being placed by three Chinese general aviation service providers, the company said. The deal is among the biggest since China recently relaxed restrictions on low-altitude flying in its mainly military-controlled airspace.
● Archer-Daniels-Midland is acquiring Wild Flavors for about $3 billion as it seeks to diversify from grain processing and tap into the less volatile natural ingredients business. Wild Flavors, the maker of Capri Sun juice drink and natural food ingredients, is being purchased from Hans-Peter Wild and funds affiliated with KKR, Decatur, Ill.-based ADM said. The deal will help the world’s top corn crusher gain a bigger foothold in overseas markets for food and drink made with more natural raw materials.
● Uber Technologies, the car-sharing service that lets people order transportation via a smartphone, is temporarily cutting fares on its taxilike option to step up competition with New York City cab services. The start-up reduced fares by 20 percent in New York for its UberX service, making it cheaper than a city taxi, the company said on its Web site. An UberX ride from New York’s Grand Central Station to the Financial District would cost $22 under the new fares, compared with $24 for a city taxi, Uber said.
● The maker of Jack Daniel’s Tennessee Whiskey celebrated the opening of a new cooperage in Alabama to supply its distillery with the American white oak barrels that are toasted and charred to give the spirit its distinctive flavor and color. The facility located in Trinity, Ala., is about 60 miles southwest of the Jack Daniel’s distillery in Lynchburg, Tenn. Within the next few weeks, the cooperage is expected to make about 700 barrels per day out of wood from nearby stave mills owned by the company, and it is projected to employ more than 200 workers.
● House Republicans, who have proposed bills to audit the Federal Reserve and to limit its policy mandate, set a hearing for 10 a.m. Thursday to discuss measures aimed at the U.S. central bank. The title of the hearing is “Legislation to Reform the Federal Reserve on Its 100-year Anniversary,” according to a memo from the U.S. House Financial Services Committee.
● Earnings: Alcoa, Hertz Global.