Banks pay out $3.1 billion to homeowners in federal mortgage settlement

July 8
BANKING
$3.1 billion paid out
in mortgage review

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.

— Associated Press

AVIATION
Boeing examines
train-wreck fuselages

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.

— Associated Press

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