In a settlement deal, JPMorgan Chase has agreed to pay some $13 billion in fines and other payments related to mortgages and mortgage securities that helped cause the financial crisis that began in 2007.
Originally published on Tue November 19, 2013 5:38 pm
In an agreement settling many U.S. claims over its sale of troubled mortgages, JPMorgan Chase will pay a record $13 billion, in a deal announced by the Justice Department Tuesday. The plan includes a $4 billion payment for consumer relief, along with a payment to investors of more than $6 billion and a large fine.
The latest updates on this story are at the bottom of this post. We've also added a few key points to the main post.
The Department of Revenue Services said it collected almost $180 million in back taxes through a two-month-long amnesty program. That's far in excess of the $35 million it set as a goal at the beginning of the amnesty.
Originally published on Mon November 18, 2013 8:45 pm
JPMorgan Chase & Co. will pay $4 billion to consumers who were hurt by faulty mortgage underwriting, part of a larger $13 billion deal to settle the bank's liability in the collapse of toxic securities during the housing crisis.
The end of an era in New Haven finally seemed like reality last week as Toni Harp won election to the mayor's office. The man she's replacing, John DeStefano, is following 20 years at the head of city government with another prominent role in New Haven. He'll become an executive at New Haven's Start Bank.
Once a federal grand jury enters the picture, every little detail counts.
Yesterday, we told you that Hartford city auditors issued their report on Treasurer Adam Cloud and Hybrid Insurance Group. Among other things, they found that Cloud and finance officials ignored standard operating procedure when they wired more than $800,000 to Hybrid's troubled CEO Earl O'Garro.
Connecticut saw a boost in home sales in September. According to the Warren Group, a Boston-based real estate data firm, 2,326 single family homes sold in the state in the month. That’s up 21.4 percent from September of 2012.
The scope of the federal grand jury investigation involving the relationship between Hartford's city treasurer and an insurance broker continues to grow, as the state has confirmed that federal prosecutors served a subpoena on two of its departments.
Connecticut’s acute-care hospitals ended the last fiscal year in slightly better financial health than in the prior year, with just five of 30 hospitals reporting losses, according to a new state report.
Data filed with the state Office of Health Care Access (OHCA) shows that six hospitals had operating losses in the 2012 fiscal year – the same number as in 2011, but fewer than in 2010. When non-operating gains and losses are included, five hospitals had negative total margins, or deficits – down from eight in 2011.
The state will establish a loan fund for shoreline residents who want to raise their homes out of the flood zone. Thousands of shoreline homes and businesses were damaged or destroyed by flooding just one year ago, during Superstorm Sandy. And for many, that was a second time around, after Tropical Storm Irene the year before.
Our weekly news roundtable The Wheelhouse has a lot on the table, including a Hartford scandal that has turned into yet another dispute over freedom of information. Also, there were hearings earlier this week on the Metro-North outages. So who's to blame, and who's going to pay? We'll also check in with someone who writes about Catholicism. When the new Archbishop in Hartford was announced, he said it was "not a happy day" in the city.
Federal prosecutors served a subpoena on Hartford City Hall last week, and attorneys for Mayor Pedro Segarra are refusing to release it to the public. But a recent case suggests that the city may be violating the state's Freedom of Information laws.
Hartford Mayor Pedro Segarra confirmed that federal agents have served a subpoena on city hall. Segarra said he hasn't read the subpoena and doesn't know what it's for. "I have had a conversation with our legal department," he said. "They informed me that a subpoena was received in connection with a federal investigation. I have not read the subpoena, so I'm not familiar with what the subpoena states, or what it is requesting."
Westfield State University Trustees begin a meeting on Oct.16,2013 to address the status of University President Evan Dobelle. Seated ( l to r) chairman John Flynn, board attorney James Cox, Dobelle, trustee Kevin Queenin
Originally published on Fri October 25, 2013 12:21 pm
The leadership controversy at Westfield State University has deepened with the filing of a federal court lawsuit. Embattled President Evan Dobelle charges trustees and the state’s top higher education official have defamed him.
In our continuing coverage of the missing $670,000 in Hartford insurance premiums, there are at least two main players: city treasurer Adam Cloud, and Earl O'Garro, the CEO of Hybrid Insurance Group. Lots of questions remain unanswered. One is this: What kind of history do the two men have?
Connecticut borrowers with private student loans have one of the highest complaint rates in the nation. The figures have been compiled by consumer rights group ConnPIRG, from the database of the Consumer Financial Protection Bureau.
Originally published on Wed October 23, 2013 6:17 pm
The Massachusetts Higher Education Commissioner addressed the controversy surrounding Westfield State University President Evan Dobelle during a visit to Springfield on Wednesday. Richard Freeland also sounded an alarm about the state’s future ability to produce a properly educated workforce.
Originally published on Wed October 23, 2013 6:59 pm
A Manhattan jury has held Bank of America liable for fraud related to bad loans its Countrywide Financial Corp. unit sold to Fannie Mae and Freddie Mac as the housing market soured.
The verdict was returned on Wednesday after several hours of deliberation in a month-long trial that focused on loans Countrywide completed in 2007 and 2008, as the housing crisis was already underway. Countrywide was acquired by Bank of America in 2008.
United Technologies reported a boost in third quarter earnings of 13 percent, at $1.55 per share, beating analysts' expectations. The Hartford-based conglomerate trimmed its full-year revenue estimates, however, because of the government shutdown and cuts in military spending.
Community banks are a vital part of the credit landscape, according to a new report. Despite their popularity with customers, their numbers are shrinking. Federal regulators joined with state authorities to take an in depth look at community banking around the country in what's being viewed as the most comprehensive study of its kind.
The state insurance department has filed an 11-count complaint against Hybrid Insurance Group, the company that has defaulted on a state loan and failed to pay $670,000 in insurance premiums for the City of Hartford. Hybrid's CEO Earl O'Garro has 20 days to respond, and must appear at a hearing scheduled for November 21.
General Electric saw a fall in third quarter profits, but investors sent shares up anyway, because of a record backlog of orders for the company.
Fairfield-based GE is considered a bellwether for the U.S. economy because of its wide reach across many industries. In the third quarter, profits fell by 18 percent to just over $3 billion, brought down by a fall in revenues at GE Capital, the conglomerate’s finance arm. The numbers were also hit by the expense of foreign currency transactions.