Financial Services
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BofA lags on implementing foreclosure changes
Bank of America Corp. has been lagging in carrying out changes required by a $25 billion foreclosure settlement, the Boston Business Journal reported. more
| 8/30/12
R.I. setting standard for bondholders’ love
Central Falls, the first city in Rhode Island’s 222-year history to go bankrupt, is preparing to exit court protection after 13 months by keeping bondholders whole while raising taxes and cutting workers and pensions. more
Fed says credit quality of large loans improves for third year
The quality of large loans in the U.S. banking system improved for the third year in 2012, with problem credits falling 8.1 percent to $295 billion, according to the Federal Reserve. more
Fannie Mae tightens mortgage standards for some home buyers
Fannie Mae, the largest source of money for U.S mortgages, told lenders that it’s tightening some of its qualification standards for people buying homes or refinancing loans. more
Slater invests $130K more in MoFuse
Rhode Island public venture capital firm Slater Technology Fund has added $130,000 to its investment in Warwick mobile Internet management company MoFuse, Slater announced Tuesday. more
Banks use $1.77T stockpile to double treasury buying
The gap between U.S. bank deposits and loans is growing at the fastest pace in two years, providing lenders with more funds to buy bonds and temper the biggest sell-off in Treasuries since 2010. more
Cornell joins MIT in scaling back aid even as endowments rise
Cornell University and Massachusetts Institute of Technology are scaling back financial assistance to students, adding to the burden of families already coping with climbing college costs. more
Land appointed 38 Studios receiver
Richard J. Land, an attorney with Chase Ruttenberg & Freedman LLP, has been appointed state receiver in the 38 Studios LLC bankruptcy case, Gov. Lincoln D. Chafee announced Thursday. more
GM invests in NanoSteel
General Motors Ventures LLC has invested in The NanoSteel Co., a maker of nano-structured steel materials design, the company announced Monday. more
Stocks rise to highest level since May after jobs report
U.S. stocks rose, sending the Standard & Poor’s 500 Index toward the highest level since May, after data showed payrolls climbed more than forecast even as the jobless rate unexpectedly rose to a five-month high. more
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