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(Updated, 1 p.m.) Bank of America Corp. agreed to pay about $16.7 billion to end federal and state probes into mortgage bond sales, the harshest penalty yet related to loans that fueled the 2008 financial crisis. more
The decommissioned USS Saratoga is on its way from Naval Station Newport to a recycling plant in Brownsville, Texas, where it will be scrapped and recycled, according to the U.S. Navy. more
General Dynamics Electric Boat is in a hiring surge to meet the requirements of U.S. Navy contracts and has already added more than 720 new employees at its Quonset Point facility since the beginning of the year, according to Jason Vlaun, the company’s human resources manager. more
A new generation of Wall Street bankers is about to get a raise, as firms open wallets to head off defections to investment funds and Silicon Valley. more
Purchases of previously owned U.S. homes unexpectedly rose in July to a 10-month high as low borrowing costs and an increase in inventory drew buyers. more
Media General announced Wednesday that it has entered into definitive agreements to sell several of its assets – including WJAR-TV NBC 10 – to meet the regulatory requirements of its merger with Providence-based LIN Media, the parent of WPRI-TV 12. more
Bank of America Corp.’s record settlement with the Justice Department over the sale of mortgage bonds in the run-up to the 2008 financial crisis will be announced as soon as Thursday, two people with knowledge of the matter said. more
The Corporation for National and Community Service has awarded a $345,000 grant to Rhode Island Campus Compact to bring 23 new AmeriCorps Vista members into the state to help build campus-community partnerships supporting education and economic opportunity. more
The Genesis Center is one of 30 nonprofits across the country to be named a “model program” in the National Skills Coalition by Vice President Joseph Biden. more
Two Rhode Island-based companies, Alex and Ani and First Point Power, made the top 100 in Inc. Magazine’s annual ranking of the 5,000 fastest-growing private companies in the country, released Wednesday. more
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