Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Banks to pay borrowers * The nation's largest banks will begin sending payments this week to millions of Americans who may have been wrongfully foreclosed on during the housing crisis. A total of $3.6 billion in cash will be distributed to 4.2 million eligible borrowers who lost their homes or were at risk of foreclosure, the Federal Reserve and the U.S. Comptroller of the Currency said Tuesday. The borrowers, who had been contacted earlier this year, will receive payments that range from $300 to $125,000. About 90 percent of borrowers whose mortgages were serviced by 11 of the banks will receive payments by the end of April, the agencies said. The last group of payments is expected in mid-July. The 13 banks, which include Bank of America, JPMorgan Chase, Wells Fargo and Citigroup, agreed to pay a total $9.3 billion in cash and in reductions of mortgage balances. The deal settled regulators' complaints that they wrongfully foreclosed on borrowers with abuses such as "robo-signing," or automatically signing off on foreclosures without properly reviewing documents. The settlement covers borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010.

Chrysler recalls * Chrysler Group LLC is recalling more than 247,000 SUVs and cars for several problems, including faulty gas tank hoses, broken drive shafts and air bag warning lights that illuminate when there's no problem. The largest of the recalls, posted Tuesday on the U.S. National Highway Traffic Safety Administration website, covers about 139,000 Chrysler 300, Dodge Charger and Dodge Challenger sedans from the 2011 and 2012 model years. The automaker says that faulty wiring can cause the air bag warning lights to illuminate. Chrysler also is recalling 78,500 two- wheel-drive Jeep Liberty and Dodge Nitro midsize SUVs because the drive shafts can break; the SUVs are from the 2007 and 2008 model years. …

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