underground
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So you just learned summer internships exist.
So you just learned summer internships exist.
Both Ted Kennedy and Scott Brown paid their interns.
Foreclosed Massachusetts homeowners will get $1,480 each from national settlement
Matthew L. Brown
Reporter-
Boston Business Journal
Tens of thousands of Massachusetts homeowners were forced from their homes during rushed, shoddy and illegal foreclosures between 2008 and 2011, and they’ll get $1,480 for their trouble, state Attorney General Martha Coakley said today.
Beginning as early as next week, some 11,000 checks totaling about $16 million should be in the hands of Massachusetts borrowers who the state alleges were wrongly foreclosed by Bank of America, Wells Fargo, Citibank, JP Morgan Chase and Ally.
The payments are the result of a settlement reached more than a year ago with the five big banks over improper foreclosures.
Checks arriving in Massachusetts next week will go to borrowers who filed valid claims with the settlement’s administrator. In situations where borrowers have divorced, or are no longer living together, payments will be split between them evenly.
Every borrower who filed a claim will at least get “a letter regarding their outcome,” Attorney General Martha Coakley’s office said in a statement.
The majority of the more-than $600 million in “relief” provided Massachusetts borrowers under the settlement has come in the form of second loan forgiveness, short sales and principal reduction.
Most, about $376 million, has come from Bank of America.
A separate settlement between federal bank regulators and several large lenders also resulted in small checks, mostly between $300 and $2,000, for borrowers who had allegedly been wronged during the foreclosure process.
Massachusetts borrowers also recently began receiving checks resulting from that settlement as well.
China building mega cities but they remain empty ghost towns
http://www.news.com.au/business/chi...ing-bubble-burst/story-e6frfm1i-1226611169281
Lawrence Summers' $900M soured swaps deal at Harvard comes back to haunt him
Aug 30, 2013, 6:29am EDT
Craig Douglas
Managing editor/online vertical products and research-
Boston Business Journal
As Lawrence Summers’ name continues to circulate as a potential replacement for Federal Reserve Chairman Ben Bernanke, a disastrous financing deal he brokered while leading Harvard University is getting a second look.
While serving as president of Harvard during a five-year span that ended in 2008, Summers helped design an interest-rate swap agreement intended to fund the Cambridge-based university’s planned expansion on the other side of the Charles River in Allston. But the volatile swings in interest rates and credit markets surrounding the financial crisis that unfolded that year ultimately backfired on the Summers-endorsed plan, according to Bloomberg News.
Despite Harvard’s deep pockets and expansive real estate portfolio in Greater Boston, the market’s turmoil ended up costing Harvard around $900 million to unwind its swaps position, the newswire reported. Harvard’s expansion plans in Allston were subsequently put on ice, much to the chagrin of local neighborhood groups.
But that was after Summers, now 58, had already stepped down from the university. His departure in 2008 came during a controversial period on campus prompted by comments he made about women’s aptitude for the sciences.