Mortgage abuses return
to banks”™ doorstep
Connecticut homeowners are in line for $190 million, following a settlement with the nation”™s five largest mortgage-service companies.
It was the largest joint federal and state settlement in history, according to Connecticut Attorney General George Jepsen. Agreeing to pay a combined $25 billion were Bank of America Corp., Citi, JPMorgan Chase & Co., Wells Fargo & Co. and GMAC, which is now controlled by Ally Financial Inc.
“It provides immediate help to thousands of Connecticut homeowners at a time when they can still use that help to save their homes,” Jepsen said in a prepared statement. “As important as the financial relief, the settlement requires the banks to change the way they service distressed loans and it holds the banks accountable for what have become familiar abuses. For the first time, state attorneys general will have authority to monitor how federally regulated banks comply with the new servicing rules and to impose heavy penalties on those banks that fall short.”
The state will receive a direct payment estimated at $27 million to help pay for local programs, such as the Connecticut Department of Banking”™s foreclosure prevention hotline, HUD-approved housing counselors, the Judicial Branch”™s foreclosure mediation program, nonprofit legal aid groups that help homeowners and loan-modification programs supported by the Connecticut Housing Finance Authority.
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Architect sets up
at Merritt 7
Antinozzi Associates opened a branch office in Norwalk at Merritt 7 Corporate Park, where it has been retained for on-call design services in one of Fairfield County”™s largest office complexes.
Bridgeport-based Antinozzi said the new office gives it closer access as well to clients in lower Fairfield County and Westchester County, N.Y.
FactSet Research Systems Inc. recently expanded at Merritt 7, where it employs some 600 people.
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Barrow makes move in Stamford
Real estate investment manager Barrow Street Capital L.L.C. is moving its main office to First Stamford Place from nearby Metro Center in Stamford, with both buildings owned by Malkin Properties.
Barrow Street is taking more than 2,500 square feet at 300 First Stamford Place. Other tenants there include the aircraft leasing company Aircastle Ltd. and the marine cargo and tanker company Intrepid Shipping L.L.C.
Stratford gets $850,000
in clean energy funding
The Connecticut Energy Efficiency Fund awarded Stratford some $850,000 to make town buildings more efficient, with the goal of saving nearly $10 million over 15 years.
In all, the town will spend $10 million on lighting retrofits, water treatment plant upgrades, building envelope improvements, boiler replacements, roof replacements, solar panels and wind turbines.
Stratford became the first to take advantage of performance contracting programs offered by the state.
“Stratford has been taking advantage of our programs in a limited, one-at-a-time fashion over the past 10 years, but performance contracting gathers all energy efficiency measures together,” said Richard Steeves, first vice chair of the Energy Efficiency Board, in a prepared statement. “It”™s our hope that other towns will make efforts to utilize this new integrated solution.”
