Modifications

General Dynamics Corp. said Monday that its Electric Boat subsidiary received a pair of U.S. Navy contract modifications worth a combined $32.9 million to continue developing the common missile compartment for submarines and for submarine maintenance work. Under the first modification, Electric Boat will design and produce equipment to be used in the production of the common missile compartment for the United Kingdom's ballistic-missile submarine and the United States' Ohio replacement submarine.

A bill meant to stop "unnecessary" foreclosures in Massachusetts cleared its first major legislative hurdle Wednesday when it gained approval from the Legislature's Joint Committee on Financial Services. The bill, filed by Attorney General Martha Coakley, would require banks to analyze certain troubled mortgage loans and offer borrowers modifications when it makes more financial sense than foreclosure. Cosponsored by Democrats Senator Karen Spilka of Ashland and Representative Steven M. Walsh of Lynn, the bill now goes before the House Committee on Ways and Means.

Be it ever so humble, there's no place like home, especially for many senior citizens who prefer to stay in their houses. But from steep stairs to inadequate lighting, studies show that most homes are not designed to accommodate people over 65. That's where Roy Carreiro and HouseWorks, a Boston-based home-care company that helps seniors live independently, come in. Carreiro, 34, is part of a team that installs home modifications so those with...

Be it ever so humble, there's no place like home, especially for many senior citizens who prefer to stay in their houses. But from steep stairs to inadequate lighting, studies show that most homes are not designed to accommodate people over 65. That's where Roy Carreiro and HouseWorks, a Boston-based home-care company that helps seniors live independently, come in. Carreiro, 34, is part of a team that installs home modifications so those with...

Homeowners who had mortgages modified recently are faring better than those who did so earlier in the housing crisis, according to a report released yesterday, possibly debunking predictions of a huge wave of defaults to come. The State Foreclosure Prevention Working Group warned of other troubling signs, however, on the same day that a separate industry report showed the most severe July sales drop-off for previously occupied homes in 15 years. The group of 12 state attorneys general and state banking regulators said yesterday that foreclosures still easily outpace the number of loan modifications.

WASHINGTON — The number of homeowners dropping out of the Obama administration’s main mortgage assistance plan is growing and is now almost equal to the number who have received permanent relief — the latest evidence of problems in the $75 billion program. While officials say the program is helping the housing market turn around, critics say it is merely delaying an inevitable surge in foreclosures. More than 299,000 homeowners had received permanent loan modifications as of last month, the Treasury Department said.

WASHINGTON - The Obama administration yesterday named the first six companies participating in a $75 billion program designed to help struggling homeowners avoid foreclosure. The administration said the companies will receive a maximum of $9.9 billion in incentive payments, which are designed to encourage mortgage companies to lower borrowers' monthly bills. The government is working on arrangements with other companies. Chase Home Finance, part of JPMorgan Chase & Co., will receive up to $3.6 billion, the largest amount among the six companies.

A bill meant to stop "unnecessary" foreclosures in Massachusetts cleared its first major legislative hurdle Wednesday when it gained approval from the Legislature's Joint Committee on Financial Services. The bill, filed by Attorney General Martha Coakley, would require banks to analyze certain troubled mortgage loans and offer borrowers modifications when it makes more financial sense than foreclosure. Cosponsored by Democrats Senator Karen Spilka of Ashland and Representative Steven M. Walsh of Lynn, the bill now goes before the...

WASHINGTON - Faced with sluggish progress in its foreclosure-prevention effort, the Obama administration will spend the coming weeks cracking down on mortgage companies that aren’t doing enough to help borrowers at risk of losing their homes. Treasury Department officials said yesterday they will step up pressure on the 71 companies participating in the government’s $75 billion effort to stem the foreclosure crisis. The will start this week by sending three-person “SWAT teams’’ to monitor the eight largest companies’ work and requesting...

The Academy of Motion Picture Arts and Sciences and the Los Angeles County Museum of Art have taken a step toward establishing a museum dedicated to motion pictures. In a joint statement Tuesday night, the Academy's Board of Governors and LACMA's Board of Trustees announced an agreement to sign a memorandum of understanding to establish a movie museum at the former May Company building, now known as LACMA West. The memorandum clears the way for the two organizations to discuss details of a contract and for the Academy to begin developing plans for...

Connecticut Attorney General George Jepsen says borrowers in the state will receive about $119 million in benefits from loan modifications and other direct relief as part of a $25 billion deal with the nation's biggest mortgage lenders over foreclosure abuses. Jepsen says an estimated 7,500 Connecticut borrowers who lost their home to foreclosure from Jan. 1, 2008, through Dec. 31, 2011, would qualify for about $1,500 in cash payments. Federal and state officials announced the deal Thursday.

The Academy of Motion Picture Arts and Sciences and the Los Angeles County Museum of Art have taken a step toward establishing a museum dedicated to motion pictures. In a joint statement Tuesday night, the Academy's Board of Governors and LACMA's Board of Trustees announced an agreement to sign a memorandum of understanding to establish a movie museum at the former May Company building, now known as LACMA West. The memorandum clears the way for the two organizations to discuss details of a contract and for the Academy to begin developing plans for fundraising, design, exhibitions,...

WASHINGTON - The risk that an earthquake would cause a severe accident at a US nuclear plant is greater than previously thought, 24 times as high in one case, according to an Associated Press analysis of preliminary government data. The nation's nuclear regulator believes a quarter of America's reactors might need modifications. The threat came into sharp focus last week, when shaking from the largest earthquake to hit Virginia in 117 years appeared to exceed what the North Anna nuclear power plant northwest of Richmond was built to sustain.

General Dynamics Corp. said Monday that its Electric Boat subsidiary received a pair of U.S. Navy contract modifications worth a combined $32.9 million to continue developing the common missile compartment for submarines and for submarine maintenance work. Under the first modification, Electric Boat will design and produce equipment to be used in the production of the common missile compartment for the United Kingdom's ballistic-missile submarine and the United States' Ohio replacement submarine.

Amid concerns that not enough unemployed Massachusetts homeowners have applied for zero-interest federal loans intended to help them make mortgage payments, state officials yesterday began a campaign to generate more interest in the $61 million program before the application period expires in two weeks. The Emergency Homeowners’ Loan Program is expected to benefit more than 1,200 out-of-work Massachusetts residents by allowing them to borrow money for up two years. In certain cases, the loans will not have to be repaid.

I WILL stop riding MBTA buses if I am forced to endure audio advertisements (“MBTA again considers audio ads on its buses,’’ Metro, July 6). There still are some of us who enjoy quiet moments without radios and TVs. Entering supermarkets, doctors’s offices, and banks, one can see those moments are disappearing. Commuter Advertising, the Ohio-based commuter advertising company, says that since it was founded by two transit riders, they have the riders’ interests at heart.

Connecticut Attorney General George Jepsen says borrowers in the state will receive about $119 million in benefits from loan modifications and other direct relief as part of a $25 billion deal with the nation's biggest mortgage lenders over foreclosure abuses. Jepsen says an estimated 7,500 Connecticut borrowers who lost their home to foreclosure from Jan. 1, 2008, through Dec. 31, 2011, would qualify for about $1,500 in cash payments. Federal and state officials announced the deal Thursday.

WASHINGTON - Just over 31,000 homeowners have received permanent loan modifications since March under the Obama administration’s mortgage relief plan, spotlighting some of the program’s failures. Among big lenders, Bank of America Corp. had the worst results. The nation’s largest lender had completed 98 modifications for the 160,000 borrowers who had signed up by the end of November. GMAC Mortgage had the most of any lender, with just 7,100. The weak results mean the Obama administration is not going to hit its long-term target of helping 3 to 4 million borrowers...

Bank of America Corp. lost a bid yesterday to dismiss a series of legal challenges filed by financially troubled homeowners in 19 states after a US District Court judge in Boston ruled against the lender. Judge Rya W. Zobel ruled that litigation involving 26 consolidated cases filed by homeowners seeking to stop their foreclosures should continue. The homeowners say that Bank of America broke a “binding contract’’ by failing to give them permanent mortgage loan modifications after they had complied with the lender’s requirements during a trial period under the federal...

Suze Orman’s pep talks carry consistent themes: Attack debt. Have a retirement plan. Take control of your money. Orman hasn’t remained the nation’s best-known purveyor of personal finance advice by sticking to the same script through boom and bust, however. Her powerful, empathetic delivery, often accompanied by a wagging finger, makes her persuasive. And she has knack for talking people through changes in the economy. Orman has a more pessimistic outlook for the economy than many of her peers.