Obama sets lower refinance fees for up to 3 million people

As many as 3 million homeowners could save about $1,000 a year because of a reduction in fees, announced Tuesday by President Obama, on refinancing their government-backed mortgages.

In addition, the White House said it was taking new steps to help active-duty military members whose homes were improperly foreclosed by large mortgage servicers.

The servicers have agreed to conduct a review overseen by the Justice Department of all foreclosures of military members since 2006 to determine if they violated a federal ban on such actions. Any violations will result in the servicer paying the military member’s lost equity, plus interest, plus $116,785.

The moves were the latest by the Obama administration to address the struggling housing market.

The broadest step is a reduction of refinancing fees by the FHA on mortgages it backs. By cutting the fees to refinance loans made before June 1, 2009, the typical borrower could save about $1,000 a year because of lower mortgage payments.

The administration estimated 2 million to 3 million homeowners would be eligible for the reduced fees.

Chrysler looking to produce natural gas-powered pickup

Chrysler aims to be the first U.S. automaker to produce a factory-built pickup powered mainly by natural gas.

The privately held company said Tuesday that its new Ram 2500 Heavy Duty CNG truck will be sold to commercial customers that operate truck fleets. The company expects to deliver the first trucks in July.

The truck will have natural gas tanks and an 8-gallon fuel tank for gasoline. Chrysler said a small amount of gasoline is needed to start the truck, but after ignition it runs entirely on natural gas. If the natural gas tanks run out, the engine can switch to gasoline.

Architects of BP settlement hope to win over skeptics

Days after they announced a multibillion-dollar settlement, BP PLC and a committee of plaintiffs’ attorneys are working out details of an agreement to resolve more than 100,000 claims spawned by the 2010 oil spill.

They must persuade a federal judge that the settlement is fair, but the sales job doesn’t end there because the deal already has its critics.

Some attorneys who didn’t participate in the settlement talks but represent thousands of plaintiffs question whether the court-supervised claims process offers a better bargain for their clients than the $20 billion compensation fund BP established in 2010. They can urge their clients not to participate, though pursuing a claim separately in court could involve years of costly litigation.

New Balance plans to add at least 40 jobs in Maine

Boston-based athletic shoe maker New Balance says it plans to hire 40 more workers at its Norridgewock facility by the end of the month.

A company representative said Monday that the company could add even more jobs if its plant converts to all natural gas, which could save up to 60 percent in energy costs.

John Campbell, director of corporate services at New Balance, spoke in favor of the tax break for a natural gas pipeline developer.