72,000 borrowers share $107M for foreclosure abuse
Jul 21, 2015 at 12:44 PM
The Michigan Attorney General's Office said Monday that borrowers will receive checks for about $1,480 each. They'll be mailed starting this week.
The $107 million in restitution stems from a 2012 settlement announced by 49 states and the federal government. The country's five largest mortgage servicers agreed to the settlement after investigations into employees signing documents without proper review and other errors.
Eligible borrowers had mortgages serviced by Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo. To be eligible, they must have lost their homes between 2008 and the end of 2011.