72,000 borrowers share $107M for foreclosure abuse

About 72,000 borrowers who lost their homes to foreclosure in Michigan over a four-year period will share in a national settlement with five large banks.
AP Wire
Jun 11, 2013

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.

Comments

truthhurts

That makes everything ok. This equates to less than $1500 per person. Looks like banks have a lot in common with our federal gov.

LessThanAmused

Some would say the banksters are the ones running the federal government.

Post a Comment

Log in to your account to post comments here and on other stories, galleries and polls. Share your thoughts and reply to comments posted by others. Don't have an account on GrandHavenTribune.com? Create a new account today to get started.