Homeowners Get $3.1 Billion in Pact With Mortgage Banks

July 8, 2014
New York Times 
mortgage lending news
U.S. homeowners have received a collective $3.1 billion to compensate them for improper foreclosures, according to a new Federal Reserve report. Of 4.2 million borrowers included in the government's 2013 settlement with banking heavyweights, 83 percent have cashed checks as of April 25.

The agreement stipulates a total of $3.6 billion in direct payouts, which so far have ranged from several hundred dollars to as much as $125,000. The participating banks -- including Bank of America, JPMorgan Chase, Wells Fargo, and Citibank -- also must dole out $5.7 billion in other assistance, such as mortgage relief.

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