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.









Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty
  

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.



`