- Posted June 12, 2013
- Tweet This | Share on Facebook
Borrowers share $107M for foreclosure abuse
LANSING (AP) -- About 72,000 borrowers who lost their homes to foreclosure in Michigan over a 4-year period will share in a national settlement with five large banks.
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.
Published: Wed, Jun 12, 2013
headlines Oakland County
- Annual Dinner & Meeting
- FORCE Team arrests six in prolific auto theft ring
- Michigan allocates $12 million to support community-based organizations in advancing environmental and climate justice
- Oakland County and SMART launch pilot program providing free transit for veterans and dependents
- Supreme Court sides with the Consumer Financial Protection Bureau
headlines National
- More lawyers—and clients—want to learn about sustainable development practices
- Top artificial intelligence insurance tips for lawyers
- Lawyer charged with illegally transmitting Michigan data after 2020 election
- Viral video shows former Rikers Island inmate as she learns she passed bar exam on first try
- How Sullivan & Cromwell is scrutinizing potential new hires after campus protests
- No separate hearing required when police seize cars loaned to drivers accused of drug crimes, SCOTUS rules