AG Announces 72,000 Borrowers to Receive Funds from National Mortgage Settlement
Michigan Attorney General Bill Schuette has announced that 72,000 borrowers will receive restitution for mortgage servicing abuses related to the national foreclosure crisis.
Checks will go out this week to Michigan borrowers who submitted a valid foreclosure payment claim through the Nation Mortgage settlement. The checks will be in the amount of $1,480.
In a news release Schuette said "thousands of Michigan residents were affected by the recent foreclosure crisis that consumed the country. These funds will help vicitms of mortgage servicers' abuse rebuild their lives."
Eligible Michigan borrowers had to have had their mortgage serviced by one of the settlements's five participating mortgage servicers, lost their home to foreclosure between January 1, 2008 and December 31, 2011, and submitted a valid claim form. The participating mortgage servicers are Ally (formerly GMAC), Bank of America, Citi, JP Morgan Chase and Wells Fargo.
In February 2012, Schuette and 48 other state attorneys general and the federal government announced the historic joint state-federal National Mortgage Settlement with the country's five largest mortgage servicers. Preliminary data shows that so far, the servicers have provided more than $50 billion in direct settlement relief to borrowers nationwide.
To see the full press release, click here: 06.10.13 Schuette Announces Michigan Residents to Receive $107.2 Million Through National Mortgage Settlement