By: Beth Kevit, [email protected]//May 23, 2013//
By: Beth Kevit, [email protected]//May 23, 2013//
Wisconsin borrowers received awards totaling $23.5 million in the first three months of 2013 through the National Mortgage Settlement.
To date, 3,516 Wisconsin borrowers have claimed more than $167 million in mortgage-loan relief, according to a news release.
The National Mortgage Settlement stems from legal action against Bank of America Corp., Citi, Wells Fargo and Co., JP Morgan Chase and Co. or Ally Bank, which was previously GMAC.
The settlement includes $1.5 billion that is expected to be distributed among two million borrowers whose homes were foreclosed from 2008 to 2011. Wisconsin residents account for more than 22,000 of those borrowers and will receive awards totaling about $17.2 million.