Mortgage forclosure settlement: 22,000+ Virginians to get checks
RICHMOND, Va. (AP) - Checks are going out this week to more than 22,500 Virginians participating in the national mortgage foreclosure settlement.
Attorney General Ken Cuccinelli said Monday that each recipient will receive $1,480.
The payments are intended to compensate borrowers who experienced foreclosure abuses during the four years ending Dec. 31, 2011, and had their loan serviced by one of five mortgage lenders. Those companies are Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo.
The payouts total just over $33 million. Cuccinelli says more than 13,400 Virginia households also have received about $933 million in loan modifications and other forms of relief.
Oklahoma is the only state that did not participate in the $25 billion national settlement.