72,000 borrowers share $107M for foreclosure abuse

State: 72,000 Michigan borrowers share $107 million settlement for banks' foreclosure abuses

Associated Press

LANSING, Mich. (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 Corp., Citi, JPMorgan Chase & Co., and Wells Fargo & Co. To be eligible, they must have lost their homes between 2008 and the end of 2011.

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