DES MOINES, Iowa (AP) -- The Iowa attorney general's office says more than 6,000 Iowa residents who filed foreclosure payment claims will be sent checks of about $1,480 each.
The office says in a news release Tuesday the payments will go to those who had a mortgage serviced by one of five servicers who participated in the National Mortgage Settlement. They had to have lost their home to foreclosure between Jan. 1, 2008, and Dec. 31, 2011, and submitted a valid claim.
The five servicers are Bank of America Corp., Citi, JPMorgan Chase & Co., Wells Fargo & Co., and Ally, formerly GMAC.
The Iowa payments are part of a $1.5 billion payment pool negotiated in a joint state-federal settlement.
Iowa Attorney General Tom Miller was the lead state negotiator.
Miller says 6,051 Iowa borrowers qualified and made claims.
- Company Legal & Law Matters