MORE LIES ABOUT BANKS REFUNDING MONEY TO HOMEOWNERS
Banks will begin sending checks in foreclosure settlement
By The Associated Press
WASHINGTON — The nation’s largest banks will begin sending payments this week to millions of Americans who may have been wrongfully foreclosed on during the housing crisis.
A total of $3.6 billion in cash will be distributed to 4.2 million borrowers who lost their homes or were at risk of foreclosure, the Federal Reserve and the U.S. Comptroller of the Currency said Tuesday. Payments will range from $300 to $125,000. About 90 percent of borrowers whose mortgages were serviced by 11 of the banks will receive payments by the end of April, the agencies said.
The last group of payments is expected in mid-July.
In Colorado, nearly 76,000 homeowners were deemed eligible for a portion of the settlement, although how much would be dictated by a variety of factors. Of those eligible, homeowners who had requested a review of their case as of December could get additional funds.
In Colorado, that was 4,500 homeowners. Adams County had the highest number of eligible homeowners, according to data released by the Federal Reserve, with 9,511 homeowners. Of those, 491 had requested a review of their foreclosure cases.
Denver was second with 9,440 eligible homeowners, with 538 requesting review.
The banks, which include Bank of America, JPMorgan Chase, Wells Fargo and Citigroup, reached a settlement with the federal agencies in January. They agreed to pay a total $9.3 billion in cash and in reductions of mortgage balances.
Denver Post staff writer David Migoya
Banks will begin sending checks in foreclosure settlement
By The Associated Press
WASHINGTON — The nation’s largest banks will begin sending payments this week to millions of Americans who may have been wrongfully foreclosed on during the housing crisis.
A total of $3.6 billion in cash will be distributed to 4.2 million borrowers who lost their homes or were at risk of foreclosure, the Federal Reserve and the U.S. Comptroller of the Currency said Tuesday. Payments will range from $300 to $125,000. About 90 percent of borrowers whose mortgages were serviced by 11 of the banks will receive payments by the end of April, the agencies said.
The last group of payments is expected in mid-July.
In Colorado, nearly 76,000 homeowners were deemed eligible for a portion of the settlement, although how much would be dictated by a variety of factors. Of those eligible, homeowners who had requested a review of their case as of December could get additional funds.
In Colorado, that was 4,500 homeowners. Adams County had the highest number of eligible homeowners, according to data released by the Federal Reserve, with 9,511 homeowners. Of those, 491 had requested a review of their foreclosure cases.
Denver was second with 9,440 eligible homeowners, with 538 requesting review.
The banks, which include Bank of America, JPMorgan Chase, Wells Fargo and Citigroup, reached a settlement with the federal agencies in January. They agreed to pay a total $9.3 billion in cash and in reductions of mortgage balances.
Denver Post staff writer David Migoya