Report: Homeowners paid $3.1B cash in settlement

File photo of a sale sign in front of a foreclosed home in Antioch, California. (Justin Sullivan, Getty Images)
File photo of a sale sign in front of a foreclosed home in Antioch, California. (Justin Sullivan, Getty Images)
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Updated: 7/07 5:22 pm

WASHINGTON (AP) — A new report says homeowners have received about $3.1 billion in cash under a federal settlement with 13 big banks over alleged misconduct in processing mortgages that may have resulted in wrongful foreclosures.

The report by the Federal Reserve released Monday says 83 percent of the 4.2 million borrowers covered by the January 2013 settlement, or about 3.4 million, had cashed checks as of April 25. The amounts paid range from several hundred dollars to $125,000.

The 13 banks include Bank of America, Citigroup, JPMorgan Chase, Wells Fargo and Goldman Sachs.

The $9.3 billion settlement called for $3.6 billion in cash payments and $5.7 billion in aid such as reduced mortgage loans. The settlement ended a review of mortgage files required under a 2011 action by federal regulators.

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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