National mortgage settlement: 'The check is in the mail'
- Margie Manning
- Quality and Content Editor-Tampa Bay Business Journal
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More than 1,700 Floridians are expected to receive a check for $1,480 each this week, as part of a national settlement with major mortgage servicers.
The checks are being sent to claimants who lost their homes to foreclosure and who filed a claim under the National Mortgage Settlement.
This is the most recent distribution from a $25 billion national settlement announced in 2012 by Florida Attorney General Pam Bondi, 48 states and the U.S. Department of Justice withBank of America (NYSE: BAC), JPMorgan Chase & Co. (NYSE: JPM), Wells Fargo & Co.(NYSE: WFC), Citibank (NYSE: C) and Ally Bank, formerly GMAC.
Floridians will receive a total of $2.5 million in this distribution second in value only to California, according to a statement from Bondi. The total distribution to date to foreclosed homeowners in Florida under the settlement is about $109.5 million to 74,000 Floridians.
Margie Manning is Quality and Content Editor of the Tampa Bay Business Journal. She also covers banking, finance and professional services.
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