More than 1,700 property owners receive almost $US1,500 from award under the National Mortgage Settlement for ‘unacceptable practices’
More than 1,700 owners of foreclosed property in Florida, United States, are to receive US$1,480 over unacceptable mortgage practices.
The claims, which together amount toUS$2.5million, have been made thought the National Mortgage Settlement “over foreclosure abuses and unacceptable nationwide mortgage servicing practice,”, says Florida Attorney General, Pam Bondi who played a leading role in brokering the deal.
The total value is second highest after California so far distributed by the nation’s five largest mortgage providers, the Bank of America, JP Morgan Chase, Wells Fargo, Citibank and Ally Bank, formerly GMAC.
A spokesperson told OPP Connect, “All of the money is being disbursed to borrowers who had their primary residency in the US. and lost their primary residence to foreclosure while one of the five settling banks was their mortgage servicer. Checks (cheques) may be sent overseas if the eligible borrower is in the US Military or moved out of the country after losing their home. We are unaware of any such scenario.”
Pam Bondi, 48 states and the U.S. Department of Justice announced the US$25billion National Mortgage Settlement in 2012.
The total distribution to date to foreclosed homeowners in Florida under the settlement is approximately $109.5 million. So far, about 74,000 Floridians have received money.
The settlement “generally releases civil claims related to robo-signing, other foreclosure-related abuses, and loan origination misconduct, but provides no release of criminal claims or of claims related to mortgage securitization,” says the Florida legal chief.
Read More: opp-connect.com