Banks to send checks to 4.2M who lost homes
WASHINGTON (AP) - April 9, 2013 (WPVI) -- 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.
The Federal Reserve and the U.S. Comptroller of the Currency say a total $3.6 billion in cash will be distributed to 4.2 million borrowers. 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.
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.
home sales, banking, national/world
- 3 frigid days, another weekend storm
- WATCH: Action News Online
- 2013 Troop Greetings
- Get the 6abc StormTracker app
- Woman killed in Germantown was Villanova prof. 34 min ago
- Stranded family found alive in Nevada
- Limo driver charged in wreck that killed newlyweds
- Cab driver carjacked in South Philadelphia
- Obama hails Mandela as "last great liberator"
- Fake deaf interpreter crashes Mandela memorial
- Possible abduction caught on camera in Spring Garden
- Police: Mom was DUI in chain-reaction crash
- Photos: Pictures from the winter storm
- Video: Prankster glues woman to Home Depot toilet
- Nelson Mandela lies in state in Pretoria,...
4 min ago