Wisconsin homeowners to get $140M under settlement

Back to On the Money
Updated: 11:14 AM Feb 9, 2012 Wisconsin homeowners to get $140M under settlement Federal officials say the five largest mortgage lenders have reached a $25 billion settlement with 49 states, including Wisconsin, over foreclosure abuses that took place after the housing bubble burst. Posted: 10:03 AM Feb 9, 2012 Reporter: AP

Font Size:

MADISON, Wis. (AP) -- Wisconsin homeowners are expected to receive $140 million as part of a national $25 billion settlement with the nation's biggest mortgage lenders over foreclosure abuses.

Gov. Scott Walker and Attorney General J.B. Van Hollen announced the terms Thursday as part of the settlement with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial.

Of Wisconsin's share, about $60 million in benefits will come from loan modifications and other direct relief. There will be about $17 million for those whose homes were foreclosed on and suffered servicing abuses between 2008 and the end of last year.

About $31 million will be available in refinancing benefits. The state will get about $31.6 million to be used for future lawsuits and additional relief to borrowers.

------------------------------------
WASHINGTON (AP) -- Federal officials say the five largest mortgage lenders have reached a $25 billion settlement with 49 states over foreclosure abuses that took place after the housing bubble burst.

They will have three years to fulfill the terms of the landmark deal announced Thursday.

The deal also ends a separate investigation into Bank of America and Countrywide for inflating appraisals of loans from 2003 through most of 2009. Bank of America will pay $1 billion to settle that federal probe.

Oklahoma is the lone holdout and will receive no money.

Click here to post or read all 5 comments.

More Stories

Money Resources
	CARS Rebate Program If you want to learn more about the CARS rebate program, use this link
	FTC Money Matters Website For information on how to avoid scams and other money advice from the government.
	Google Tip Jar Here's a place to get and share tips for free! Find all sorts of ways to save money.
	Identity Theft Help The state's Office of Privacy Protection has facts and advice to help you prevent, avoid or deal with identity theft. If you would like to call to get help with solving your identity theft related issues, the number is 1-800-422-7128.
	USPS Here's the link to the United States Postal Service website where you can order free boxes, schedule carrier pick up and find other ways to save when you send.