Report: Homeowners paid $3.1B cash in settlement - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Report: Homeowners paid $3.1B cash in settlement

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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.

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 This material may not be published, broadcast, rewritten or redistributed.

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