(WASHINGTON) — Millions of borrowers who were victims of mortgage abuse between 2009 and 2010 will begin receiving payments this week as part of a settlement between big banks and U.S. regulators.
In a joint statement released Tuesday, the Office of the Comptroller of the Currency and the Federal Reserve Board said $3.6 billion in payments will be distributed to 4.2 million borrowers whose mortgages were serviced by one of these 13 lenders: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank and Wells Fargo.
The payments will range from $300 to $125,000 and will begin being mailed to borrowers on April 12.
The exception is borrowers who used Goldman Sachs and Morgan Stanley. Information about those payments will be announced in the “near future,” according to the statement.
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Julia Horowitz, CNN
Susan Scutti, CNN
Nate Eaton, EastIdahoNews.com