Chicago -- Nearly 30,000 Illinois borrowers will soon receive checks as part of a
landmark multistate settlement with five U.S. banks over foreclosure abuses.
Illinois Attorney General Lisa Madigan
announced Monday that borrowers can expect a total of $43.3 million in relief
payments. The average check will be about $1,500.
Eligible borrowers lost their homes to
foreclosure from 2008 through 2011 and had their mortgages financed by Bank of
America, JPMorgan Chase, Wells Fargo, Citibank and Ally Bank, formerly GMAC.
The settlement stemmed from a lawsuit
over allegations of fraudulent practices by the lenders.
The settlement administrator says every
borrower who filed a claim will receive a letter regarding their outcome.
Illinois borrowers have received
more than $1.8 billion in relief through principal reductions and refinancing
for underwater loans.
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