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Released: April 10, 2013
Lenders to make payouts to foreclosed borrowers
Source: E. Scott Reckard, L.A.Times (Free Registration)
As part of a settlement with federal regulators, 13 lenders this week are starting to pay out $3.6 billion to more than 4 million troubled borrowers whose homes were in foreclosure proceedings in 2009 and 2010.
A chart released Tuesday by the regulators showed that most of the borrowers would receive $300, the minimum allowed under the settlement terms. The maximum of $125,000 would go to 1,135 borrowers whose homes were seized while they were serving in the military or who were current on their payments.
Read Full Article: Lenders to make payouts to foreclosed borrowers
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