CHICAGO (AP) -- 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 Corp., JPMorgan Chase & Co., Wells Fargo & Co., 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.
- Company Legal & Law Matters