Wednesday, June 5, 2013
Foreclosure Victims to Receive $1500
More than 200,000 Californians who were victims of wrongful foreclosures will each receive checks for about $1500 this month. The restitution to foreclosure victims is part of the $52 billion National Mortgage Settlement, involving five major banks: Wells Fargo, Bank of America, JP Morgan Chase, Ally Financial and Citigroup. The claims against the home lenders were that the institutions lost refinancing applications and engaged in a practice that is now illegal in California, known as dual tracking. The lenders would consider homeowner applications for refinancing while at the same time proceeding with foreclosing on them. Sally Schilling reports.