RICHMOND, Va. — Checks are going out this week to more than 22,500 Virginians participating in the national mortgage foreclosure settlement.

Attorney General Ken Cuccinelli said Monday that each recipient will receive $1,480.

The payments are intended to compensate borrowers who experienced foreclosure abuses during the four years ending Dec. 31, 2011, and had their loan serviced by one of five mortgage lenders. Those companies are Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo.

The payouts total just over $33 million. Cuccinelli says more than 13,400 Virginia households also have received about $933 million in loan modifications and other forms of relief.

Oklahoma is the only state that did not participate in the $25 billion national settlement.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)


Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

More From CBS DC

CBSLocal App
Watch Live

Listen Live