Optimum News 12 Newsday.com MSG Varsity Explore LI AM New York Optimum Autos Optimum Homes
Print Aa

Mortgage lenders to pay $25B in settlement

Originally published: February 9, 2012 9:50 PM
Updated: February 9, 2012 10:52 PM
By TOM INCANTALUPO  tom.incantalupo@newsday.com

A foreclosure and price-reduced sign stands in front

Photo credit: Getty Images | A foreclosure and price-reduced sign stands in front of a home for sale in Miami. (Feb. 11, 2011)

In an agreement that could provide some compensation to 1.75 million American families, the nation's five largest mortgage servicers will pay $25 billion to settle state and federal investigations of alleged foreclosure misconduct.

The total includes $1.5 billion that will reimburse 750,000 American families $2,000 each who were improperly foreclosed on between Jan. 1, 2008, and Dec. 31, 2011,...

Content Preview This content is exclusive for Newsday digital access and 7-day home delivery subscribers and Optimum Online® customers.

Already
registered?
Log in
Already a
subscriber/customer?
Register
Subscribe for
a free trial!
Subscribe

Related Stories

Facebook