• Home
  • News
    • Politics / Govt
    • Legislature
    • Crime / Courts
    • Health / Medicine
    • Archives
  • Sports
    • Badgers
    • Packers
      • Titletown Report
    • Brewers
  • Contact Us
    • Reporters
  • Affiliates
    • Affiliate Support

Wisconsin Radio Network

Wisconsin News and Sports

You are here: Home / News / State receives $140 million in mortgage settlement

State receives $140 million in mortgage settlement

February 9, 2012 By Andrew Beckett

Wisconsin stands to receive at least $140 million, under a $25 billion federal-state deal with five major banks. The agreement announced Thursday was the result of claims lenders engaged in a pattern of foreclosure abuses, fraud, and deceptive mortgage practices.

Attorney General J.B. Van Hollen says much of Wisconsin’s share will help those hit by the scandal, with money going to consumers who were defrauded or who entered in to bad loans with lenders over the last three years.

The banks involved in the settlement are Bank of America, J.P. Morgan Chase, Citigroup, Residential Capital (Ally Bank) and Wells Fargo.

About $60 million of the state’s settlement money will be used to help modify loans, with another $31 million toward refinancing. Wisconsinites who lost their homes to foreclosure between 2008 and 2011 could also be eligible for up to $2,000 in compensation.

The state will also receive over $31 million directly, which will be used to set up additional relief programs, enhance future law enforcement efforts, and to create additional assistance programs for those hit by the foreclosure crisis.

AUDIO: Andrew Beckett reports (1:18)

Share this:

  • Facebook
  • Twitter

Filed Under: News



Featured Stories

Brewers avoid arbitration hearings with Hader, Woodruff

Wisconsin’s hockey game vs. ASU Friday night postponed

Madison police stepping up their presence in response to security concerns

Bucks secure third win over Pistons this season

Packers hoping COVID-19 stops with Veldheer as playoff game approaches

TwitterFacebook

Listen Now | More from Titletown ยป

Sports Headlines

Brewers avoid arbitration hearings with Hader, Woodruff

Wisconsin’s hockey game vs. ASU Friday night postponed

Bucks secure third win over Pistons this season

Packers hoping COVID-19 stops with Veldheer as playoff game approaches

Big Ten dominates the college wrestling world

More Sports

Tweets by @WRN

Get our news delivered to your inbox:

Enter your email address:

Delivered by FeedBurner

Copyright © 2021 · Learfield News & Ag, LLC