Louisiana to get $67.6M from foreclosure settlement

Louisiana to get $67.6M from foreclosure settlement




Attorney General Buddy Caldwell's office has confirmed that Louisiana's take from the $25 billion settlement with five national mortgage lenders over foreclosure abuse is $67.6 million, New Orleans CityBusiness reports. More details about how Louisiana will award the money, which is being distributed differently in each state, are expected soon. Laura Gerdes, a spokeswoman for Caldwell's office, could not say whether a breakdown by parish will be available. The settlement involving 49 states is the largest involving a single industry since a 1998 multistate tobacco deal. Oklahoma reached its own settlement with five banks over foreclosure issues. U.S. states reached a landmark $25 billion deal today with the nation's biggest mortgage lenders—Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial—over foreclosure abuses that occurred after the housing bubble burst. The deal requires the banks to reduce loans for about 1 million households at risk of foreclosure. The lenders will also send checks of $2,000 to about 750,000 Americans who were improperly foreclosed upon. The banks will have three years to fulfill the terms of the deal. Read more from The Associated Press here.



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