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RI to get $172M to assist homeowners
Settlement from country's largest mortgage lenders
Updated: Friday, 10 Feb 2012, 7:54 AM EST
Published : Friday, 10 Feb 2012, 7:54 AM EST
PROVIDENCE, R.I. (AP) - Rhode Island is expected to receive $172 million from a national settlement with the country's largest mortgage lenders over foreclosure abuses.
U.S. Sen. Jack Reed announced the figure Thursday. Reed, a Democrat, said most of the money will go to assist homeowners who are in danger of losing their homes.
Individuals who lost their homes through improper foreclosures will receive $2,000 checks.
Forty nine states and the District of Columbia have agreed to the $25 billion settlement with five major banks -- Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial.
Reed, a Democrat, says the settlement is positive, but he says more must be done to help responsible homeowners facing the threat of foreclosure.
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