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Thursday, 09 February 2012 11:13 |
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PIERRE, S.D. (AP) _ South Dakota's share of a $25 billion
settlement between five mortgage lenders and 49 states is just
under $8 million.
The amount includes loan term modifications and
other forms of assistance.
Attorney General Marty Jackley says the agreement will provide
direct relief to South Dakota homeowners and address future
mortgage loan servicing practices.
The multistate deal is over foreclosure abuses that occurred
after the housing bubble burst. Jackley says South Dakota borrowers
who lost homes to foreclosure from Jan. 1, 2008, through Dec. 31,
2011, and suffered servicing abuse will quality for about $2,000 in
cash payments.
The value of refinanced loans to South Dakota borrowers whose
homes are worth less than their mortgages is about $2.5 million.
The state will get a direct payment of about $3 million.
(Copyright 2012 by The Associated Press. All Rights Reserved.) |
