Wisconsin homeowners to get $140M under settlement

Published On: Feb 09 2012 09:44:11 AM CST   Updated On: Feb 09 2012 10:00:00 AM CST

MADISON, Wis. (AP) -- Wisconsin homeowners are expected to receive $140 million as part of a national $25 billion settlement with the nation's biggest mortgage lenders over foreclosure abuses.

Gov. Scott Walker and Attorney General J.B. Van Hollen announced the terms Thursday as part of the settlement with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial.

Of Wisconsin's share, about $60 million in benefits will come from loan modifications and other direct relief. There will be about $17 million for those whose homes were foreclosed on and suffered servicing abuses between 2008 and the end of last year.

About $31 million will be available in refinancing benefits. The state will get about $31.6 million to be used for future lawsuits and additional relief to borrowers.

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