N.M. Share of Foreclosure Settlement: $91.7M

From krqe.com -A nationwide settlement over alleged fraud and abuses in mortgage foreclosures will net New Mexicans a share of the proposed $25 billion payout. New Mexico Attorney Gary King estimated the state will receive $91.7 million for mortgage relief, refinancing and direct payments related to mortgages issued by five banks: Ally, Bank of America, Citi, Wells Fargo and JP Morgan Chase. The deal requires the banks to reduce loans for about a million homeowners in danger of foreclosure and make payments of $2,000 to about 750,000 people whose foreclosures were handled improperly. The settlement resolution is spread over three years.



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