More than 12,000 Idahoans who lost their homes to foreclosure between 2008 and 2011 are now eligible for some relief through the National Mortgage Settlement, announced this morning by Idaho Attorney General Lawrence Wasden.
The minimum amount borrowers will receive is $840 and each borrower's claim will be determined by the number of borrowers who return their claim forms. The settlement involves five national banks and is expected to total $25 billion nationwide.
"This payment is not intended to compensate Idahoans for the loss of their homes," said Wasden. "Rather, it is a step toward accountability for unfair business practices that harmed Idaho homeowners."
The banks—Ally/GMAC, Citi, JPMorgan Chase and Wells Fargo—are the largest servicers of mortgage loans in the nation.
12,207 Idahoans should soon receive packets regarding the settlement, which will include a letter from Wasden, a claim form and instructions on how to apply for payment.