Hawaii AG announces state mortgage settlement - Hawaii News Now - KGMB and KHNL

Hawaii AG announces state mortgage settlement

HONOLULU (AP) - The Hawaii attorney general says more than 1,400 Hawaii borrowers will receive checks of $1,480 as part of claims paid for mortgage servicing abuse.

The eligible borrowers lost homes to foreclosure between January 1, 2008, and Dec. 31, 2011, and were required to submit a valid foreclosure payment claim.

Attorney General David Louie says in a press release that the checks are from a $1.5 billion payment pool negotiated as part of the National Mortgage Settlement.

Hawaii was 1 of 49 states that participated with the federal government in the settlement with Ally, which formerly was GMAC, plus Bank of America, Citi, JPMorgan Chase and Wells Fargo.

Louie says payments don't limit borrowers from seeking additional relief.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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