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Consumer

$1.7 Billion Paid To FL Homeowners To Settle Foreclosure Abuses

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(Source: CBS4)

(Source: CBS4)

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TALLAHASSEE (CBSMiami/AP) – Florida homeowners are expected to be paid about $8 billion in compensation for foreclosure abuses by lenders.

According to an interim report, more than 23,000 Floridians have received about $1.7 billion so far from a settlement with five of the nation’s largest mortgage servicers.

The payments in Florida so far average about $74,000, after a national monitor issued the report on the $25 billion settlement Wednesday.

Florida Attorney General Pam Bondi said that she is pleased with the progress made so far but promised to ensure that mortgage servicers carry out their agreement.

Florida has also received $334 million. Of that, $33.5 million went into the state treasury as a civil penalty. No decision has yet been made on what to do with the rest.

(©2012 CBS Local Media, a division of CBS Radio Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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