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Foreclosure Settlement Means Checks For Some Floridians

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(AP Photo/Morry Gash)

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TALLAHASSEE (CBSMiami/AP) — Some Floridians who lost their homes to foreclosure will receive a check as part of a national settlement with five major banks.

Florida Attorney General Pam Bondi announced Friday that payments of $1,480 would be paid next week to more than 1,700 Floridians. A total of $2.5 million will be distributed.

The state had previously announced that payments of $1,480 were paid to approximately 73,000 former homeowners who qualified for assistance under the settlement.

Five lenders negotiated a $25 billion settlement in 2012 to end an investigation into foreclosure abuses.

Florida — which has been hit hard by the foreclosure crisis and the collapse of the housing market — negotiated one of the largest shares in the settlement agreement with Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo.

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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