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Foreclosure Settlement

February 22, 2012 by staff 

Foreclosure Settlement, More than 15,000 South Carolina homeowners will receive about $190 million in foreclosure relief and other compensation from the blockbuster settlement between state attorneys general and the country’s largest mortgage servicers.

The figures – a state-by-state breakdown of how the country’s underwater borrowers will be aided in the settlement – come from the consortium of state attorneys general who negotiated the deal, and were posted this week on their website, NationalMortgageSettlement.com.

All told, the mortgage servicers – including Bank of America Corp. and Wells Fargo & Co. – will pay about $25 billion to absolve claims that they used incorrect and improper foreclosure and mortgage servicing practices.

Forty-nine states and the District of Columbia participated, along with several federal agencies.

About 28,000 North Carolinians will receive about $275 million from the settlement. The state itself will receive an additional $64 million, most of which will be used for housing counselors, legal assistance and expanded prosecution of financial crimes.

South Carolina previously had announced that its state government’s share would be about $33 million. The state has not yet broken down how it will use that money, as North Carolina has done.

California, by far, is receiving the most: about $16.5 billion for more than 471,000 homeowners. Florida, Arizona, Nevada and Illinois each will receive more than $1 billion.

North Carolina ranks No. 14; South Carolina comes in at No. 20.

Copyright 2012 The Charlotte Observer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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