The National Mortgage Settlement will result in 1,413 Hawaii residents receiving checks for $1,480.
Hawaii’s $2,054,146.64 portion of the national settlement will be evenly divided among homeowners who submitted valid claims after losing their homes to foreclosure between January 1, 2008 and December 31, 2011.
The mortgage servicers found liable in the national settlement were Ally (formerly GMAC), Bank of America, Citi, JPMorgan Chase and Wells Fargo.
“These checks come from a $1.5 billion payment pool we negotiated and set aside as part of the National Mortgage Settlement,” said David Louie, state Attorney General, in a statement.
“These payments help compensate borrowers for the mortgage servicing abuse that they likely endured.”
He added that the $1,480 check amount “is much higher than the minimum amount we first announced, which was $840.”
Receipt of the settlement payment does not limit a borrower from seeking relief through a separate lawsuit or other claims, he said.