BATON ROUGE, La. (AP) -- Louisiana borrowers who submitted foreclosure-related claims to the National Mortgage Settlement should be receiving checks in the mail soon.
The Louisiana Attorney General's Consumer Protection Division says 5,953 residents who submitted valid claims should receive a check for about $1,480 under terms of the settlement.
In February 2012, 49 state attorneys general and the federal government announced the joint state-federal National Mortgage Settlement with the country's five largest mortgage servicers — Ally (formerly GMAC), Bank of America Corp., Citi, JPMorgan Chase & Co., and Wells Fargo & Co.
The settlement is being implemented in several stages through 2016.
Borrowers with questions about their claim or payment should call the settlement administrator at 1-866-430-8358.