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June 5, 2013

A $25 billion settlement is boiling down to $7.76 million for impacted New Jerseyans. Approximately 5,300 New Jersey mortgage borrowers who filed valid foreclosure complaints through the National Mortgage Settlement could get a check for $1,480 this month due to the 2012 state-federal settlement with five of the nation’s largest mortgage services.

The $25 billion settlement resolved an investigation into foreclosure abuses and fraud by Ally Financial, Bank of America, Citigroup, JP Morgan Chase, and Wells Fargo. Only $1.5 billion of the settlement was set aside to compensate borrowers, and New Jersey’s share is $7.76 million.

Attorney General Jeffrey Chiesa said the sums will not preclude borrowers from seeking additional relief through their own legal action, adding that the settlement also resulted in stricter regulations that will prevent future abuse.

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