Virginians and home borrowers in the state will receive about $479.6 million in relief from a $25 billion settlement between states and five mortgage lenders over foreclosure abuses.
Federal and state officials announced the deal today.
Attorney General Ken Cuccinelli says the banks will make cash payments totaling more than $31 million to Virginians who experienced foreclosure abuses from Jan. 1, 2008 to Dec. 31, 2011.
Under the agreement, the banks also will modify loan terms and provide other relief to Virginia home borrowers. Cuccinelli says this relief totals more than $409 million.
The banks will pay the state more than $69.6 million.
The banks are Bank of America, JPMorgan, Chase, Wells Fargo, Citigroup and Ally Financial.
Oklahoma is the only state that didn't agree to the deal.
(This has been a breaking news update. Check back for more details as they become available. Read more in tomorrow's Richmond Times-Dispatch.)
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