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Iowans to receive $40 million from huge mortgage servicing settlement
Dave DeWitte
Feb. 9, 2012 9:19 am
Iowa will receive a $40 million share of a huge $25 billion nationwide settlement of mortgage abuse investigations focusing on the five largest mortgage servicers.
The settlement with Bank of America, Wells Fargo, Citi, Chase and Ally was announced on Thursday by federal officials and state attorneys general who had been investigating the improper servicing and foreclosure practices.
Iowa Attorney General Tom Miller said the agreement "addresses the fraud that these banks committed against many homeowners in Iowa." It also puts a stop to many actions that contributed to the mortgage crisis, Miller said in prepared remarks.
"This agreement will protect homeowners and ensure they're treated fairly," he said.
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