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Boston Herald

US banks to send checks to 4.2M who lost homes

April 9, 2013

WASHINGTON ? The nation's largest banks will begin sending payments this week to millions of Americans who may have been wrongfully foreclosed on during the housing crisis.

A total of $3.6 billion in cash will be distributed to 4.2 million borrowers, the Federal Reserve and the U.S. Comptroller of the Currency said Tuesday. Payments will range from $300 to $125,000. About 90 percent of borrowers whose mortgages were serviced by 11 of the banks will receive payments by the end of April, the agencies said.

The last group of payments is expected in mid-July.

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