South Carolina will receive $33.8 million as part of the multi-billion-dollar settlement between states, federal agencies and the country's largest mortgage servicers, the S.C. attorney general's office says.
Monday, February 13, 2012
The much-anticipated $25 billion settlement with Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc., and Ally Financial Inc. was announced Thursday. It marked the largest federal-state joint settlement history.
North Carolina will receive $338 million in the deal, most of which will go to principal reduction for underwater borrowers in default or at risk of default.
South Carolina did not break down where most of the money the state and its residents will receive will go, but did say that in addition to a $32.8 million general share in the settlement, the state's banking regulator will get $1 million for foreclosure prevention and education.
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