Public Radio For Eastern North Carolina 89.3 WTEB New Bern 88.5 WZNB New Bern 91.5 WBJD Atlantic Beach 90.3 WKNS Kinston 88.5 WHYC Swan Quarter 89.9 W210CF Greenville
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations
US

Borrowers To Receive Robosigning Claim Checks

DAVID GREENE, HOST:

We'll begin NPR's business news with a $3.6 billion payback.

(SOUNDBITE OF MUSIC)

GREENE: Starting this week, the nation's largest banks begin sending out checks to borrowers forced into home foreclosure during the robosigning scandal. Over 4 million people will receive payments ranging from $300 to $125,000, as part of settlements made with the federal government.

The scandal occurred in 2009 and in 2010, when banks foreclosed on loans using improper and falsified paperwork. Some affected borrowers weren't even behind on their payments. Most checks are expected to be sent out by the end of April, with a last round of payments in July. Transcript provided by NPR, Copyright NPR.

US