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More Wisconsin families get compensated in foreclosure settlement

Foreclosure sign
Foreclosure sign

MADISON, WI (WTAQ) - Almost 300 more Wisconsin families will get compensated, after losing their homes to foreclosure from 2008 through 2011.

State Attorney General J.B. Van Hollen announced the payments Friday. They're part of the ongoing National Mortgage Settlement, in which five large banks agreed to compensate homeowners victimized by deceptive lending practices during the Great Recession.

The settlement has paid over $51 billion to U.S. homeowners. Recently, Wisconsin reached a settlement with another lender, totaling just over $2 billion.

Van Hollen said the new payments will average just under $1,500 for each affected resident or family.

(Story courtesy of Wheeler News Service)