State

Aug 31, 2012 8:50 AM by Summer Yu

Coloradoans receive $103 million from mortgage settlement


DENVER (AP) - More than 2,000 Coloradans have received $103 million as part of a national settlement with mortgage servicers.

The Office of Mortgage Settlement Oversight issued a report Wednesday showing the average relief was about $50,000.

According to the Denver Post (http://tinyurl.com/9uohhg8 ), Citigroup led the list of loan forgiveness in Colorado with $2.4 million, followed by JPMorgan Chase with $2.2 million.

More than $82 million in relief came from people allowed to short-sell their homes, when the lender agrees to accept less than what the seller owed on the mortgage.

The settlements were reached following allegations that banks engaged in deceit and fraud dealing with mortgage holders during the economic crisis.

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