Thursday, May 19, 2011

MA AG Settlement

Coakley's office will use $95,000 from the settlement to make payments to African-American borrowers in Massachusetts who obtained a home mortgage loan from the Mortgage Master between 2004 and 2008. An estimated 200 borrowers will receive payments ranging from $250 to $1,000 each.

The remaining $155,000 will be earmarked for not-for-profit groups that provide fair lending, consumer, and financial education services in Massachusetts.