November 28, 2014
LAS VEGAS (AP) - Nearly 37,000 Nevadans who went through foreclosure during the recession will receive a check this month as part of a massive, national settlement.
Nevada Attorney General Catherine Cortez Masto said Tuesday that the checks - which average just under $1,500 each - won't come close to compensating people for the loss of their homes.
But she said they'll give residents some relief for any abuse they experienced at the hands of banks.
Attorneys general from 49 states worked to negotiate a $50 billion settlement with the nation's five largest mortgage servicers. About $54 million of that goes directly to people who lost their home in Nevada.
Masto says people caught up in a wrongful foreclosure can still pursue further legal action in their cases, even if they receive a check.