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PROVIDENCE, R.I. (AP) — Thousands of Rhode Islanders who lost their homes through improper foreclosures will soon learn how to file a claim as part of a nationwide settlement with the five largest mortgage lenders.
Attorney General Peter Kilmartin says about 5,500 Rhode Island residents who lost their residences through improper foreclosure proceedings from 2008 through the end of 2011 will receive by mail a packet containing a claim application and other information.
Forty-nine states and the District of Columbia have agreed to the $25 billion settlement with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial.
The settlement, which affects about two million borrowers, took effect in April. Payments will depend on how many people file claims. The deadline for claims is Jan. 18.