How did Virginia do with the foreclosure settlement?

State by state chart, courtesy SNL The $25 billion mortgage-fraud settlement includes a nice chunk of change going to the states. So, we have to ask, how did Virginia do?

The good folks at SNL Financial did the state-by-state breakdown.

First of all, the total amount the banks have to pay isn’t $25 billion, but closer to $40 billion, thanks to the odd way the government credits the spending.

The big “winner” is California — not surprising, as so many loans were written there. It’s getting about $18 billion; Florida is receiving about $8.4 billion. That includes benefits for homeowners and former homeowners in those states, penalties paid to individuals, and penalties paid to the state government.

About $479.6 million will be coming to Virginia. The bulk — almost $410 million — will be in the form of “mortgage relief,” meaning principal forgiveness and other reductions in the amounts people owe. The state itself will receive $69.7 million.

Read the full story over at SNL.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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