A multi-million dollar nationwide settlement against the Household Finance company in a case led by Iowa was finalized today. Bob Brammer, a spokesman for Iowa’s Attorney General, says they alleged the company violated several state laws in agreements for home loans. Brammer says this finalizes a tentative agreement reached in October. He says the agreement was contingent on getting 80-percent of the states to sign on. They now have all 50 states signed on for the 484 million dollar agreement, making it the largest legal award ever to consumers. He says Iowa will get nearly one-point-five million dollars. Brammer says Household did several things that raised concern.He says they misrepresented their loans and failed to disclose important information to consumers. Brammer says the restitution plan for the state is still being hammered out. He says it’ll be customized for Iowa and customers don’t need to contact the A-G’s office as they’re getting lists of customers. Brammer says they’ll released more details on the restitution early next year.
Iowa's Radio News Network
