St. Louis Public Radio News
11:34 am
Tue December 17, 2002

Consumers in MO and IL Will Get Millions

St. Louis, MO – Missouri consumers will receive more than $13 million dollars in restitution as part of a national settlement with a lending company.

Household Finance Corporation is to pay a total of $484 million nationwide under a settlement reached in October, with each state finalizing its portion of the agreement yesterday.

Household was accused of duping tens of thousands of poor homebuyers with hidden costs.

In the settlement, Household didn't admit wrongdoing but apologized and agreed to new lending practices and better monitoring of real estate loans.

Illinois officials expect that state's consumers to get about $11 million.