Ky. Homeowners Receive $55.5M in Settlement Relief
FRANKFORT, Ky. - More than $55.5 million in relief has gone to hundreds of Kentucky homeowners in the national mortgage foreclosure settlement.
Kentucky Attorney General Jack Conway said in a statement that a recent report from the independent settlement monitor also indicates that mortgage servicers were processing more than $2 million in additional claims for Kentucky borrowers, for a total of $57.5 million.
The 1,562 borrowers received an average of $35,534. The relief was provided by Ally/GMAC, Bank of America, Citi, Chase and Wells Fargo through Dec. 31.
The $25 billion settlement was reached a year ago between 49 state attorneys general and five of the nation's largest banks.