WKYT | Lexington, Kentucky | News

Ky. homeowners receive $55.5M in settlement relief

FRANKFORT, Ky. (AP) - 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 statement said 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.

Conway's office said the information provided by mortgage servicers hasn't been verified by the compliance monitor.

The $25 billion settlement was reached a year ago between 49 state attorneys general and five of the nation's largest banks.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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