Kentuckians receive notice of mortgage settlement

FRANKFORT, Ky. (AP) - Kentuckians are being urged to watch their mailboxes for postcards alerting them to a financial settlement.

Notices were mailed Monday to more than 5,000 Kentuckians who were foreclosed upon between Jan. 1, 2008, and Dec. 31, 2011, and are now eligible for a share of $10.7 million.

Conway said the payments will be up to $2,000 for people who had loans through Ally/GMAC, Bank of America, Citi Bank, JP Morgan Chase or Wells Fargo.

The funds come from a $25 billion settlement between 49 states and the five banks. The settlement will provide relief nationally to thousands of homeowners who were foreclosed upon after the housing bubble burst.

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