Ky. homeowners receive $55.5M in settlement relief

Report shows Ky. homeowners have received $55.5M in mortgage foreclosure settlement relief

Associated Press

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.

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