Frankfort: The nation's five largest mortgage lenders have provided $14.1 million to 477 Kentucky homeowners since March 1 under a national settlement, according to a report released Wednesday by state Attorney General Jack Conway's office.
An independent monitor of the $25 billion national mortgage settlement shows that Kentucky borrowers received an average of $29,629 in payments. As of June 30, the banks were processing claims totaling $7.4 million for an additional 219 borrowers. Also, 84 Kentucky homeowners who held mortgages that exceeded the value of their homes were able to refinance through the settlement.
Under the settlement, Kentucky received $58 million from five national banks — Bank of America, JP Morgan Chase, Wells Fargo, Citi and Ally/GMAC. About $19.2 million of that money will go to affordable housing and other housing programs. The remaining money will go to consumers who qualify for refinancing, loan write-downs or debt restructuring.
To find out more about the national settlement or if a homeowner qualifies for assistance visit Nationalmortgagesettlement.com. Banks will be directly contacting consumers who qualify for payments or assistance, Conway's office said.