February 26, 2013

Kentucky Homeowners Get $55.5 Million in Mortgage Settlement

As part of the national mortgage foreclosure settlement, Kentucky homeowners will receive over $55.5 million to assuage the struggles they had as a result.

Banks paying out as a result of the settlement include Bank of America (BAC), Citi (C), Chase (JPM), Wells Fargo (WFC), GMAC and Ally.

An average of $35,534 was paid to 1,562 borrowers, according to a statement.

According to Kentucky Attorney General Jack Conway, another $2 million in claims are being processed by mortgage servicers.

This is part of the $25 billion settlement the five largest banks in America reached with 49 state attorneys general.

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