A preliminary report shows Kentucky homeowners are benefiting from a settlement reached with the nation’s top five mortgage servicers. The five banks in the settlement are Bank of America, JP Morgan Chase, Wells Fargo, Citi, and Ally/GMAC.
Kentucky and 48 other attorneys general and federal agencies reached the agreement with the banks in February following a series of state and federal investigations into improper foreclosures and industry practices. The settlement is designed to provide relief to struggling homeowners.
The report released this week by a settlement monitor shows Kentucky homeowners received more than $14 million in relief during the first quarter of the settlement, which was from March through June. The settlement is estimated to provide $25 billion in relief nationwide, including about $58 million in Kentucky.