Ohio To Get $335M & WV To Get $34M In National Mortgage Settlement
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Posted: 5:43 PM Feb 9, 2012
Ohio To Get $335M & WV To Get $34M In National Mortgage Settlement
A settlement between mortgage lenders and states over foreclosure abuses includes nearly $34 million for West Virginia & $335 million.
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CHARLESTON, W.Va. (AP) - A settlement between mortgage lenders and states over foreclosure abuses includes nearly $34 million for West Virginia.

Attorney General Darrell McGraw announced Thursday the state's portion of the settlement with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial.

The agreement includes an immediate estimated payment of $2,000 to residents who lost homes to foreclosure between January 2008 and Dec. 31, 2011. It also includes $18.4 million in loan modifications and benefits to homeowners currently in default or foreclosure.

In addition, $5.7 million in free refinancing is for homeowners who are current on their payments but owe more than their homes are worth. And $6 million will be dedicated to foreclosure and mortgage assistance and prevention programs.

The overall $25 billion settlement involves 49 states.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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COLUMBUS, Ohio (AP) - Ohio's attorney general says a landmark settlement with big mortgage lenders over foreclosure abuses will deliver $335 million to the state.

Attorney General Mike DeWine said Thursday that the money will bring "much-needed relief to Ohio homeowners and communities and help our state to recover from the destruction left behind from the mortgage financing crisis."

Ohio and 48 other states joined the agreement.

Settlement dollars will be directed to four areas: $102 million for Ohio borrowers seeking direct relief; $44 million for victims of mortgage abuse who lost their houses between Jan. 1, 2008 and Dec. 11, 2011; $90 million in refinanced loans for those who owe more than their house than it's worth; and $97 million for ongoing efforts in neighborhood revitalization and foreclosure and fraud prevention.

(Copyright 2012 by The Associated Press. All Rights Reserved.)


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