KY (WAVE) – Residents in Kentucky will benefit from a $25 billion national settlement
with five big banks over mortgage foreclosures.
General Jack Conway will be in charge of dividing up the Commonwealth's $19.2
million portion or the relief.
suffered the most severe impact in Kentucky from the national mortgage
foreclosure crisis. From 2008
to 2011, more than 16,000 properties were foreclosed in Louisville.
Conway said, "This is money that will come directly from the banks
to be manufactured by a federal monitor that we chose to make sure people can
get assistance with their problems in owning their homes."
In addition to the $19 million, Kentucky also received $38 million
that will be paid to consumers who qualify for refinancing, loan write downs
and restructuring. For more information about the settlement, click here.