Kentucky to benefit from national settlement - wave3.com-Louisville News, Weather & Sports

Kentucky to benefit from national settlement

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FRANKFORT, KY (WAVE) – Residents in Kentucky will benefit from a $25 billion national settlement with five big banks over mortgage foreclosures.

Kentucky Attorney General Jack Conway will be in charge of dividing up the Commonwealth's $19.2 million portion or the relief.

Louisville 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.

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