State deposits $38 million from national mortgage settlement

Attorney General Chris Koster said, July 17, he had deposited $38 million into Missouri’s general revenue fund resulting from efforts to conclude Missouri’s portion of the national mortgage settlement.

“The state of Missouri has faced significant budget challenges the past few years, and I am pleased that our work in the national mortgage settlement will lessen the financial pressure on the state, especially for the state’s colleges and universities,” Koster said.

The national mortgage settlement, which was announced in February, addresses allegations of foreclosure abuses, unfair mortgage servicing practices and fraud by the nation’s five largest mortgage servicers: Bank of America, Citigroup, JP Morgan Chase, Wells Fargo, and Ally Financial. As part of the settlement, the nation’s attorneys general negotiated a direct payment to each state as well as direct benefits for consumers.

Consumers can visit the Attorney General’s Web site at http://ago.mo.gov/mortgageSettlementInfo.htm for more information or to register their foreclosed property or other mortgage issue with the office.