Settlement checks going to borrowers who lost home

Kentucky Attorney general's office says payments going out to borrowers who were foreclosed on

Associated Press

FRANKFORT, Ky. (AP) -- The Kentucky attorney general's office says more than $11 million will be distributed to 7,801 eligible borrowers who submitted claims for mortgage servicing abuses.

The participating servicers include Ally (formerly GMAC), Bank of America Corp., Citi, JPMorgan Chase & Co., and Wells Fargo & Co.

Attorney General Jack Conway says the checks are coming from a $1.5 billion payment pool set aside as part of the National Mortgage Settlement. He said the payment does not limit a borrower from seeking relief in a separate lawsuit or other claim.

Borrowers eligible for payments must have lost their home to foreclosure between Jan. 1, 2008, and Dec. 31, 2011.

Checks to borrowers who submitted valid claims will be mailed June 10 through June 17.

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