Following a multimillion-dollar settlement from Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, and Ally Financial, officials from the Missouri attorney general's office have planned visits in every county statewide to provide information for those who could reap restitution from the companies' alleged mortgage fraud.
State Attorney General Chris Koster said in a news release roughly $156 million is available to help Missouri homeowners and people whose homes have been foreclosed on through the schemes. In February, the companies, which are five of the nation's largest mortgage providers, agreed to a settlement following allegations of foreclosure abuses, unfair mortgage servicing practices and fraud. More than $40 million of Missouri's $196 million portion of the settlement was earmarked for the state's general revenue fund. Gov. Jay Nixon has said the extra funding would be used to aid the state's public colleges and universities, according to
Springfield Business Journal archives.
In the release, Koster said he is concerned if the $156 million is not used in full, it could go to other states.
The state's assistant attorneys general will visit Missouri counties the week of March 26 to provide information for those who could receive benefits. In the Springfield metropolitan statistical area, the schedule is as follows:
- Greene County: 12 p.m. and 6 p.m. March 29, Greene County Historic Courthouse, Room 212;
- Christian County: 6 p.m. March 28, Christian County Courthouse, second floor courtroom;
- Dallas County: 12 p.m. March 29, Dallas County Administration Building, commissioner's office;
- Polk County: 6 p.m. March 26, Polk County Courthouse, third floor; and
- Webster County: 6 p.m. March 26, Webster County Courthouse, second floor.
Several benefits are available for Missourians through the settlement, including refinancing, reduced rates, principal reductions and direct payments, according to
SBJ archives.
“Missourians are eligible to receive significant help under the terms of the mortgage settlement, including money for those who have been foreclosed on and opportunities for others to refinance and lower their payments,” Koster said in the release. “We want to make sure that every Missourian who might be eligible for assistance knows about these programs and knows how to participate.”[[In-content Ad]]
