The Kentucky attorney general's office says $11 million will be distributed to more than 7,000 eligible borrowers who submitted claims for mortgage servicing abuses. The participating servicers include Ally (formerly GMAC), Bank of America, Citi, JP Morgan Chase and Wells Fargo.
Attorney General Jack Conway says the checks are coming from a $1.5 billion pool set aside as part of the National Mortgage Settlement. He says the payment doesn’t limit borrowers from seeking relief in a separate lawsuit or other claim. To be eligible, borrowers must have lost their home to foreclosure between January 1st, 2008, and December 31st, 2011. Checks for valid claims will be mailed June 10th through the 17th.