{Frankfort, Kentucky}...Attorney General Jack Conway announced Monday that Kentucky will receive $19.2 million as part of a national settlement with the country's five largest banks over deceptive mortgage lending practices. According to data provided by Conway's office, banks foreclosed on 66,997 properties in Kentucky between 2008 and 2011. More than 16,000 were in Louisville. Conway joined 48 other attorneys general in the lawsuit against Bank of America, JP Morgan Chase, Wells Fargo, Citi and Ally/MAC. A settlement was reached in March 2012. The bulk of the settlement will go to programs that create more affordable housing, to legal assistance for those fighting to stay in their homes, and to programs that redevelop foreclosed properties. About $4 million will be used to update the Kentucky All Schedule Prescription Electronic Reporting program, commonly called KASPER.Monday, July 30, 2012
KY To Get Millions In Mortgage Fraud Settlement
{Frankfort, Kentucky}...Attorney General Jack Conway announced Monday that Kentucky will receive $19.2 million as part of a national settlement with the country's five largest banks over deceptive mortgage lending practices. According to data provided by Conway's office, banks foreclosed on 66,997 properties in Kentucky between 2008 and 2011. More than 16,000 were in Louisville. Conway joined 48 other attorneys general in the lawsuit against Bank of America, JP Morgan Chase, Wells Fargo, Citi and Ally/MAC. A settlement was reached in March 2012. The bulk of the settlement will go to programs that create more affordable housing, to legal assistance for those fighting to stay in their homes, and to programs that redevelop foreclosed properties. About $4 million will be used to update the Kentucky All Schedule Prescription Electronic Reporting program, commonly called KASPER.