West Virginia Attorney General makes plan for his state's share of the foreclosure settlement
Charleston, WV: On February 9, 49 state attorneys general (Oklahoma's attorney general, Scott Pruitt, was the sole abstainer) reached an agreement with the nation's five largest mortgage servicers. The $25 billion settlement stems from foreclosure and mortgage loan servicing fraud and abuse by Bank of America/Countrywide, Citibank, JPMorgan Chase, Wells Fargo and GMAC/Ally Financial.
West Virginia Attorney General Darrell McGraw has estimated West Virginia's slice of the settlement pie to be roughly $33.8 million, and his office is launching a new initiative to help West Virginian homeowners understand what the settlement means for them. Through "Project Save our Homes," members of the Attorney General's Consumer Protection Division will work to educate citizens about the different kinds of relief available to homeowners, including principal reduction, free refinancing for underwater but current homeowners, direct payments to those whose homes were previously foreclosed upon, special protections for military personnel, and other foreclosure relief and mortgage assistance programs.