KMOX 1120AM

Local

Missouri Entitled To $196 Million In Mortgage Settlement

Allison Blood, KMOX
View Comments
This is a breakdown of where the mortgage settlement money will go.

This is a breakdown of where the mortgage settlement money will go.

Election Returns

ST. LOUIS, MO (KMOX) – Missourians with mortgage trouble may be getting a little help – nearly 200 million dollars worth.

A year and a half of negotiations between the top five banks and Attorneys General from around the nation have resulted in a multi billion dollar mortgage settlement. Missouri gets about 196 million of that. Forty One million dollars of the mortgage settlement will come in cash. It’ll go to Jefferson City, to help plug the state’s budget hole. Governor Nixon has asked that the money go to Higher Education, but there’s no guarantee it will.

For now, those who want to see if they are eligible for money in this settlement can call a new hotline. The number is 855-870-7676. It is live now.

Attorney General Chris Koster says it’s a good start, but probably won’t be enough money to help everyone hurt in the mortgage crisis. He says there is no way to know how many people are underwater on their mortgages, so it was difficult to judge if the money would be enough to help everyone. Banks must meet the assistance quota of 156 million in the next three years.

This agreement was with the top five banks in America, and Koster says the next step is to work with the next ten. He anticipates more money will become available from those banks later. Missourians who have been foreclosed on between January of 2008 and the end of 2011 are entitled to 2 thousand dollars. There is also assistance available for those who are underwater on their mortgages.

Illinois, which had more foreclosures than Missouri, is getting close to a billion dollars in this agreement.

——————————–
KMOX © Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 3,914 other followers