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UPDATE: Missouri to get $195 million from national mortgage settlement

Thursday, February 9, 2012 | 7:10 p.m. CST

JEFFERSON CITY — Missourians will receive $195 million from a national settlement over home foreclosure abuses among most states, the federal government and mortgage lenders.

Borrowers whose homes were foreclosed on from 2008 to 2011 will get a roughly $2,000 cash payment, which will cost about $31 million. Another $38 million will go to allow refinancing for people who are current on their mortgages but whose homes now are worth less than what they owe. An additional $86.5 million will be used to reduce the principal for people who are behind on their mortgages but could afford to make payments at a reduced rate.

State government also receives $40 million. Earlier this week, Gov. Jay Nixon proposed using those funds to soften a budget cut for colleges and universities.

 


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