Missouri cashes $38M from national mortgage settlement

Tuesday, July 17, 2012 | 12:52 p.m. CDT; updated 2:59 p.m. CDT, Tuesday, July 17, 2012

JEFFERSON CITY — The Missouri attorney general's office has deposited the state government's $38 million share of a national mortgage settlement.

The state received nearly $200 million from the settlement among states, the federal government and lenders for home foreclosure abuses.

Attorney General Chris Koster said Tuesday the $38 million will reduce Missouri's recent budget pressures. The rest of the nearly $200 million is designed mostly to help consumers.

Some of the funds will be used for cash payments to borrowers who lost homes through foreclosures from 2008 to 2011. The money also will pay for refinancing for those who are current on their mortgages but whose homes are worth less than their debt. Some money will reduce the principal of individuals who are behind on mortgages but are able to afford reduced payments.

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