Louisville will receive $3 million and the Kentucky Housing Corp. is getting $7.5 million from a $25 billion national settlement with five banks over mortgage foreclosures. The funds come from a $19.2 million allocation Kentucky received as part of the agreement between 49 states and the five banks. The settlement will provide relief to thousands of homeowners who were foreclosed upon after the housing bubble burst, principal write-downs and refinancing to homeowners whose mortgages exceed the value of their homes and payments to states for consumer protection programs. Kentucky also received $38.7 million that will be allocated by the administrator of the settlement to consumers who qualify for refinancing, loan write downs, debt restructuring or payments of up to $2,000.
– CBS News