MEMPHIS, TN -
(WMC-TV) - It's considered the largest multi-state settlement since the tobacco settlement in 1998. The federal government and attorneys general reached a landmark settlement of $25 billion with the five major banks.
The landmark decision will bring about $232 million to Mississippi, Tennessee and Arkansas as part of the national mortgage settlement.
"We think it's effective relief now," said Jeff Hill, of the Tennessee Attorney General's Office. "We're talking relief in millions of dollars. $47 million for Mississippians, $146 million for Tennesseans, and nearly $40 million for Arkansans."
The foreclosure fraud settlement involves the five major mortgage providers: Citi Bank, JP Morgan Chase, Wells Fargo, GMAC and Bank of America.
You qualify if you got your loan through these five banks.
"There is a pool of money that can be used for loan modifications, principal reduction, things of that nature," Hall said. "There's another area for refinancing and those are for homeowners that are current on their loans, but are underwater."
There's also money available for people whose homes were foreclosed upon.
A judge still has to approve the settlement in court and it's expected to be filed next week.
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The federal government and attorneys general reached a landmark settlement of $25 billion with the five major banks.
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