NASHVILLE, Tenn. - Thousands of Tennessee homeowners have received more than $161 million in loan relief as part of a landmark multistate settlement with five U.S. banks over foreclosure abuses.
Tennessee Attorney General Bob Cooper's office said today that the relief went to about 4,000 homeowners in the state between March 1 and Dec. 31. The announcement came after a report was released this week by an office monitoring the settlement.
Tennessee is among 49 states involved in the $25 billion National Mortgage Settlement. Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial entered the agreement last year with the states and the federal government.
Tennesseans who are eligible could ultimately receive more than $200 million in mortgage relief, the majority of it going to help avoid foreclosure.