Arkansas to receive $39.4M in mortgage settlement - WMC Action News 5 - Memphis, Tennessee

Arkansas to receive $39.4M in mortgage settlement

LITTLE ROCK, Ark. (AP) - Arkansas' attorney general says the state will receive $39.4 million from a national settlement between states and the country's biggest mortgage lenders.

Attorney General Dustin McDaniel joined other attorneys general nationwide in announcing the settlement Thursday.

Five major banks - Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial - will pay roughly $26 billion to reimburse American homeowners and overhaul their industry.

In Arkansas, the money will be split among loan-modification relief for borrowers and assistance to government agencies that help low- and middle-income residents find housing.

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