W.Va. gets $34m in national mortgage lending deal (AP)

CHARLESTON, W.Va. ? A settlement between mortgage lenders and states over foreclosure abuses includes nearly $34 million for West Virginia.

Attorney General Darrell McGraw announced Thursday the state's portion of the settlement with Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial.

The agreement includes an immediate estimated payment of $2,000 to residents who lost homes to foreclosure between January 2008 and Dec. 31, 2011. It also includes $18.4 million in loan modifications and benefits to homeowners currently in default or foreclosure.

In addition, $5.7 million in free refinancing is for homeowners who are current on their payments but owe more than their homes are worth. And $6 million will be dedicated to foreclosure and mortgage assistance and prevention programs.

The overall $25 billion settlement involves 49 states.

Source: http://us.rd.yahoo.com/dailynews/rss/personalfinance/*http%3A//news.yahoo.com/s/ap/20120210/ap_on_bi_ge/us_mortgage_settlement_west_virginia

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