MORTGAGE HELP: Settlement Helps Iowa Homeowners | News

Hundreds of Iowans are staying in their homes thanks to a multi-billion dollar settlement with the nation’s largest banks, according to Attorney General Tom Miller.

In February the banks agreed to pay $25 billion, when an investigation lead by Miller found they were illegally foreclosing on homeowners.

The federal government released its first report on Monday showing how that money is being used.

Since March, 500 Iowa homeowners have received more than $19 million in help. Of that money, $3 million was used to lower principal loan amounts for 87 Iowa homeowners.

Miller says the report proves he and other Attorneys Generals were right to go after big banks.

If you are behind on your mortgage payments, free and confidential counseling is available to help you save your home.