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Missouri to get $196M from mortgage settlement

JEFFERSON CITY (AP) — Missouri will receive more than $196 million from a national settlement over home foreclosure abuses among most states, the federal government and mortgage lenders.

Borrowers who lost homes through foreclosure from 2008-11 and suffered servicing abuse will get a roughly $2,000 cash payment, which will cover about $31 million. Another $38 million will be for refinancing for people who are current on their mortgages but whose homes now are worth less than what they owe. An additional $86.5 million will be used to reduce the principal for people who are behind on their mortgages but could afford to make payments at a reduced rate.

State government also receives $41 million. Earlier this week, Gov. Jay Nixon proposed using nearly all that to soften a budget cut for colleges and universities.

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