Treasurer Fitzgerald Announces Iowa Homeowners Have Over $1 Million
August 2, 2016
Funds Are Part of a Federal Settlement Program With Mortgage Lenders
DES MOINES, IA -- State Treasurer Michael L. Fitzgerald announced today over 2,000 Iowans are owed more than $1 million from a settlement program through the Office of the Comptroller of the Currency (OCC). Eligible borrowers and their heirs may claim the funds through the Great Iowa Treasure Hunt program. “This settlement holds mortgage servicers accountable for unfair lending practices during the housing crisis and protects homeowners,” Fitzgerald stated. “The OCC was not able to locate everyone that was entitled to funds and now they are part of the Great Iowa Treasure Hunt.”
The Independent Foreclosure Payment Agreements were originally reached in 2013 between federal bank regulatory agencies and 15 mortgage servicers. The servicers agreed to provide cash payments totaling $3.6 billion to their borrowers whose homes were in any state of foreclosure during 2009 and 2010, according to OCC.
The servicers involved in the settlement are Aurora, Bank of America, Citibank, CountryWide, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank and Wells Fargo.
“It is my office’s goal to find the rightful owners and return this money to them,” Fitzgerald stated. The treasurer’s office will make an exhaustive effort to locate the owners by mailing letters to the last known addresses, posting names on GreatIowaTreasureHunt.gov and attending various events across the state, including the Iowa State Fair. Each fall, names are published in newspapers in the county of the last known address.