State Treasurer of Iowa

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 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. 

The Great Iowa Treasure Hunt program has returned over $216 million in unclaimed property to more than 504,000 people since Fitzgerald created it in 1983. Every year, millions of dollars in abandoned property is turned over to the state treasurer’s office. Unclaimed property refers to money and other assets held by financial institutions, businesses and other organizations that have lost contact with the owner for a specific period of time. Common forms of unclaimed property include savings or checking accounts, stocks, uncashed checks, life insurance policies, utility security deposits and safe deposit box contents. 
Visit the Great Iowa Treasure Hunt at to begin your search. Like Great Iowa Treasure Hunt on Facebook and follow the program on Twitter (@GreatIATreasure). 


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