Having learned of the giant $26 billion mortgage settlement between the Justice Department and most state attorneys general against Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo this morning, I reached out to Attorney General Buddy Caldwell's office to find out how much we'd be getting and how it will be divided up among eligible current and former state homeowners.
I just received a statement from his communications director Amanda Papillion Larkins. It's very brief and very preliminary, but here it is:
"The proposed agreement provides an estimated $67.6 million in direct relief to Louisiana homeowners and addresses future mortgage loan servicing practices. The Louisiana Attorney General’s Office is reviewing the details of the settlement and will provide more information as it becomes available."
Here's the DoJ-created website about the settlement: www.nationalmortgagesettlement.com