From the state web site of Attorney General Chris Koster (D):
Attorney General Chris Koster joined a landmark national mortgage settlement in order to bring more than $196 million to Missouri taxpayers and the state. The settlement with Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, and Ally Financial is the largest civil settlement reached by the Attorneys General since the tobacco settlement.
The agreement settles state and federal investigations into whether the country’s five largest loan servicers routinely signed foreclosure-related documents outside the presence of a notary public and without knowing whether the facts they contained were correct. The settlement provides benefits to borrowers whose loans are owned by the settling banks as well as to many of the borrowers whose loans they service….
….Borrowers who are underwater in their homes and behind on their payments but could afford to make them at a reduced rate will receive an estimated $86.5 million in principal reductions and other borrower assistance programs….
….Borrowers whose houses are worth less than they owe will be able to refinance at today’s historically low interest rates….roughly $38 million of which will go to Missourians….
….Payments to borrowers who lost their homes to foreclosure with no requirement to prove financial harm and without having to release private claims against the servicers or the right to participate in the OCC review process. Missourians who have been foreclosed upon are eligible to receive roughly $2,000 each, up to about $31 million….
….The state of Missouri will receive over $40 million….
That last part just might go to partially fill a budget hole for higher education.