Ohio to get $335M in national mortgage settlement

COLUMBUS, Ohio - Ohio's attorney general says a landmark settlement with big mortgage lenders over foreclosure abuses will deliver $335 million to the state.

Attorney General Mike DeWine said Thursday that the money will bring "much-needed relief to Ohio homeowners and communities and help our state to recover from the destruction left behind from the mortgage financing crisis."

Ohio and 48 other states joined the agreement.

Settlement dollars will be directed to four areas: $102 million for Ohio borrowers seeking direct relief; $44 million for victims of mortgage abuse who lost their houses between Jan. 1, 2008 and Dec. 11, 2011; $90 million in refinanced loans for those who owe more than their house than it's worth; and $97 million for ongoing efforts in neighborhood revitalization and foreclosure and fraud prevention.

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