Mortgage lenders' settlements with Indiana to generate $4M in annual heating ... - The Republic

Mortgage Lenders

INDIANAPOLIS — The state is banking nearly $29 million from five mortgage lenders to generate about $4 million annually to help low-income Indiana homeowners pay their winter utility bills.

Attorney General Greg Zoeller said Wednesday that the money comes from payments by Ally, Bank of America, Citi, JPMorgan Chase and Wells Fargo banks to settle foreclosure and lending abuses in Indiana .

Gov. Mitch Daniels last week signed a bill passed this year by the Legislature to create the heating aid. Attorney General Greg Zoeller said Wednesday that the money comes from payments by Ally, Bank of America, Citi, JPMorgan Chase and Wells Fargo banks to settle foreclosure and lending abuses in Indiana.

Eligible homeowners already qualify for the federal Low Income Home Energy Assistance Block Grant program operated through community action agencies with offices in every county. Indiana's program last year provided nearly 198,000 households with an average benefit of $420 each for utility bills.

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