2,000 Iowans owed more than $1 million in mortgage settlement

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DES MOINES, Iowa (KCRG-TV9) – More than 2,000 Iowans could soon be getting money back in a mortgage settlement program.

State Treasurer Michael L. Fitzgerald announced 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 with 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.

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 said.

The Great Iowa Treasure Hunt program has returned more than $214 million in unclaimed property to more than 500,000 people since Fitzgerald created it in 1983.