Coloradans have received $207 million in mortgage settlement

Colorado Attorney General John Suthers today announced that 3,700 homeowners in Colorado have received $207.4 million from the National Mortgage Settlement.

The settlement was reached between five banks and attorneys general from 49 states and the federal government.

Ally Financial Inc., Bank of America Corp., JP Morgan Chase & Co., Citigroup and Wells Fargo & Co. were all a part of the $25 billion settlement, which was reached in February.

The mortgage relief came in the form of principal reduction and debt forgiveness to help reduce monthly payments and short sales.

Across the country, more than 309,000 borrowers have received some sort of mortgage relief stemming from the settlement between March 1 and Sept. 30.

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