Iowa Homeowners Due Cash in Settlement

Hundreds of Iowans are getting notices that they’re due money from their mortgage holder. Iowa Attorney General Tom Miller says in the next few days, 3531 Iowans will receive a letter that will allow them to recover $1.49 MILLION as a result of the settlement Miller and other Attorneys General negotiated with Household Finance Company. Miller says Iowans involved in the settlement will receive a minimum of $100. At least one borrower will receive $5400. The formula’s based on exorbitant fees and charges on Household loans held between January 1st, 1999 and September 30th, 2002. Miller was the lead Attorney General on the case, which has yielded an agreement that will see Household pay out $484 MILLION to mortgage-holders throughout the country. Miller says Household has agreed to change its ways and will offer mortgage applicants the lowest interest rate they’re eligible for — which Miller describes as a promise to abstain from price-gouging. Miller says Household is one of the top two lenders in the country. Miller’s office sent out postcards last week, alerting the three-thousand-531 Iowans an important letter was on its way to their mailbox. The letter explains how to obtain the rebate, and the claim forms must be submitted by October 14th.