Utah takes $171 million in national mortgage settlement

SALT LAKE CITY — The state of Utah and its homeowners will get an estimated $171 million from a landmark settlement with the nation's biggest mortgage lenders following the country's housing bubble burst.

Utah Attorney General Mark Shurtleff says about $102 million of Utah's share will reduce or modify loans for households at risk of foreclosure.

Another $45 million is available for people who lost their homes to foreclosure. They'll get $2,000, no questions asked.

The Utah Legislature will get another $23 million in cash to spend as it sees fit.

The settlement applies to borrowers who took loans from 2008 to 2011 from the Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial.

Utah officials warn that the money could run out before it covers everyone eligible for a settlement.