AG Gansler: Mortgage Settlement Relief Exceeds $550 Million So Far
Federal Monitor's 2nd report says nearly 7,000 Marylanders have benefited
Baltimore, MD ( Nov. 19, 2012) - Attorney General Douglas F. Gansler announced today that distressed Maryland homeowners have received more than $550 million in relief from the National Mortgage Settlement as of September 30. The second quarterly report on the progress of the settlement was issued by the court-appointed Monitor of the National Mortgage Settlement. It shows 6,933 Maryland homeowners have received assistance from the settlement from March 1 through September 30.
"Thousands of Maryland homeowners have been helped under this settlement but there is much more to be done," said Attorney General Gansler. "Despite our efforts to inform and educate distressed homeowners about the settlement, we remain concerned that not everyone who might be eligible has sought the assistance to which they are entitled."
The benefits and assistance calculated in the report include home mortgage modifications, principal reductions, deficiency waivers, refinancing and short sale financial assistance. The report does not include the benefits and assistance for October and November and does not reflect the one-time cash payments to eligible victims of foreclosure, expected to be paid out in 2013. Maryland's share of the National Mortgage Settlement was projected to be $957 million, including an estimated $900 million in direct relief and assistance to Maryland homeowners.
"The settlement continues to deliver relief to thousands of Marylanders," said Mark Kaufman, Commissioner of Financial Regulation. "We are committed to working through the Monitoring Committee to ensure that the benefits are realized and that reforms to servicing industry practices are fully implemented."
The full progress report outlines nearly $22 billion in reported consumer relief nationwide distributed by the five national lenders under the settlement: Ally/GMAC, Bank of America (Countrywide), Citi Bank, JPMorgan Chase (WaMu) and Wells Fargo (Wachovia). The figures provided in the report have been submitted to the Office of Mortgage Settlement Oversight by the five lenders and are subject to review by the Monitor.
To read the report "Continued Progress: A Report from the Monitor of the National Mortgage Settlement" visit: http://www.oag.state.md.us/mortgageSettlement/Monitor_Progress_Report_Nov2012.pdf
For more information on the Mortgage Settlement visit Attorney General Gansler's website:
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