AG Gansler's Mortgage Servicing Settlement Exceeds $1.3 Billion in Direct Relief; Checks to Eligible Foreclosure Victims to be Mailed in June
More than 16,600 Marylanders benefit in first 13 months; another $60 million in ongoing trial modifications for 500 Maryland families may boost total assistance
Baltimore, MD ( May 21, 2013) - Attorney General Douglas F. Gansler announced today that 16,627 Maryland families have received more than $1.3 billion in relief from the National Mortgage Settlement during the period of March 1, 2012 through March 31, 2013. This represents approximately $400 million more in relief and assistance for distressed homeowners than was originally estimated. This latest report does not include the one-time, no-strings-attached cash payments to eligible borrowers who lost their homes to foreclosure. Eligible Marylanders should begin receiving checks next month; they are expected to exceed the $840 minimum, although an exact amount is not yet known.
"Thousands of Maryland families have been able to stay in their homes or escape dire financial circumstances under this settlement," said Attorney General Gansler. "Each family that struggled through the housing crisis and is now able to stay in their home helps to stabilize neighborhoods and home prices for everyone else."
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 finalized in April and May. The $1,308,320,974 in relief and assistance for Maryland families does not include $59,233,553 in active trial modifications. Maryland's share of the National Mortgage Settlement was initially projected to be $957 million, which included an estimated $900 million in direct relief and assistance to Maryland homeowners.
"The settlement has delivered meaningful and needed relief in Maryland", said Mark Kaufman, Commissioner of Financial Regulation. "Reported benefits to Maryland homeowners thus far are roughly equivalent to those delivered in Pennsylvania and Virginia, combined."
The nationwide progress report outlines more than $52.6 billion in gross consumer relief distributed or in process nationwide to more than 636,000 borrowers by the five national lenders under the settlement: Ally (ResCap/GMAC), Bank of America (Countrywide), Citi Bank, JPMorgan Chase (WaMu) and Wells Fargo (Wachovia). The figures provided in the fourth quarterly progress report, issued by the court-appointed Monitor of the National Mortgage Settlement, were submitted by the five lenders and are subject to review by the Monitor.
The settlement was the result of allegations that the nation's five largest mortgage servicers engaged in illegal "robo-signing" of documents and a variety of other mortgage lending abuses.
To see the National Monitor's Maryland-specific information visit: http://www.oag.state.md.us/mortgageSettlement/Monitor_Progress_Report_MD_May_13.pdf
To see the National Monitor's Updated National Consumer Relief Data release and fact sheet visit: https://www.mortgageoversight.com/reports/monitors-updated-national-consumer-relief/
To see the National Monitor's complete report of each state visit:
For general information on the National Mortgage Settlement visit AG Gansler's website:
Additional information is available at: