Quantcast

Attorney General DeWine Announces Second Quarter Update on National Mortgage Settlement; Ohioans Received $383 Million to Date

James Crosby | 8/23/2013, 10:01 a.m.

(COLUMBUS, Ohio)—Ohio Attorney General Mike DeWine announced that today's release of monitor's data shows more than 10,000 Ohioans have received more than $383 million in consumer relief from the National Mortgage Settlement since it was announced last year.

"Today's data released by the settlement monitor shows that Ohioans have taken advantage of the significant relief opportunities provided in the National Mortgage Settlement as they have been made available,” said Attorney General DeWine.

The monitor's report summarizes self-reported data provided by the five mortgage servicers who are parties to the settlement: Ally, Bank of America, Citi, JPMorganChase, and Wells Fargo. Between March 1, 2012, and June 30, 2013, 10,042 Ohioans received $ 383,280,538 in consumer relief from the five servicers, an average of $38,168 per participating Ohioan. In the second quarter of 2013, 458 Ohioans received relief totaling $17,273,208.

Nationwide, the five servicers reported providing $51.18 billion in consumer relief through June 30, 2013. The report lists consumer relief as including:

Loan modifications,

Forgiveness of forbearance,

Lien modification forgiveness,

Forgiveness to complete short sales,

Forgiveness to complete deeds in lieu of foreclosure,

Servicer payments,

Deficiency waivers, and

Estimated consumer relief from completed refinances.

Although the deadline had passed for refinance offers pursuant to the settlement, one servicer, Citi, sent refinancing offers to an additional 173 Ohio borrowers for consideration during the second quarter. As stated in the first quarter monitor's report, 2,721 Ohioans were able to complete mortgage refinances with the five servicers. The average rate reduction was 2.95%, which is significantly higher than the national average of a 2.25% reduction. In total, the five servicers have now sent refinancing solicitations to 4,983 Ohioans.