Thursday, September 6, 2012

National Foreclosure Settlement and the Big Banks

The unprecedented foreclosure crisis has hit the State of Florida hard.  There are not many people who have not felt the effect of the crisis. The State of Florida, with Attorney General Pam Bondi acting on behalf of the citizens of the Florida, joined in with all the state attorneys general across the country in a suit against the five biggest banks.

In February 2012, the settlement was entered and the money has now been forwarded by the banks to the states in accordance with the agreement.  In a press release issued by Attorney General Bondi's office, it appears 23,000 Floridians will recieve an excess of $1.7 billion in relief. The press release comes after Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, released a report that outlines details about the settlement, steps his office has taken to implement it and progress made by the five banks that are parties to the settlement to date.
Read the actual report online here or read Joseph Smith's news release here.

Monitor Issues Interim Report on Relief Provided to Homeowners Under the National Mortgage Settlement

TALLAHASSEE, Fla. –Today, Joseph Smith, Jr., the national mortgage settlement monitor, released an interim report on homeowner relief that the nation’s five largest mortgage servicers have provided as of June 30.

Based upon figures voluntarily provided by the servicers, but not yet verified by the monitor, more than 23,000 Floridians have received an excess of $1.7 billion in relief under the settlement. The relief provided thus far includes first and second lien principal forgiveness, forgiveness of past forbearance, refinancing, and deficiency waivers.

The report also details the servicers' progress on reforming their servicing practices as required by the settlement agreement. The interim report includes a timetable for future reports with the monitor’s first audited report expected in April 2013.

“I am pleased to see that progress is being made under the settlement as the mortgage servicers begin to implement procedures designed to fulfill their obligations to Florida's homeowners,” stated Attorney General Pam Bondi. “I will continue to work with the monitor to ensure that the mortgage servicers fulfill their obligations under the settlement agreement.”

In February, Attorney General Bondi entered a landmark $25 billion joint federal-state agreement with the nation’s five largest mortgage servicers over foreclosure abuses and unacceptable nationwide mortgage servicing practices. In addition to the terms of the national settlement agreement, Attorney General Bondi separately negotiated an agreement with the nation’s three largest mortgage servicers to ensure that a guaranteed portion of the overall settlement funds goes to Florida borrowers.

Attorney General Pam Bondi News Release
August 29, 2012
Media Contact: Jenn Meale Phone: (850) 245-0150

1 comment:

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