TALLAHASSEE, FL – May 21, 2013 – (RealEstateRama) — Attorney General Pam Bondi announced that Floridians have received nearly $9 billion in relief under the national mortgage settlement, as reported by the five largest mortgage servicing banks that are parties to the settlement. According to the latest Settlement Monitor’s report released today, more than 111,000 Floridians have received more than $8.6 billion in relief, with an additional $315 million in principal reduction, in the form of loan modifications, underway. The report that Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, released today outlines the consumer relief activities the five banks have reportedly conducted since March 1, 2012. The numbers reported by the banks must be confirmed by the Monitor in an independent audit.
“Today’s report indicates that 111,000 Floridians have benefited from $9 billion in relief, significantly more than the $8.4 billion that we expected when we entered the settlement. I will continue to hold the banks accountable by demanding full compliance with the settlement, including the requirements designed to ensure that banks treat homeowners fairly in the mortgage servicing process,” stated Attorney General Pam Bondi.
The banks disclosed that nationally they have extended more than $50 billion in gross relief to nearly 622,000 borrowers. These figures include active first lien trial modifications and completed relief.
In June, the Monitor plans to submit his first required reports to the Court concerning his review of the banks’ compliance with the settlement’s servicing standards.
Homeowners can obtain more information about the National Mortgage Settlement by visiting the Attorney General’s Office website at MyFloridaLegal.com or the National Mortgage Settlement website at NationalMortgageSettlement.com. Further information about the Monitor and the Office of Mortgage Settlement Oversight is available at MortgageOversight.com.
Follow this link to view chart: http://myfloridalegal.com/webfiles.nsf/WF/MMFD-97WJL6/$file/Program+to+Date+Consumer+Relief+Chart+5.21.13.pdf
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