WMFD TV

Search Archive WMFD.com News

www.wmfd.com - Ohio Attorney General Mike DeWine announced that recently released monitor's report shows that more than 7,000 Ohioans have received more than $280 million in consumer relief from the National Mortgage Settlement announced one year ago. }}" />

   
 
 
Ohioans Receive $280 Million From Mortgage Settlement

Story By: Brigitte Coles

 

 

 
 
 
  Email Story to Friend
   
  Original Published: 2/21/2013

Ohio Attorney General Mike DeWine announced that Thursday's release of a monitor's report shows that more than 7,000 Ohioans have received more than $280 million in consumer relief from the National Mortgage Settlement announced one year ago.

 

"The two goals of the National Mortgage Settlement were to compensate Ohioans for the damage caused by robo-signing and to prevent future bad acts," said Attorney General DeWine. "Today's monitor's report shows that Ohioans are receiving significant relief and continue to take advantage of the relief opportunities provided in the settlement."

 

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 and December 31, 2012, 7,465 Ohioans received $280,082,073 in consumer relief from the 5 servicers, an average of $37,519 per participating Ohioan. Nationwide, the five servicers reported providing $45.83 billion in consumer relief. 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.

 

According to the monitor's report, 2,528 Ohioans were able to complete mortgage refinances with the five servicers. The average rate reduction was 3.04%, which is significantly higher than the national average of a 2.36% reduction, and represented an overall increase since the last monitor's report was released. In total, the five servicers sent refinancing solicitations to 4,752 Ohioans.

 

DeWine noted that the refinancing statistics show that there are many Ohioans who have yet to finalize refinancing offers.

 

Ohioans who have questions about refinancing solicitations may contact the Ohio Attorney General's Office by calling 800-282-0515. 

 

A copy of the monitor's report is available on the Ohio Attorney General's website.

   
  MORE RECENT NEWS
 
Image1 The 300-plus employees, technically co-owners, of Lifetouch Church Directories in Galion had a special visitor Wednesday. Full Story
Image1 A fun competition with a great educational lesson was held Wednesday in the natatorium at Colonel Crawford High School. Full Story
 
Image1 A financial recovery plan for Mansfield City Schools was approved Tuesday afternoon. Full Story
Image1 HomeCare Matters Home Health and Hospice held their largest fundraising event of the year Tuesday evening at William Crawford Intermediate School. Full Story
  MORE NEWS
 

HomeCare Matters Hosts Celebrity Waiter Auction

Baby's death leads to meth lab

Start Talking Initiative Helps Address Youth Drug Epidemic

Growth and Development Goals Presented To Richland County

Red Cross Hero Awards Set For May 1

Mansfield Man Indicted On Heroin And Cocaine Dealing Charges

Eagle Scout Candidate Indicted For Rape Claim At Blood Drive

Mansfield Native Prepares for 4th Iditarod

Lexington Plants Three Trees For Arbor Day Celebration

Center celebrates transition in leadership with book sale

Weirich Waste Teams Up With Stingel For Recycle Days

More News