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 new V-A Clinic on South Trimble Road in Mansfield is attracting large numbers of veterans seeking medical care. Full Story
Image1 Richland County Transit continues working on getting its annual subsidy funding from the county, and the cities of Mansfield and Ontario. Full Story
 
Image1 The Mansfield Police Review Commission is continuing its mission to promote public support in the professionalism and accountability of the Mansfield Police Department. Full Story
Image1 Infrastructure improvements will be visible in the Ontario area very soon after city council approved a number of resolutions to develop the locality. Full Story
  MORE NEWS
 

Ontario Approves Infrastructure Improvements

Weirich Waste Teams Up With Stingel For Recycle Days

Ashland Area Job Fair Held At Ashland University

Congressman Tiberi Visits Lexington Senior Center

Vacant Ontario House Catches Fire, Cause Unknown

A.U. Schar Nursing College Starts Doctor Of Nursing Program

Mansfield Dance Company Rules Nationals

17th Annual Minority Health Fair Kicks Off April 26

More News