Washington homeowners receive relief under National Mortgage Settlement | Attorney General

Attorney General Bob Ferguson announced that the five banks covered under the National Mortgage Settlement have reported providing over $1.2 billion dollars in consumer relief to Washington homeowners.

  • Saturday, August 24, 2013 2:02pm
  • Business

Attorney General Bob Ferguson announced that the five banks covered under the National Mortgage Settlement have reported providing over $1.2 billion dollars in consumer relief to Washington homeowners.

As of June 30, 2013, according to the unaudited bank reports, 16,377 Washington state borrowers have received an average of $74,763 in consumer relief. This relief includes debt reduction loan modifications on first and second mortgages, lower interest rates on underwater mortgages, and transitional assistance for those unable to remain in their homes.

Washington’s numbers are part of the fifth and final progress report released by Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement. The purpose of the progress report is to share with the public the banks’ self-reported progress toward meeting their consumer relief obligations under the settlement. Smith is currently reviewing this latest information from the banks. At the conclusion of that review, he will issue a formal compliance report that will be filed with the Federal District Court for the District of Columbia.

“Homeowners deserve financial relief,” said Washington State Attorney General Bob Ferguson. “I am encouraged to see the Settlement has had measurable impact on thousands of borrowers and their communities in Washington state.”

While this report shows the banks have met their required relief obligations, more options are available to help homeowners.

“I highly encourage homeowners experiencing financial difficulties to contact a home counselor for free today,” said Ferguson.

If you are having problems paying your mortgage (or believe that you may in the future), or if you are behind on your payments and facing foreclosure, call a home counselor free of charge at 1-877-894-HOME (4663). They will help assist you in reviewing the many, many programs currently available to assist homeowners.

In February 2012, 49 state attorneys general and the federal government announced the joint state-federal $25 billion National Mortgage Settlement with the country’s five largest mortgage servicers. Those servicers are the Rescap Parties (formerly GMAC), Bank of America, Chase, Wells Fargo and Citi. Preliminary data shows that the servicers have substantially exceeded the consumer relief requirements of the settlement by providing more than $51 billion in direct settlement relief to borrowers nationwide, ahead of the March 2015 deadline.

More Information:

www.atg.wa.gov/NationalMortgageSettlement

www.NationalMortgageSettlement.com

More in Business

Belmont venture offers lavender, much more

The remodeled barn opened as a business in July.

Good economic news in time for the holidays | Don Brunell

But how long will increasing revenue streams last?

Immunizations make a difference | Don Brunell

Venezuela is in deep trouble, partly because its public health system no longer offer the full cycle of vaccinations.

‘Medical spa’ offers variety of skin treatments

Rainier Laser and Aesthetics Center is now open in Enumclaw.

Enumclaw opens new preschool, now enrolling students

Classes for two different age groups are being offered.

Cost matters when businesses hire | Don Brunell

It’s not just wages, but benefits, that companies must consider when hiring or retaining workers.

Military also adjusting to worker shortages | Don Brunell

There are just fewer qualified people in the employment pool to fill jobs which require higher educational standards, more skills, a willingness to work hard, and the dexterity to be part of a team.

Portland shipyard building wave of the future | Don Brunell

While it may not be the first commercial wave energy project, it will be one of the largest.

Carbon fee hurts businesses and families | Don Brunell

A carbon tax would raise over $610 million in its first year and jump to $761 million by 2023, but the added cost from the initiative over 15 years is projected to be 57-cents a gallon.

The Russians are indeed coming | Don Brunell

Russia is now the world’s top wheat producer.

Firehouse Pub: slight change of address but atmosphere remains the same

It was quite the project, renovating the pub’s new home.

Enumclaw’s QFC debuts home delivery service

The first order is free, but other orders will come with a charge.