Officials announce that more than 100,000 Floridians have received more than $7.7 billion in relief under the national mortgage settlement.
TALLAHASSEE – Attorney General Pam Bondi announced Feb. 21 that Floridians have received more than $8.3 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 Settlement Monitor’s report released Thursday, more than 100,000 Floridians have received more than $7.7 billion in relief, with an additional $600 million in loan modifications underway.
The report that Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, released outlines the consumer relief activities the five have reportedly conducted since March 1, 2012.
“According to this report, more than 100,000 Floridians have benefited from $8.3 billion in relief—more than 18 percent of the total relief provided nationally,” Bondi said. “We will continue to closely monitor the banks’ compliance to ensure that Floridians receive the full benefits of the relief afforded under the settlement.”
The banks disclosed that, nationally, they have extended more than $45 billion in gross relief to more than 550,000 borrowers. These figures include active first lien trial modifications as well as completed relief. This relief is in addition to and separate from the payments to foreclosed borrowers, which are expected to be mailed to eligible claimants in mid 2013.
While this report covered homeowner relief provided under the settlement, future reports will include crediting for consumer relief activities of some or all of the banks and will include information about the banks’ compliance with the servicing standards, or reforms. The compliance reports are expected later this year.