Thursday, August 22, 2013

$77,000 In Average Mortgage Relief To Floridians

Foreclosure Settlement Agreements Exceed Predictions

The Office of Mortgage Settlement Oversight, he national mortgage settlement monitor has released the fifth and final report on the nation’s five largest mortgage servicers’ self-reported homeowner relief under the settlement between banks and states. Highlights from the report, which remain to be verified by the monitor and which includes data available as of June 30, 2013, include:
· More than 120,000 Floridians have received more than $9.22 billion in relief under the settlement, with an average of $77,000 in relief per borrower;
· The $9.22 billion in bank-reported relief for Floridians exceeds the original estimate of homeowner relief by $800 million; and
· The relief provided to Florida’s homeowners accounts for 18 percent of the total national relief and is second only to California.

This relief is in addition to the approximately $107 million in direct payments that have been made to approximately 73,000 Floridians who lost their homes to foreclosure and received a check for $1,480. The State also received a payment of $334 million in penalties and to fund programs that will assist Floridians’ recovery from the housing crisis. 

The monitor plans to submit another report detailing the status of the banks' compliance with the settlement's servicing standards in November or December. In the meantime, the Florida Attorney General's Office continues its ongoing efforts to address specific borrower complaints it receives to ensure that they are resolved appropriately under the settlement. 

More information about the National Mortgage Settlement is available at
Further information about the national settlement monitor, Joseph Smith, and the Office of Mortgage Settlement Oversight is available at

In February, Attorney General Bondi entered a landmark $25 billion joint federal-state agreement with the nation’s five largest mortgage servicers over foreclosure abuses and unacceptable nationwide mortgage servicing practices. In addition to the terms of the national settlement agreement, Attorney General Bondi separately negotiated an agreement with the nation’s three largest mortgage servicers to ensure that a guaranteed portion of the overall settlement funds goes to Florida borrowers. 

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