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Dayton Business Journal...
Ohio lands $335M from mortgage settlement
by Ginger Christ, Reporter
Thursday, February 9, 2012 

Ohio will receive $335 million from a federal-state settlement with the nation’s largest mortgage servicers. 

The state is part of a $25 billion settlement with five of the largest mortgage servicers — Ally, Bank of America, Citi, JPMorganChase and Wells Fargo — over foreclosure abuses, fraud and unacceptable mortgage practices. 

The Ohio share will be distributed as follows: 

• Borrowers will receive $102 million in benefits from loan term modifications and other direct relief; 

• Borrowers who lost their home to foreclosures from Jan. 1, 2008 to Dec. 11, 2011 and suffered servicing abuse could qualify for part of an estimated $44 million in cash payment; 

• “Underwater” borrowers would receive an estimated $90 million in refinanced loans; and 

• The Ohio Attorney General’s office will receive $97 million to help with foreclosure prevention, revitalizing neighborhoods by ridding them of blighted properties and assisting families who have experienced or are on the brink of foreclosure. 

The state Attorney General’s office will use the $97 million in three ways: 

• Seventy-five million dollars will be used to create a grant program communities can use to remove blight; 

• Twenty million dollars will be used to create a grant program to provide assistance to families at risk of foreclosure or who already have lost their home; and 

• Two million dollars will be used to expand the Economic Crimes Division of the Ohio Attorney General’s Office. 

Read this and other articles at the Dayton Business Journal


 
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