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Ohio
Attorney
General Mike DeWine
DeWine:
Ohioans have received $280
Million in Mortgage relief
(COLUMBUS,
Ohio)-Ohio Attorney
General Mike DeWine announced that today'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.
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