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May 22, 2013
NATIONAL MORTGAGE SETTLEMENT PROVIDES MORE THAN $440 MILLION IN RELIEF TO 6,700 DISTRESSED OREGON HOMEOWNERS
PORTLAND - The nation's largest mortgage servicers have distributed $440,512,598 in direct relief to 6,763 distressed Oregon homeowners or about $65,136 per homeowner as part of the National Mortgage Servicing Settlement according to an update released today by Joseph A. Smith, the Settlement administrator.
The Settlement was reached over a year ago when HUD, the Department of Justice and 49 state attorneys general reached an agreement with nation's five largest mortgage servicers - Bank of America, Wells Fargo, Citibank, J.P. Morgan Chase and Affinity (formerly GMAC) - to address mortgage loan servicing and foreclosure abuses.
Nationally, the Settlement administrator also reported today as of March 31st, the five servicers have distributed $50.63 billion in direct relief to over 620,000 homeowners, or roughly $81,000 per homeowner under the Settlement. The Administrator's update report can be found at https://www.mortgageoversight.com/map-reports/updated-consumer-relief/
The assistance provided by the servicers included modifications of 1st and 2nd mortgages, forbearance agreements, short sales and deeds-in-lieu of foreclosure. The report demonstrates significant progress on the broadest and most robust principal reduction program in the nation's history. New York homeowners have received more than $1.9 billion in consumer relief.
"One year in," said HUD Secretary Shaun Donovan, "it is clear that this historic settlement is making a profound difference on lives and communities. We have far surpassed expectations in our efforts to assist struggling Americans. Due to the efforts by 49 bipartisan state attorneys general and the federal government, hundreds of thousands of people are able to stay in their homes or avoid foreclosure, preventing the erosion of the social fabric of our communities. As a result of the settlement, over 620,000 homeowners have received on average more than $81,000 in benefits thus far.
"The Monitor's latest update reaffirms a simple truth: that large-scale principal reduction is an important tool in preventing foreclosures. We look forward to reviewing the Monitor's compliance reports next month. We will also continue to keep a close eye on the banks to ensure they live up to their end of the deal when completing their consumer relief requirements and their progress on implementing new and improved servicing standards," Donovan concluded. "We will not stop until homeowners get a fair shake."
HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov. You can also follow HUD on Twitter at @HUDgov or on Facebook at www.facebook.com/HUD. or sign up for news alerts on HUD's News Listserv.