Ohioans Get $280M from Mortgage Settlement
COLUMBUS, Ohio -- More than 7,000 Ohioans have received more than $280 million in consumer relief from the National Mortgage Settlement announced one year ago, according to state Attorney General Mike DeWine. A new report summarizes self-reported data provided by the five mortgage servicers who are parties to the settlement, including Ally, Bank of America, Citi, JPMorganChase, and Wells Fargo.
“The two goals of the settlement were to compensate Ohioans for the damage caused by robo-signing and to prevent future bad acts,” DeWine said. “The report shows that Ohioans are receiving significant relief and continue to take advantage of the relief opportunities provided in the settlement.”
Between March 1 and Dec. 31, 2012, 7,465 Ohioans received $280,082,073 in consumer relief from the five servicers for 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 2.36%, 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.
The refinancing statistics show that there are many Ohioans who have yet to complete refinancing offers, DeWine noted. Ohioans who have questions about refinancing solicitations may call the office of the Ohio attorney general at 800 282 0515.
Published by The Business Journal, Youngstown, Ohio.
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