Ohioans Get $383M from National Mortgage Settlement
COLUMBUS, Ohio -- More than 10,000 Ohioans have received more than $383 million in consumer relief from the National Mortgage Settlement since it was announced last year, according to a new report released through the office of the state attorney general.
The 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.
The data released by the settlement monitor shows that Ohioans have benefited from the significant relief opportunities the National Mortgage Settlement provided as they have been made available, the office of the attorney general says.
Between March 1, 2012, and June 30, 10,042 Ohioans received $383,280,538 in mortgage relief from the five servicers, an average of $38,168 per participating Ohio household. In the second quarter, 458 Ohioans received relief totaling $17,273,208. Nationwide, the five servicers reported providing $51.18 billion in relief through June 30.
The report defines relief as including loan modifications, forgiveness of forbearance, lien modification, forgiveness to complete short sales, forgiveness to complete deeds in lieu of foreclosure, services payments, deficiency waivers and estimated consumer relief from completed refinances.
Although the deadline had passed for refinance offers pursuant to the settlement, one servicer, Citi, sent refinancing offers to an additional 173 Ohio borrowers for consideration during the second quarter. As stated in the first-quarter report by the monitor, 2,721 Ohioa households completed mortgage refinancing with the five servicers. The average rate reduction was 2.95%, significantly higher than the national average of 2.25%. In total, the five servicers have now sent refinancing solicitations to 4,983 Ohio homeowners, the office of the attornet general said.
Published by The Business Journal, Youngstown, Ohio.
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