AUGUST 29
Baltimore – Distressed homeowners in Maryland received more than $224 million in relief during the first four months of the $25 billion National Mortgage Settlement, according to the first progress report from the court-appointed monitor.
The assistance included home mortgage modifications, principal reductions, deficiency waivers, refinancing and short sale financial assistance. Read a relase on the monitor’s findings from Attorney General Douglas Gansler.
The nation’s five largest mortgage servicers agreed early this year to settle complaints of widespread foreclosure abuses brought by the federal government and 49 state attorneys general, including Maryland.
The full progress report outlines more than $10.5 billion in reported consumer relief nationwide distributed by Ally/GMAC, Bank of America (Countrywide), Citi Bank, JPMorgan Chase (WaMu) and Wells Fargo (Wachovia). The figures provided in the report have been submitted to the Office of Mortgage Settlement Oversight by the five lenders. They will be audited by the Office of Mortgage Settlement Oversight to ensure their accuracy and applicability to the requirements of the National Mortgage Settlement.
