Monitor Reports Nearly $100 Million In Idaho Mortgage Relief
Boise, Idaho (KMVT-TV) - Idaho homeowners have reportedly received $96,404,176 in mortgage loan relief under the national mortgage settlement, Attorney General Lawrence Wasden said today. According to a progress report issued by the settlement monitor today, the five participating banks reported that 1,653 Idaho homeowners received consumer relief in the past seven months.
The national mortgage settlement is a court-approved agreement between state attorneys general, the federal government, and five banks—Ally, Bank of America, Citi, J.P. Morgan Chase, and Wells Fargo.
“This latest report is a snapshot of where the banks stand in meeting their consumer relief obligations under the settlement,” Wasden said. The Attorney General noted that the data in the report has not yet been verified by the monitor.
The settlement obligates the five banks to provide $20 billion in consumer mortgage relief nationwide. It includes a formula to calculate how much credit the banks receive toward their relief obligation. The amount of credit is based on the type of relief they provide to homeowners. For example, first mortgage principal reductions receive more credit than other types of relief.
The banks reported providing financial assistance to Idaho homeowners in the form of first and second lien principal reductions, completed short sales, deficiency waivers, and refinances. The banks also have offered or approved more than 100 first lien modification trials in Idaho.
The five banks also identified 12,207 Idahoans who are eligible to receive money from a $10 million restitution fund. Eligible borrowers were notified by mail in late September. The deadline for borrowers to respond to the claims administrator is January 18, 2013.
The settlement also includes more than 300 servicing standards that the banks must meet. More information about the settlement is available on the Attorney General’s website at www.ag.idaho.gov.
To read the monitor’s complete report, go to www.mortgageoversight.com.