HUD Secretary Donovan's Memphis Visit Highlights Foreclosure Settlement Benefits for Mid South Families

Left to right: Arkansas and Tennessee Attorney General Dustin McDaniel, Robert E. Cooper, Jr., and HUD Secretary Shawn Donovan

HUD Secretary Shaun Donovan joined the Tennessee and Arkansas Attorneys General Robert E. Cooper, Jr., and Dustin McDaniel April 9, 2012 in Memphis, Tennessee to announce the terms of the $25 billion foreclosure settlement between the nation's five largest banks and the attorneys general from 49 states. Tennessee, Arkansas, and Mississippi will share $5 billion going directly to the states. HUD stakeholders from throughout the Mid-South joined the Secretary and Regional Administrator Ed Jennings, Jr. before the press conference for an exchange of views.

HUD Secretary Donovan related that 20,000 families will be helped to pay their mortgage payments and save their homes; they will be able to get their mortgage principal reduced; unemployed homeowners will get help to look for jobs so they can stay in their homes; and, those already foreclosed will be getting some help as well.

Those facing foreclosure may call HOPE Hotline at 888-995-HOPE (4673) or visit the website (www.nationalmortgagesettlement.com/) for free help.

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