|HUD R3 No. 13-22
May 23, 2013
NATIONAL MORTGAGE SETTLEMENT PROVIDES MORE THAN $933 MILLION IN CONSUMER RELIEF TO VIRGINIA HOMEOWNERS
Nationally more than $50 billion in consumer relief distributed to 620,000 homeowners
WASHINGTON - The nation's largest mortgage servicers have distributed more than $933 million in consumer relief to more than 13,400 Virginia homeowners, averaging $69,598 per homeowner, as part of the National Mortgage Settlement according to a progress update released earlier this week by independent settlement monitor Joseph A. Smith of the Office of Mortgage Settlement Oversight.
Nationally, the nation's largest mortgage servicers have distributed $50.63 billion in direct relief to over 620,000 homeowners, or roughly $81,000 per homeowner as part of the National Mortgage Settlement, according to a progress update released by independent settlement monitor Joseph A. Smith of the Office of Mortgage Settlement Oversight. Over one year ago, the Department of Justice, Department of Housing Urban Development (HUD) and 49 state attorneys general reached a landmark agreement with the nation's five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses.The Monitor's state-level data can be downloaded here (https://www.mortgageoversight.com/reports/monitors-updated-national-consumer-relief). A fact sheet summarizing national consumer relief can be downloaded here (https://www.mortgageoversight.com/wp-content/uploads/2013/05/Fact-Sheet_May-progress-reportFINAL.pdf).
The report demonstrates significant progress on the broadest and most robust principal reduction program in the nation's history. The following is a statement released by HUD Secretary Shaun Donovan:
"One year in, it is clear that this historic settlement is making a profound difference on lives and communities. We have far surpassed expectations in our efforts to assist struggling Americans. Due to the efforts by 49 bipartisan state attorneys general and the federal government, hundreds of thousands of people are able to stay in their homes or avoid foreclosure, preventing the erosion of the social fabric of our communities. As a result of the settlement, over 620,000 homeowners have received on average more than $81,000 in benefits thus far.
The Monitor's latest update reaffirms a simple truth: that large-scale principal reduction is an important tool in preventing foreclosures. We look forward to reviewing the Monitor's compliance reports next month. We will also continue to keep a close eye on the banks to ensure they live up to their end of the deal when completing their consumer relief requirements and their progress on implementing new and improved servicing standards. We will not stop until homeowners get a fair shake."
HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing asa platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov. You can also follow HUD on twitter @HUDnews, on facebook at www.facebook.com/HUD, or sign up for news alerts on HUD's News Listserv.