www.baltimoresun.com/news/breaking/bs-bz-mortgage-settlement-20120829,0,3293046.story

baltimoresun.com

Md. homeowners get $225M so far from mortgage settlement

State likely to receive about $1 billion in relief

By Steve Kilar, The Baltimore Sun

12:32 PM EDT, August 29, 2012

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Nearly 3,000 Maryland homeowners received almost $225 million in relief as of the end of June from the national settlement with five mortgage servicers, state officials announced Wednesday.

The money was distributed to homeowners in the form of mortgage modifications and refinancing, principal reductions, deficiency waivers and short sale assistance, according to a statement from the office of Maryland Attorney General Douglas F. Gansler.

Gansler's office cited financial data from the first progress report on the settlement, prepared by the Office of Mortgage Settlement Oversight.

The $25 billion settlement — of which Marylanders will see about $1 billion — went into effect in early April.

The settlement concluded claims against Wells Fargo, Bank of America, Citigroup, JPMorgan Chase and Ally Financial that they broke laws and abused borrowers in the rush to foreclose on properties.

The initial progress report also indicated that, at the end of June, more than $200 million in additional relief was being processed.

The financial relief tallied in the report does not include one-time cash payments of $1,500 to $2,000 that Marylanders who lost a home to foreclosure between 2008 and 2011 can apply to receive.

Nationwide, during the first four months of the settlement, the five mortgage servicers reported more than $10.5 billion in financial assistance to consumers.

steve.kilar@baltsun.com

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