Current Report Materials | Mortgage Settlement Monitor Reports Consumer Relief Data

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Current Report Materials | Mortgage Settlement Monitor Reports Consumer Relief Data

Current Report Materials | Mortgage Settlement Monitor Reports Consumer Relief Data

Joseph Smith nears completion of his consumer relief crediting and compliance reviews of servicing reforms

RALEIGH, N.C. – Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, has received an update on the consumer relief activities the five banks that are parties to the Settlement reported through March 31, 2013. The banks sent these reports to each state that is party to the Settlement with copies to the Monitor and the Monitoring Committee. According to this data, 621,712 borrowers benefited from some type of consumer relief totaling $50.63 billion, which, on average, represents about $81,437 per borrower. This figure includes both completed Consumer Relief and active first lien trial modifications. The state-level data can be downloaded from this web page. A fact sheet summarizing national consumer relief can be downloaded here.

This information is self-reported by the banks and will not be credited under the Settlement until each bank requests a review from the Monitor; to date, only the ResCap parties (formerly GMAC) have received credit.

“Since the Settlement was announced, I have released three prior progress reports that detailed the banks’ self-reported consumer relief data on a quarterly basis,” said Smith. “I believe it is important to continue to share this data with the public, and, accordingly have done so on my website. However, I have not prepared a full report on this data because I am focusing my time testing the banks’ year end consumer relief claims and giving them appropriate credit as outlined in the Settlement. This allows me to provide the public with credited reports as soon as possible.

“The four banks that have not yet been credited have requested that I determine their consumer relief progress through the end of 2012,” said Smith. “I will release my review of their work in the coming weeks to the Court and the public. At that time, I look forward to engaging in a public conversation about their progress.”

[MORTGAGE OVERSIGHT]

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One Response to “Current Report Materials | Mortgage Settlement Monitor Reports Consumer Relief Data”

  1. How on earth do they get a figure of over $81,000.00 per borrower, when the majority were given $300.00 checks for wrong doing and a few as much as $2,000.00 to $6,000.00? Where does all this credit come from? This is as fishy as it gets. Credit undeserved for short sales to new purchasers of the homes the homeowner should have been helped to be kept in. Taking credit in Non judicial states for principal reduction on money the banks never would have received and don’t deserve credit for? This report appears to be from scammers and con artist! Not one home should have been foreclosed on and the crime continues. Sure dont see the crooks giving back the thirty percent of the admitted homes that were unlawfully wrongfully foreclosed and not in default. And that is bank picked number. The same crime is ongoing with no changes, friends of mine being told BOA, West One and Chase will not give them a modification. No way at all. Those banks are out for the jugular and the house by fraud assignments and biased judges enabling the crime. Where is the justice? Just how did this settlement come into compliance? The banks were allowed by the settlement of steal ten percent of the homes not in default, which is a crime in it self, so is this bank picked number going to be a new consent or settlement allowance to forgive the banks. This obviously scammed settlement report by the banks must be investigated for fraud and deception.

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