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Georgians Have Received Over $480 Million in Relief from National Mortgage Settlement

PRESS ADVISORY

Georgians Have Received Over $480 Million in Relief from National Mortgage Settlement

November 20, 2012

Attorney General Sam Olens announced that over 9,500 Georgia borrowers have received mortgage relief totaling $480,938,542 as a result of the National Mortgage Settlement with the nation’s five largest mortgage servicers. On average, each borrower has received $50,614 in relief primarily in the form of mortgage modifications, refinancing, and facilitation of short sales.

The figures for Georgia are part of a larger report released by the independent settlement monitor outlining consumer relief under the settlement between March 1 and September 30, 2012. According to the report, which is based on self-reported data submitted by the five servicers, $26.11 billion in gross relief has been extended to more than 300,000 borrowers nationally, or roughly $84,385 per homeowner. 

The report also includes updates from the servicers on the implementation of servicing standards required by the settlement and intended to protect consumers moving forward.

The full report can be found here. The Monitor’s state-by-state data map is available here. Until the Monitor has completed his review of the information submitted by the servicers, the total amount of mortgage relief received by Georgia consumers has not been confirmed and is, therefore, subject to change.

In February 2012, the federal government and 49 state attorneys general reached a $25 billion settlement with Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo over unacceptable nationwide mortgage servicing practices related to foreclosures.  Additional information on the settlement is available on the National Mortgage Settlement website.