March 8, 2013

Mortgage Settlement Helping Homeowners and Exceeding Expectations

This post is also available in: Spanish

Americans are starting to feel a sense of hope about our economy for the first time in half a decade – and a big reason is the rebound in the housing market. It certainly hasn’t always been this way. It was only a few years ago when we learned that many of the same financial institutions responsible for causing the housing crisis–through predatory loans and exploding adjustable rate mortgages (ARMs)–were actually making it worse by foreclosing on homeowners without verifying paperwork, losing documents, and failing to provide even the most basic assistance that might have helped families save their homes.

That was why one year ago, we took action, through a historic, bipartisan settlement between the Federal government, 49 state attorneys general and the five largest mortgage servicers – the second largest consumer relief settlement in the nation’s history. As a result, between March and December over 550,000 homeowners received nearly $46 billion in overall consumer relief, with homeowners receiving roughly $82,000 in benefits on average.

Read more at the HuffingtonPost.com

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