the signing of the agreement, nearly 310,000 homeowners have received monetary relief
under the National Mortgage Settlement according to a progress report released
on Monday by Joseph A. Smith, the settlement's independent monitor. The five large mortgage servicers who signed
the settlement have distributed a combined total of $26.1 billion in direct
relief to those homeowners, an average of $84,385, each as compensation for the
alleged loan servicing and foreclosure abuses address in the Settlement between
them, 49 of the states' attorneys general, and the federal government. The total includes both completed Consumer Relief
activities and active first lien trial modifications.
five servicers committed amounts to Consumer Relief obligations ranging from
$200 million for Ally to $4.34 billion from Wells Fargo. To meet their commitments the servicers can
offer a variety of activities including first and second lien modifications,
facilitation of short sales, deficiency waivers, anti-blight activities,
refinancing, and forbearance for unemployed borrowers.
the report period, from March 1 to September 30 2012, servicers accomplished the
borrowers successfully completed first lien modifications, receiving $2.55 in
principal forgiveness, an average of $116,929 each.
borrowers are in an active first lien trial modification, the total principal
value of which is $4.19 billion. The
potential relief to borrowers is $135,223 each if the trials are completed.
lien modifications and extinguishments were provided to 50,025 borrowers with
an average modification or extinguishment of $55,534.
refinanced 37,396 mortgages with an average unpaid principal balance of
$120,398 yielding an average interest rate savings of 2.35 percentage points
and a value over the life of the loans of $1.44 billion. Each borrower will save an average of $409 in
payments each month.
either a short sale
completed during this period, or the lender
accepted a deed in lieu
waiving all deficiencies.
- Through the various other
Consumer Relief programs outlined in the Settlement documents,
provided $1.01 billion
in relief to 39,637 borrowers. The average amount of relief of these other programs amounts
$25,383 per borrower.