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February 22, 2013


Mortgage Settlement Progress Report
U.S. Department of Housing Urban Development (HUD) Press Release

A third progress report was just released by independent National Mortgage Settlement monitor, Joseph A. Smith of the Office of Mortgage Settlement Oversight. The report cites that $45.83 billion of the funds has been distributed directly to homeowners. Over half a million borrowers have been given an average of $82,000 during the past year; close to half of the relief was in the form of debt forgiveness and principal reductions, which lowers homeowners’ monthly payments and decreases loans by an average of $84,000. States are using their settlement funds to provide housing counseling and legal aid. A Consumer Relief Map was created to see state by state distribution of settlement funds. HUD Secretary, Shaun Donovan, comments “As we reach the one year anniversary, the latest report marks a major milestone in our efforts to assist struggling homeowners. We have already surpassed our initial expectations and the settlement is testament to the fact that large scale principal reduction can be used an important tool in our efforts to prevent foreclosures without incurring negative results." More…


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