Navigate Up
Sign In
Español | Kreyòl | More
Skip navigation links
About Us
Meetings & Events
Related Links
What is Affordable Housing
Skip navigation links
HOME
Quarterly Newsletter
News -Archive
News -January 2014
News -February 2014
News -March 2014
News -April 2014
News -May 2014
News -June 2014
News -July 2014
News -August 2014
News -September 2014
News -October 2014
News -November 2014
News -December 2014
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…

 

<Back     Next>