Thousands of Rhode Islanders have received National Mortgage Settlement relief

Banks servicing Rhode Island property owners have provided 2,124 consumers relief totaling $153.5 million, or an average of $72,310 per homeowner, under the National Mortgage Settlement, Rhode Island Attorney General Peter F. Kilmartin reported Thursday. More

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Banking

Thousands of Rhode Islanders have received National Mortgage Settlement relief

COURTESY R.I. ATTORNEY GENERAL'S OFFICE
ATTORNEY GENERAL PETER F. KILMARTIN announced Rhode Islanders have received $153.5 million in relief from the National Mortgage Settlement.
Posted 8/22/13

PROVIDENCE – Banks servicing Rhode Island property owners have provided 2,124 consumers relief totaling $153.5 million, or an average of $72,310 per homeowner, under the National Mortgage Settlement, Rhode Island Attorney General Peter F. Kilmartin reported Thursday.

The relief totals were announced in the fifth and final report made by the five largest mortgage service providers – Ally/GMAC, Bank of America, Citi, JP Morgan Chase and Wells Fargo – and attorneys general nationwide.

The report shows 317 homeowners in Rhode Island have had their mortgages refinanced, with an average reduction rate of 2.2 percent, with 616 additional homeowners in the process of refinancing, according to Kilmartin.

“Although this is the final report, and I am encouraged to see that the settlement has made a measurable impact on Rhode Island homeowners and the housing market, this is not the end of our –or the banks’- obligations,” Kilmartin said in a statement. “The banks must continue to comply with the servicing standards outlined in the settlement to ensure they do not fall back on their old ways of mistreating consumers.”

Banks are continuing to offer loan modifications and other consumer relief to eligible borrowers through their banking programs, the financial institutions have told National Mortgage Settlement Monitor Joseph P. Smith.

Nationally, the five banks are providing 643,726 borrowers some type of consumer relief totaling $51.33 billion, or an average of $79,742 per borrower.

A historic joint state-federal settlement was made with the country’s five largest service providers in February 2012, according to the National Mortgage Settlement website.

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