(COLUMBUS, Ohio)—Ohio Attorney General Mike DeWine announced that today's release of a monitor's report shows that Ohioans have begun to take advantage of the consumer relief offered by the National Mortgage Settlement announced in March. According to the report, more than 4,500 Ohioans have received more than $165 million in consumer relief.
"Today's report shows that many Ohioans have received significant mortgage relief as a result of this settlement," said Attorney General DeWine. "In particular, the interest rate reductions Ohioans are receiving through refinancing are far-exceeding national averages.
The monitor's report summarizes self-reported data provided by the five mortgage servicers who are parties to the settlement: Ally, Bank of America, Citi, JPMorganChase, and Wells Fargo. Between March 1 and September 30, 4,512 Ohioans received $165,217,715 in consumer relief from the 5 servicers, an average of $36,617 per participating Ohioan. Nationwide, the five servicers reported providing $21.92 billion in consumer relief. The report lists consumer relief as including:
- Loan modifications,
- Forgiveness of forbearance,
- Lien modification forgiveness,
- Forgiveness to complete short sales,
- Forgiveness to complete deeds in lieu of foreclosure,
- Servicer payments,
- Deficiency waivers, and
- Estimated consumer relief from completed refinances.
According to the monitor's report, 1,716 Ohioans were able to complete mortgage refinances with the five servicers. The average rate reduction was 3.01%, which is significantly higher than the national average of a 2.34% reduction. In total, the five servicers sent refinancing solicitations to 3,577 Ohioans.
DeWine noted that the refinancing statistics show that there are many Ohioans who have yet to finalize refinancing offers.
"I again remind Ohioans that if they receive a solicitation from one of these five banks pursuant to the national mortgage settlement, these offers and the potential savings are real," DeWine said. "While there have been scam artists who have tried to take advantage of consumers with similar pitches, this is real mortgage relief that eligible homeowners can utilize. The Ohio Attorney General's Office is available to help any Ohioan determine if a refinancing solicitation is real or a scam."
Ohioans who have questions about refinancing solicitations may contact the Ohio Attorney General's Office by calling 800-282-0515.
Documents
Monitor's State Report (PDF)
Media Contacts
Dan Tierney: 614-466-3840
Lisa Hackley: 614-466-3840