Florida AG Pam Bondi Issues Florida Details From New Report on National Foreclosure Settlement Between Big Banks and State Attorneys General
First, there was the issue of whether or not the State of Florida was going to proceed in court against the various mortgage lenders involved in the unprecedented foreclosure crisis that hit not only the State of Florida but the entire country. Over time, settlement negotiations were entered into between the five biggest banks and all the state attorneys general across the country, with Pam Bondi acting on behalf of the citizens of Florida.
Now, the settlement is a done deal and the money has been forwarded by the banks to the states in accordance with the agreement. So, what happens now? Pam Bondi has issued a notice of the status report that has just been compiled and released by Joseph Smith, the man in charge of overseeing the settlement deal gets done, which is our news release of the week.
TALLAHASSEE, Fla. –Today, Joseph Smith, Jr., the national mortgage settlement monitor, released an interim report on homeowner relief that the nation’s five largest mortgage servicers have provided as of June 30.
Based upon figures voluntarily provided by the servicers, but not yet verified by the monitor, more than 23,000 Floridians have received an excess of $1.7 billion in relief under the settlement. The relief provided thus far includes first and second lien principal forgiveness, forgiveness of past forbearance, refinancing, and deficiency waivers.
The report also details the servicers' progress on reforming their servicing practices as required by the settlement agreement. The interim report includes a timetable for future reports with the monitor’s first audited report expected in April 2013.
“I am pleased to see that progress is being made under the settlement as the mortgage servicers begin to implement procedures designed to fulfill their obligations to Florida's homeowners,” stated Attorney General Pam Bondi. “I will continue to work with the monitor to ensure that the mortgage servicers fulfill their obligations under the settlement agreement.”
In February, Attorney General Bondi entered a landmark $25 billion joint federal-state agreement with the nation’s five largest mortgage servicers over foreclosure abuses and unacceptable nationwide mortgage servicing practices. In addition to the terms of the national settlement agreement, Attorney General Bondi separately negotiated an agreement with the nation’s three largest mortgage servicers to ensure that a guaranteed portion of the overall settlement funds goes to Florida borrowers.
Attorney General Pam Bondi News Release
August 29, 2012
Media Contact: Jenn Meale Phone: (850) 245-0150