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Wash. AG says federal settlement of mortgage claims giving $1.1B to state residents

Post by Brad Shannon / The Olympian on Feb. 21, 2013 at 11:20 am | No Comments »
February 21, 2013 11:25 am
Bob Ferguson, attorney general
Bob Ferguson, attorney general

Attorney General Bob Ferguson said today that federal reports show the $46 billion national settlement of mortgage claims with big banks has yielded benefits to Washington consumers in excess of $1 billion value. The gains are a result of a multi-state settlement entered into when Republican Rob McKenna was attorney general.

You can read what Ferguson, a Democrat, says about the settlement in a news release, which links to a new report today from the federal Office of Mortgage Oversight. The following excerpt of his news release gives highlights of the benefits in Washington:

Closer to home, the banks report more than 12,000 families in Washington state have received roughly $1.1 billion in gross assistance:

·       $1 billion in relief provided to date;

·       $100 million in proposed modifications offered to consumers or in a trial period.

Of this amount:

·       Roughly 6,400 Washington families received first and/or second mortgage loan modifications or loan forgiveness, providing immediate relief and allowing families to stay in their homes; and

·       Another 4,736 received short sale assistance, which directly benefits consumers by allowing them to get out of a bad situation or move to find a new job.

 

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