The Politics Blog

The Politics Blog » Attorney General » Wash. AG says federal settlement of mortgage claims giving $1.1B to state residents

The Politics Blog

NOTICE: The Politics Blog has moved.

With the launch of our new website, we've moved The Politics Blog.
Visit the new section.

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 with 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.


Leave a comment Comments
We welcome comments. Please keep them civil, short and to the point. ALL CAPS, spam, obscene, profane, abusive and off topic comments will be deleted. Repeat offenders will be blocked. Thanks for taking part and abiding by these simple rules.

JavaScript is required to post comments.

Follow the comments on this post with RSS 2.0