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.