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Ohio Conference ofCommunity Development
Mortgage Servicing Settlement
andMoving Ohio Forward Grant
Program
Ohio Attorney General’s Office• Ohio Attorney General Mike DeWine• Major responsibilities:
– Serve as attorney for state agencies– Support local law enforcement– Enforce certain laws
Mortgage Servicer Settlement• Announced February 9, 2012• $25 billion federal-state settlement:
– Five largest servicers– 49 State Attorneys General– Federal agencies
• Dept. of Treasury• Dept. of Justice• Dept. of Housing and Urban Development
Monitor’s Report
• Consumer Relief obligation - $20 billion 37,846 borrowers received $10.56 billion in relief 7,000 borrowers received first lien modifications 4,200 borrowers received second lien
modifications 22,000 borrowers refinanced home loans 74,500 short sales or deeds in lieu of foreclosure
32,000 borrowers were offered first lien trial mods
Ohio’s Funds• $330 million
– $102 million: loan modifications– $44.9 million: cash payments– $90 million: refinanced loans– $92,783,033 distributed by the AG
Ohio Relief– Borrowers Amt of Relief
Avg Relief
• Ally - 315 $16m $50k• BoA - 448 $21.5m $47k• Citi - 750 $10.5m $14k• Chase - 612 $18.8m $30k• Wells - 227 $2.7m $12k
2,352 $69.5m $29.5k
Recent Bank Updates
June 30, 2012 Quarterly Report•2,352 Ohio consumers have received relief
– Principal reductions of first and second liens– Principal write-downs for short sales
•$70 million dollars in relief for Ohioans•538 Ohioans in a trial modification process•$50,317 average relief per borrower
Use of Ohio Funds $92,783,000• $75 million will be available for
demolition of abandoned properties• $4 million for legal aid societies• $13 million will be used to fund
programs and services to support families and individuals who were affected by the mortgage crisis.
Demolition Program Updates
Executed contracts – 87 of 88 counties
Funds under contract - $69,832,930.00
Funds still reserved - $5,167,070.00
Allen, Ashtabula, Clermont, Columbiana,Delaware, Fairfield, Greene, Lake, Licking,
Medina, Miami, Portage, Stark, Warren, and Wood.
Disbursements
• Matching Fund Demolitions$1,106,432.11
• Reimbursed Demolitions$183,739.95
PHOTOS
HELP!!!
Asbestos
• Engagement with U.S. EPA– Time– Costs– Residential exception
• Health concerns
Questions
????
Consumer Complaints
• Report unfair business practices, scams
• Annually 30,000 complaints filed• File a complaint
– Online: www.OhioAttorneyGeneral.gov – By phone: 800-282-0515– By mail: hard-copy forms available