ohio conference of community development mortgage servicing settlement and moving ohio forward grant...

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