Attorney General Pam Bondi News Release
August 22, 2013
Media Contact: Jenn Meale
Phone: (850) 245-0150

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Banks Report More than $9 Billion in Relief for 120,000 Florida Homeowners

TALLAHASSEE, Fla.–The national mortgage settlement monitor today released the fifth and final report on the nation’s five largest mortgage servicers’ self-reported homeowner relief under the settlement. Highlights from the report, which remain to be verified by the monitor and which includes data available as of June 30, 2013, include:

More than 120,000 Floridians have received more than $9.22 billion in relief under the settlement, with an average of $77,000 in relief per borrower;

The $9.22 billion in bank-reported relief for Floridians exceeds the original estimate of homeowner relief by $800 million; and

The relief provided to Florida’s homeowners accounts for 18 percent of the total national relief and is second only to California.

“The banks are reporting that they have exceeded our expectations for relief provided to Floridians by $800 million,” stated Attorney General Pam Bondi. “We will remain diligent in our efforts to ensure compliance with the settlement and to verify that the banks have fulfilled their obligations.”

This relief is in addition to the approximately $107 million in direct payments that have been made to approximately 73,000 Floridians who lost their homes to foreclosure and received a check for $1,480. The State also received a payment of $334 million in penalties and to fund programs that will assist Floridians’ recovery from the housing crisis.

The monitor plans to submit another report detailing the status of the banks' compliance with the settlement's servicing standards in November or December. In the meantime, the Attorney General's Office continues its ongoing efforts to address specific borrower complaints it receives to ensure that they are resolved appropriately under the settlement. More information about the National Mortgage Settlement is available at www.nationalmortgagesettlement.com.

Further information about the national settlement monitor, Joseph Smith, and the Office of Mortgage Settlement Oversight is available at www.mortgageoversight.com.

The Florida-specific data of relief to date can be downloaded here, and Florida-specific data of relief for the second quarter, can be downloaded here.

In February, Attorney General Bondi entered a landmark $25 billion joint federal-state agreement with the nation’s five largest mortgage servicers over foreclosure abuses and unacceptable nationwide mortgage servicing practices. In addition to the terms of the national settlement agreement, Attorney General Bondi separately negotiated an agreement with the nation’s three largest mortgage servicers to ensure that a guaranteed portion of the overall settlement funds goes to Florida borrowers.