Attorney General Pam Bondi News Release

June 4, 2013
Contact: Whitney Ray
Phone: (850) 245-0150

Attorney General Bondi Applauds Governor Scott for Signing Bill Allocating Remaining $200 Million of Florida’s Portion of the National Mortgage Settlement

TALLAHASSEE, Fla.–Attorney General Pam Bondi today joined Governor Rick Scott for the signing of Senate Bill 1852, which appropriates the remaining $200 million of Florida’s portion of the national mortgage settlement for housing-related purposes. The $200 million is part of the total estimated $8.4 billion in relief that Attorney General Bondi obtained for Floridians. The funds will be used in accordance with the settlement agreement, which includes: legal assistance, housing-related counseling, housing rehabilitation, housing assistance for the homeless, and housing assistance provided to the elderly and people with disabilities.

“When entering into the national mortgage settlement, it was imperative to me that the funds from Florida’s portion of the settlement go to housing-related purposes, and this legislation ensures that the funds are used in a manner that is consistent with the agreement,” stated Attorney General Pam Bondi. “I thank Governor Scott for signing this bill, and I thank Senate President Gaetz, Speaker Weatherford, and the entire Florida Legislature for passing this important legislation that assists Floridians.”

In February 2012, Attorney General Bondi entered into a landmark $25 billion national mortgage settlement agreement with the nation's five largest mortgage servicers over foreclosure abuses and unacceptable nationwide mortgage servicing practices. The proposed agreement provides an estimated $8.4 billion in relief to Florida homeowners and addresses future mortgage loan servicing practices.

According to the latest report released by Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, banks have reported that they have provided more than 111,000 Floridians with more than $8.6 billion in relief, with an additional $315 million in principal reduction, in the form of loan modifications, underway. The numbers reported by the banks still must be confirmed by the Monitor in an independent audit.