Banks Complete Consumer Relief Obligations Under National Mortgage Settlement

Wednesday, March 19, 2014

Intended to address widespread foreclosure abuses that occurred at the height of the housing crisis, the National Mortgage Settlement reached a milestone this week. Joe Smith, the settlement monitor, announced that all five of the named banks have satisfied their consumer relief and refinancing obligations under the agreement. In total, the banks provided more than $50 million in credited relief nationwide, which translates to $20 billion in gross relief under the joint state-federal settlement. 

Tennessee received an estimated $240 million in relief including $180 million in refinances, principal reductions, and approved short sales.  Under the terms of the settlement, the majority of the credited relief went to help homeowners lower their mortgage payments and take them out of foreclosure. Over 4,000 Tennessee homeowners received some type of assistance under the settlement with an average individual benefit estimated at over $40,000.

The settlement included the nation’s five largest mortgage servicers:  Bank of America, JP Morgan Chase, Citi, GMAC/Ally Financial and Wells Fargo.  After investigating complaints about foreclosure abuses from homeowners throughout the state, Tennessee participated on the multistate executive committee for 2012 settlement. 

“We are pleased to see that Tennesseans have received substantial benefits under the National Mortgage Settlement,” says Tennessee Attorney General Bob Cooper.  “In working with homeowners throughout the state, we have seen firsthand how the settlement has allowed struggling homeowners to lower their monthly payments and avoid foreclosure.”

The settlement’s monitor will continue to review the banks’ compliance with the settlement’s servicing standards. The standards require the five banks to evaluate homeowners for all options to foreclosure, including the federal Making Home Affordable Program, on a fair and timely basis. With the servicing standards still in effect, the Tennessee Attorney General’s office will continue to work with homeowners who have disputes with the five banks.

The state of Tennessee has also set up a free mortgage assistance hotline for all homeowners regardless of who services their mortgage. If having trouble paying a mortgage, call 855.876-7283. For a list of free housing counselors in the area, visit http://www.keepmytnhome.org.


Chattanooga Chamber Calendar Of Events Jan. 16-20

TUES/17 Ribbon Cutting for Ooltewah Storage Center 10-10:30 a.m. Ooltewah Storage Center: 6115 Mountain View Rd.   TUES/17 Red Bank Chamber Council Meeting Noon-1 p.m. Red Bank Community Center: Tom Weathers Dr., behind Erlanger North Program: State of the City: Red Bank Mayor John Roberts and City Manager Boyd Veal from Signal Mountain $10   TUES/17 ... (click for more)

Audra Morgan Named Executive Assistant For Pinnacle Financial Partners

Audra Morgan has been named the executive assistant for Pinnacle Financial Partners in Chattanooga. She is located at Pinnacle’s downtown office, 801 Broad St. “Audra’s enthusiasm, professionalism, and experience made her an ideal fit for this role,” said Ryan Murphy, area manager for Pinnacle’s client services group. “I’m confident clients and associates will enjoy working with ... (click for more)

Man With Gun Runs From Police At Hamilton Place Mall; Pushes Shoppers Out Of The Way

A man who was found to be armed with a handgun was chased by police early Saturday afternoon. He pushed shoppers out of the way during the pursuit, which included racing down an escalator.   Erwin J. Rogers, 22, of 6111 Nottingham Dr., is facing multiple charges.    Around 1:50 p.m., Chattanooga Police officers working at the Hamilton Place Mall ... (click for more)

Suspicious Package Checked Out On The Walnut Street Bridge

A suspicious package was checked out and "rendered safe" on the north end of the Walnut Street Bridge on Saturday afternoon.   At 4:04 p.m., the Chattanooga Police Department received a call about the package.   The Chattanooga Police Bomb Squad responded to the scene.     Chattanooga Police  Bomb Squad technicians cleared a portion ... (click for more)

The Tax Assessor's Sneak Attack On Dual Taxpayers

State law requires a reappraisal of properties every four years. The Tax Assessor's Office has always been responsible for that task. A state law was passed several years ago that allows the cost to shift to individual towns and cities that lie within Hamilton County. Just because the tax assessor can legally abuse dual city/county taxpaying property owners doesn't mean he should. ... (click for more)

Roy Exum: Sleep, Kelly’s On Watch

As the most intense week begins in President-elect Donald’s Trump’s ascent to become the most powerful man in the world, it is now strikingly obvious he has surrounded himself with the greatest collection of leaders to ever fill a Presidential cabinet. Each is a proven winner, be it in business, the military, or national affairs. Last week a confirmation hearing were heard for ... (click for more)