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 Police Department Sponsors Crime Prevention Training For Business Owners And Managers

The Chattanooga Police Department is sponsoring free crime prevention training primarily designed for business owners and managers who are interested in making their facility and employees as safe as possible. A nationally-accredited Crime Prevention specialist from the University of Tennessee’s Law Enforcement Innovation Center will cover the following topics during the four-hour ... (click for more)

TVA Opens Public Comment Period On Scope Of Integrated Resource Plan Update

The Tennessee Valley Authority kicked off a public comment period on Feb. 15, related to the initial process phase for updating its Integrated Resource Plan, the agency’s long-term energy resource strategy.  To ensure that the full range of issues and a comprehensive portfolio of energy resources are addressed, TVA invites members of the public, customers, businesses, employees, ... (click for more)

Erlanger Has Unique Ribbon Cutting For $16 Million Heart And Lung Institute

Erlanger Health System unveiled its new $16 million Heart and Lung Institute on Thursday with a unique ribbon cutting. Dr. Larry Shears, a renowned heart surgeon who was recruited for the center, used the Da Vinci robot that he often operates with to clip a ribbon by remote control. The "hospital within a hospital" is on the fourth floor of the Baroness Erlanger campus on E. ... (click for more)

City Files Petition To Turn Confederate Cemetery Over To Sons Of The Confederacy

The city of Chattanooga has filed a petition in Chancery Court asking that management of the Confederate Cemetery be turned over to the Sons of the Confederacy. The Sons of the Confederacy, a group that has long taken care of the cemetery, joined in the petition. The cemetery is located by the UTC campus. It is beside the Citizens Cemetery and the Jewish Cemetery on the old ... (click for more)

Reflections On Billy Graham

Sandra and I are saddened this morning after learning of the death of Billy Graham. We rejoice today, because Mr. Graham once said "It will be reported that Billy Graham has died, but that won't be the truth. He said the truth is that he had only moved to a new location".  I remember when we named 15th Street as Billy Graham Avenue, his daughter Gigi came for the dedication ... (click for more)

Roy Exum: Me & Billy Graham

For several years in my life it seemed my bad arm and I spent more time at Mayo Clinic than we did in my own house. I hold the record for the most different infections in an elbow at the same time, and my medical charts never had my name on them, instead I was simply, “Mr. Complication.” One morning in particular I spent a horrible three hours in the “nerve conduction lab” with ... (click for more)