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.



New Hamilton County Businesses

Here are the new business licenses from the County Clerk's office: LA PALMA INTERNATIONAL, INC.   SALES OF AUTOMOTIVE PRODUCTS 102 WISLEY WAY OOLTEWAH TN 37363 3D HOME REPAIR AMD MORE KEVIN W DOWNEY CONSTRUCTION/INSTALLATION/REPAIR VARIOUS LOCATIONS CHATTANOOGA TN 37402 APRONS 4 U AND MORE MARTINA  WHITESIDE SEWING, TAYLORING ... (click for more)

MetroLab Network Taps City Of Chattanooga And UTC

The city of Chattanooga and UTC have been selected to be members of the MetroLab Network, a national network comprised of 35 city-university partnerships focused on bringing data, analytics, and innovation to city government. Before being accepted into MetroLab, research institutions and related cities making significant strides in smart city initiatives are reviewed by a committee ... (click for more)

Judge Cuts Bond To $50,000 For Man Charged In Fatal Woodmore Bus Wreck

Criminal Court Judge Don Poole has reduced the bond for the school bus driver charged in the wreck that killed six Woodmore Elementary students. Judge Poole, in a written opinion, cut the bond to $50,000 for Johnthony Walker. He said if he makes the bond, he will need to be under GPS monitoring. Walker will not be allowed to drive. Judge Poole said Walker has ... (click for more)

State To Retry Smart On North Chattanooga Rape Charge; Bond Conditions Lifted

The state plans to retry the case in which a 17-year-old was charged with raping a 69-year-old jogger in North Chattanooga three years ago. Judge Don Poole on Aug. 25 had declared a mistrial after a jury said it was deadlocked. Diontae Smartt, who was charged with aggravated rape, was already free on bond. Judge Poole has now lifted bond conditions, including being electronically ... (click for more)

Tired Of Property Tax Increases

Why is it every time the city of Chattanooga and Hamilton County want to raise money they have to punish the homeowners?  I'm sick of the few paying for the many.   If you want to be fair, I would not complain on a 1/2 cent local sales tax raise since everyone would have to contribute their fair share.  Or how about a wheel tax which would get everyone who owns ... (click for more)

Roy Exum: Third Son Takes His Life

Steven Ferrin, described by his parents as “a handsome, bubbly and witty young man,” was the victim of what is called “a sectarian attack” in recent weeks near his home in north Belfast (Ireland) and last weekend was found dead after the 31-year-old father of a 7-year-old girl had taken his own life. Compounding the tragedy is the horrific news that Steven’s other two brothers and ... (click for more)