In response to the first progress report issued by the National Mortgage Settlement Monitor Joseph P. Smith, which discloses the five settling mortgage service providers have granted $10.56 billion in consumer relief to borrowers between March 1 and June 30, 2012 nationally, with 355 Rhode Island homeowners receiving $26.7 million in relief, Attorney General Peter F. Kilmartin noted the settlement has provided significant relief to Rhode Island homeowners.
"While these numbers are preliminary and unaudited, it is clear that the settlement is bringing real relief to Rhode Island homeowners. There is still much work to be done to right the housing market in Rhode Island and the nation, but I believe this is a good first step," said Attorney General Kilmartin. "In addition to monetary relief for homeowners, the report shows that the settling mortgage service providers have made great headway towards implementing improved mortgage servicing standards, protecting homeowners from the egregious practices that banks committed in the past."
The settling mortgage service providers report that in addition to the $26.7 million in homeowner relief already approved and distributed in Rhode Island, another $31 million in relief to 263 homeowners is pending.
"For most, there is no greater investment than a person's home," said Kilmartin. "Every day, my office advocates on behalf of homeowners, working with banks and mortgage service providers to find solutions that keep Rhode Island families in their homes. I will continue to hold mortgage service providers to the high standards that are set in the settlement agreement, and I will keep fighting to protect Rhode Island homeowners."
Please Note: The information contained in the report is self-reported and unaudited. Further, it represents gross dollar amounts and cannot be used to evaluate progress toward the banks' $20 billion obligation.