National Mortgage Settlement – Important Announcement

Ohio Attorney General Mike DeWine announced that the proposed settlement with Bank of America, JPMorgan Chase, Wells Fargo, Citibank, and GMAC will result in approximately $25 billion dollars in monetary sanctions and relief. The national settlement follows nearly a full year of intensive negotiations between the five banks/servicers and a coalition of state attorneys general and federal agencies, including the Departments of Justice, Treasury, and Housing and Urban Development.

The resulting settlement addresses the primary goals of the multistate settlement to provide immediate relief to enable struggling homeowners to avoid foreclosure; to bring badly needed reform to the mortgage servicing industry; to ensure that foreclosures are lawfully conducted; and to penalize the servicers/banks for robo-signing and servicing misconduct. This $25 billion settlement is the largest settlement reached by Attorneys General since the historic tobacco settlement. Read more about the announcement in a recent press release.

For more information on this settlement, including frequently asked questions and the settlement document itself, please visit www.nationalmortgagesettlement.com.

• Information for Families Recovering from Foreclosure
• Information for Attorneys
• Information for the Media

I am a:

• Call Save the Dream Ohio at 888-404-4674 or apply online.
• Create a budget, cut spending, and save money.
• Work with your housing counselor or attorney to negotiate a refinance, loan modification, or other solution with your servicer.
• If foreclosure is unavoidable:
  • Begin looking for safe, affordable housing immediately but do not move out of your home without first consulting a housing counselor or attorney.
  • Contact the Ohio Benefit Bank to see if you are eligible for additional assistance.
  • Meet with a nonprofit credit counselor to help you repair your finances.