More than 200 million in assistance to MD homeowners

Attorney General Douglas F. Gansler announced today that distressedMarylandhomeowners have received more than $220 million in relief from the National Mortgage Settlement as of the end of June. Maryland’s share of the $25 billion National Mortgage Settlement has been estimated at nearly $1 billion, with more than 2800 MD homeowners receiving assistance from March 1, to June 30 2012. 

 “This early snapshot shows we’re off to a good start,” said Attorney General Gansler. “We’ve done a lot of outreach and we want to make sure thatMarylandfamilies who are eligible for this relief are able to take advantage of it.”

The benefits and assistance calculated in the report include home mortgage modifications, principal reductions, deficiency waivers, refinancing and short sale financial assistance.  Although it does not include numbers from July and August, it is estimated that some 200 million dollars in additional relief was catalogued after June 2012.

 “While there has been significant progress, we are still in the early innings of this effort,” said Mark Kaufman,Maryland’s Commissioner of Financial Regulation . “Beyond the critical benefits in modifications and other assistance, we are also closely monitoring the implementation of the new servicing standards that define the way homeowners are treated in foreclosure. We remain diligent in pushing the servicers to comply with the terms of the agreement and in ensuring fairness in the treatment of homeowners.”

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