Mortgage Settlement Savings Data Shows Strong Progress
Center for Responsible Lending
May 21, 2013
Data released earlier today by HUD shows that the National Mortgage Settlement has brought more than $50 billion in principal reduction and savings to over 620,000 homeowners. Principal reductions and refinancing savings represent 60 percent of the total dollar amount. These savings show this negotiated agreement between the largest banks and state Attorneys General and the Administration is a strong move in the right direction. It provides meaningful relief to homeowners, even though it is not a cure-all for the foreclosure crisis.
We look forward to the Monitor’s upcoming report on compliance with the Agreement’s servicing standards.
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About the Center for Responsible Lending
The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation's largest community development financial institutions.