The Economy & Business
Mortgage Settlement Benefited Over 7,000 Ohioans
A new monitor's report released this week shows that more than 7,000 Ohioans have gotten more than $280 million from the national mortgage settlement a year ago.
The report released this week by the Office of Mortgage Settlement Oversight summarizes data provided by the five mortgage servicers involved in the settlement: Ally, Bank of America, Citi, JPMorganChase, and Wells Fargo.
Settlement benefits included loan modifications, forgiveness and deficiency waivers.
The report says 2,528 Ohioans completed mortgage refinances, with an average rate reduction of just over 3 percent. The providers sent refinancing solicitations to more than 4,700 Ohioans.
The settlement stems from the so-called robo-signing scandal that erupted in 2010 when the banks were accused of shoddy mortgage paperwork.
The money comes from the $25 billion state-federal settlement with the banks.