Mortgage Settlement Relief in Maryland Exceeds $1.1 Billion

Foreclosure-Counselor-Grants_imageDistressed Maryland homeowners received more than $1.1 billion in relief through the National Mortgage Settlement during the first 10 months of the program, according to a progress report by the court-appointed monitor.

More than 14,000 Maryland homeowners received assistance from March 1 through Dec. 31, including include home mortgage modifications, principal reductions, deficiency waivers, refinancing and short sale financial assistance. The settlement was the result of allegations that the nation’s five largest mortgage servicers engaged in illegal “robo-signing” of documents and other mortgage lending abuses that helped trigger the collapse of the real estate market, exceeding projections. The parties to the settlement are Ally/GMAC, Bank of America (Countrywide), Citi Bank, JPMorgan Chase (WaMu) and Wells Fargo (Wachovia).

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