Nearly 92,000 Floridians Have Received $9.12 Billion in Mortgage Relief

Bank of America, Chase and Wells Fargo provided $5.22 billion, $2.48 billion and $1.42 billion respectively. About 49% was from write-downs on first and second mortgages.

Palm Coast, FL – May 27, 2014 – Nearly 92,000 distressed Florida homeowners have received over $9 billion from a trio of large mortgage lenders under a state agreement with banks as part of the national mortgage settlement. In the biggest consumer financial protection settlement in history – $26 billion – state and federal investigators found that Bank of America N.A., JPMorgan Chase Co., Citibank, Ally Bank and Wells Fargo Bank N.A. signed foreclosure documents outside the presence of a notary public and without verifying key facts in the documents.

Florida secured a separate guarantee from Bank of America, Wells Fargo and JPMorgan Chase to provide at least $4 billion in relief. Attorney General Pam Bondi said last week that the three banks provided twice that amount. Bank of America, Chase and Wells Fargo provided $5.22 billion, $2.48 billion and $1.42 billion, respectively. About 49 percent was from write-downs on first and second mortgages. Another 15 percent was for refinancing, and 35 percent provided other relief, including short sales, deeds in lieu of foreclosure and deficiency waivers. A total of 91,754 Floridians got relief from their underwater residential mortgages.