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Report: Thousands Of Floridians Helped By Foreclosure Settlement

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(Source: CBS4)

(Source: CBS4)

Legislative Session Coverage

TALLAHASSEE (CBSMiami/AP) — A national report looking at the massive $25 billion settlement that grew out of the massive foreclosure fraud problems over the last few years found that over 120,000 Floridians have received aid thanks to the program.

That same report shows that much of the $9.2 billion in assistance came from lenders forgiving loans or liens in order to the facilitate the sale of homes.

The data collected by a national monitor is all self-reported by the banks and has not yet been confirmed.

But if it holds, state Attorney General Pam Bondi said it means that Florida got a larger share than was anticipated under the settlement that was announced in 2012.

Florida — which has been hit hard by the foreclosure crisis and the collapse of the housing market — negotiated one of the largest shares in the settlement agreement with Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo.

The help provided by the banks on loans and mortgages is on top of more than $100 million in direct payments that went to Florida homeowners and more than $300 million that was paid to the state.

Florida is using that money on everything from domestic violence shelters to affordable housing programs and Habitat for Humanity.

Joseph Smith, the monitor of the national settlement, said that so far nearly 644,000 borrowers nationwide have benefited from some type of consumer relief totaling $51.3 billion, or $79,742 per borrower. The average payment in Florida is $77,000.

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