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[ATG] AG: Hoosiers receive $134M in relief as part of landmark settlement
Start Date: 2/22/2013 All Day
End Date: 2/22/2013
Entry Description

INDIANAPOLIS – One year after the National Mortgage Settlement, the nation’s five largest banks reported extending more than $134 million in total relief to Indiana consumers.

The settlement resulted from state and federal investigations which found that Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct. Indiana Attorney General Greg Zoeller said the state’s total is made up of more than $125 million in relief to help consumers avoid foreclosure and more than $9 million in loan modifications that are currently in progress.

“This announcement means more than 3,200 Indiana consumers have received much-needed relief through refinancing or home-loan modifications,” Zoeller said. “While there has been substantial success, it is clear that the servicers have more to do to meet the requirements set by the National Mortgage Settlement.”

The Office of Mortgage Settlement Oversight released their report Thursday which outlined the state and national consumer relief activities of the banks from March 2012 through December 2012. Nationally, the report revealed $45.83 billion in gross relief was extended to 550,000 borrowers.

The full report and the monitor’s state-by-state data map are available at

Zoeller will participate in a National Mortgage Settlement conference in Chicago today at the Loyola University Chicago School of Law. The conference will focus on the housing market collapse, the intricate path to the National Mortgage Settlement and the independent monitor that has been established to oversee the terms of the agreement. Zoeller will speak during a panel titled, “An Innovative Approach to Law Enforcement: A Bipartisan State-Federal Partnership.”  

The monitor’s office has certified that as of Feb. 1, 2013, Ally/GMAC completed its consumer relief requirements and that the bank is in substantial compliance with its requirement to reach out to consumers and provide them with loss mitigation assistance.

Indiana homeowners who were foreclosed upon and experienced a servicer error between Jan. 1, 2008 and Dec. 31, 2011 will receive a total of $31.4 million in cash payments. Claim forms were mailed to eligible borrowers last fall and the deadline to submit a claim has now passed. If you have submitted a claim form, the settlement administrator will contact you if any additional information is needed to complete your claim. Checks to borrowers who submitted claim forms are expected to be mailed mid-year in 2013. The exact amount of the payment to be made to each eligible claimant is not yet known, but it will exceed the minimum payment of $840 that was indicated on the claim form.

As part of the overall settlement, the Indiana Attorney General’s Office received $43.8 million, with $28.8 million dedicated to the Low-Income Home Energy Assistance Program (LIHEAP) and the rest committed to the Consumer Protection Division and Homeowner Protection Unit consistent with the terms of the agreement. Zoeller said the LIHEAP funding helps low-income individuals, including homeowners who are most at-risk to be foreclosed upon, pay their heating bills.

Zoeller said the banks, as part of the settlement, were also required to implement comprehensive servicing reforms by Oct. 2, 2012. The monitor is currently evaluating compliance with those reforms and plans to file its first report on servicers’ compliance with the court later this year.


Contact Information:
Name: Erin Reece
Phone: 317.232.0168
Entry Type:
Press Release
Entry Category:
  • Announcements
  • Category:
  • Goverment
  • Agency Name
    Attorney General

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