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Released: February 28, 2013
National mortgage settlement inadequate
Source: Steve Kilar, Baltimore Sun (Free Registration)
The National Mortgage Settlement’s relief is not reaching enough Maryland homeowners and is not as effective as it could be in keeping people in their homes, said the Maryland Consumer Rights Coalition.
Between March 1, 2012 and the end of last year, about 14,200 homeowners received assistance through the settlement, intended to resolve accusations by 49 states and the federal government that five major mortgage servicers abused borrowers during the foreclosure process.
During the same nine-month period, though, notices of intent to foreclose were sent out to nearly 131,000 homeowners, according to MCRC’s review of the settlement monitor’s third progress report, which was released last week, and statistics from Maryland’s labor department.
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