The nation’s five largest mortgage servicers reported providing more than $19 million in direct relief to Iowa homeowners since March as part of the $25 billion national mortgage settlement announced in February, Iowa Attorney General Tom Miller announced Monday.
According to a progress report released today by independent settlement monitor Joseph A. Smith Jr. of the Office of Mortgage Settlement Oversight:
- The five servicers provided $19,205,972 in relief to 579 Iowa homeowners.
- The average relief in Iowa was $33,171 per borrower.
- The servicers reported offering approximately $3.1 million in principal reductions that 87 Iowa homeowners had accepted. Of those, 65 borrowers had begun trial modifications.
- 46 Iowa homeowners received a total of $1,553,991 in principal reductions, for an average of $33,782 per borrower.
Nationally, the report found that more than 300,000 homeowners benefited from some type of settlement-related relief, which topped $26 billion. On average, the relief averaged more than $84,000 per borrower.