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MADISON — Attorney General J.B. Van Hollen announced today that under the national mortgage settlement, $440,000 will go to 297 Wisconsin residents who lost their homes to foreclosure. Payments of about $1,480 each will compensate eligible borrowers who lost homes to foreclosure in 2008-2011 and submitted valid claim forms last fall. Prior to this announcement, Wisconsin borrowers had received more than $21.85 million in payments, and more than $175 million in other forms of relief, under the National Mortgage Settlement.
The National Mortgage Settlement, announced by Attorney General Van Hollen in 2012, is a three-year agreement between the attorneys general of 49 states, the District of Columbia, the federal government, and the five largest mortgage servicers—Bank of America, JP Morgan Chase, Wells Fargo, Citibank, and Ally Bank, formerly GMAC. That settlement has provided more than $51 billion in relief to consumers nationally. Recently, Attorney General Van Hollen announced that Wisconsin joined a $2.1 billion settlement with the next-largest mortgage servicer, Ocwen.
“Since the National Mortgage Settlement was announced nearly two years ago, our consumer protection unit has worked directly and diligently with hundreds of borrowers eligible for relief,” Attorney General Van Hollen said. “The work done by Department of Justice staff has resulted in meaningful assistance for these borrowers as these payments reflect. The agreement was negotiated to provide relief to borrowers as well as real reform of the mortgage industry, and that work continues to this day.”
Wisconsin residents who have questions about the National Mortgage Settlement or the Ocwen mortgage settlement are encouraged to contact the Wisconsin Department of Justice (DOJ) at: firstname.lastname@example.org, 800-998-0700 or 608-266-1852. The DOJ has a trained staff available to assist consumers and provide resources.
Assistant Attorney General Holly Pomraning represented the state in both mortgage settlements, and serves as the DOJ's Special Assistant Attorney General for Mortgage Foreclosure Mitigation.