HAWAII BORROWERS RECEIVING $1,480 FROM NATIONAL MORTGAGE SETTLEMENT
Mortgage servicing abuse payments total $2,054,146.64 for Hawaii
Honolulu – More than 1,400 Hawaii borrowers who submitted a valid foreclosure payment claim through the National Mortgage Settlement will receive a check this month for approximately $1,480.
Eligible borrowers had their mortgage serviced by one of the settlement’s five participating mortgage servicers, lost their home to foreclosure between January 1, 2008 and December 31, 2011, and submitted a valid claim form. The participating servicers include Ally (formerly GMAC), Bank of America, Citi, JPMorgan Chase, Wells Fargo.
“These checks come from a $1.5 billion payment pool we negotiated and set aside as part of the National Mortgage Settlement,” Attorney General David Louie said. “These payments help compensate borrowers for the mortgage servicing abuse that they likely endured. And I’m pleased that the final amount of $1,480 is much higher than the minimum amount we first announced, which was $840.” Attorney General Louie added that the payment does not limit a borrower from seeking relief through a separate lawsuit or other claims.
Nationally, the settlement administrator, Rust Consulting, will mail 962,278 valid claim payments from June 10 through June 17.
“These payments are part of our efforts to hold the banks accountable through the National Mortgage Settlement,” Attorney General Louie said. “In addition to compensating borrowers for the servicing abuse that happened in the past, we’re trying to stop these practices through the settlement’s tough new mortgage servicing standards.”