For Immediate Release - March 12, 2012

AG Coakley Statement on Agreement Filed Today in $25 Billion State-Federal Mortgage Settlement

“Many borrowers in Massachusetts are now one step closer to receiving the substantial relief negotiated as part of this settlement.  This includes millions of dollars in relief for struggling homeowners and stronger protections for consumers in the future."

“But this is in no way the end of our effort to address the foreclosure crisis. We continue to pursue additional relief through our own lawsuit and further investigations, to examine the practices of Freddie and Fannie Mae, and to participate in a state-federal task force investigating the practices that led to the collapse of our economy.”

BACKGROUND:

The filing of the complaint today in U.S. District Court follows a joint investigation and a $25 billion settlement with the servicers that was announced February 9th.  The states and federal government also submitted a series of proposed consent judgments, which would formalize the settlements with each servicer.  The defendants in the joint state-federal complaint include Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup Inc., and Ally Financial Inc. (formerly GMAC).

The press release from the U.S. Justice Department can be found here.

More information about AG Coakley’s work during the lending crisis can be found here.

Borrowers should contact their mortgage servicer to obtain more information about specific loan modification programs and whether they qualify under terms of the state-federal settlement: 

Bank of America: 1-877-488-7814

Citi: 1-866-272-4749

Chase: 1-866-372-6901

GMAC: 1-800-766-4622

Wells Fargo: 1-800-288-3212

More information can be found on the state-federal settlement at the websites below:

www.mass.gov/ago/

www.NationalMortgageSettlement.com

www.HUD.gov

www.justice.gov

Consumers who may have additional questions about the settlement or other concerns can submit a complaint online or call the Attorney General’s dedicated mortgage settlement phone line at (617) 963-2170. Consumers may also contact the Attorney General’s office at the following email address ago@state.ma.us.

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