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8/3/2019 All Things Kamala on the Foreclosure Settlement for California
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e | State of California - Department of Justice - Kamala D. Harris Attorney General
//oag.ca.gov/[2/12/2012 6:49:05 PM]
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In the News
Attorney General Kamala D. Harris
Secures $18 Billion California
Commitment for Struggling
Homeowners
February 09, 2012
Attorney General Kamala D. HarrisApplauds Landmark Decision
Affirming the Right to Marry
February 07, 2012
Attorney General Kamala D. Harris
issues Statement Honoring Black
History Month
February 06, 2012
Attorney General Kamala D. Harris
Applauds State Senate Passage of Fair
Debt Buyers Practices Act
January 31, 2012
Attorney General Kamala D. Harris
Joins 11 States in Filing Brief Urging
U.S. Supreme Court to Protect Against
Discriminatory Housing Practices
January 31, 2012
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Attorney General Kamala D. Harris today announcedan historic $18 billion settlement with banks to bring relief to
hundreds of thousands of California homeowners.
View: Press Release | Resources for Homeowners | FAQs |Press Conference on YouTube
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e | State of California - Department of Justice - Kamala D. Harris Attorney General
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Homeowners attended a r oundtable to
discuss the mortgage fraud crisis and sh
their stories with Attorney General Har r
View A l l Pho to Ga lle r ies
residents.
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Release | State of California - Department of Justice - Kamala D. Harris Attorney General
/oag.ca.gov/news/press_release?id=2625[2/12/2012 5:53:58 PM]
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Press Release
February 09, 2012
For Immediate Release
Contact: (415) 703-5837
Attorney General Kamala D. Harris Secures $18 Billion CaliforniaCommitment for Struggling Homeowners
LOS ANGELES - Attorney General Kamala D. Harris today announced an historic commitment to California of up to $18
billion that will benefit hundreds of thousands of homeowners in the state hardest hit by the mortgage crisis.
"California families will finally see substantial relief after experiencing so much pain from the mortgage crisis," said Attorney
General Harris. "Hundreds of thousands of homeowners will directly benefit from this California commitment."
"This outcome is the result of an insistence that California receive a fair deal commensurate with the harm done here. We
insisted on homeowner relief for Californians and demanded enforceability so homeowners actually see a benefit that will
allow them to stay in their homes, and preserved our ability to investigate banker crime and predatory lending," continued
Harris.
California secured the $18 billion agreement as part of a national multistate settlement to penalize robo-signing and other
bank servicing and foreclosure misconduct. The agreement comes after California departed from the multistate negotiations
last September when the estimated relief to California was $4 billion. Attorney General Harris insisted on more relief for the
most distressed homeowners, meaningful enforcement, and the ability of California and other states to pursue
investigations into misconduct.
California's participation in the settlement also increased the amount of relief other states will receive by approximately $6
billion.
Attorney General Harris also obtained separate, enforceable guarantees to ensure that banks will be accountable for their
commitments to California. As part of the separate California guarantee, banks must enact a minimum of $12 billion in
principal reductions for California homeowners. Failure to achieve this minimum level of reductions will result in substantial
cash payments of up to $800 million that the banks will have to pay to the state. Unlike the larger multistate agreement,
which is enforceable in a federal court in Washington, D.C., this payment provision empowers the Attorney General to
summon the banks to California state court.
California's separate guarantee also creates important incentives to ensure that banks will reduce the principal mortgage
balance of underwater homeowners in California's hardest-hit counties and that the principal reductions in these
communities will occur within the first year of the settlement.
To speed investigations and strengthen prosecutions of these mortgage cases, California will expand its Mortgage Fraud
Strike Force, adding to the more than 42 members already working on the team. The state will continue its investigative
alliance with Nevada, that allows the sharing of resources, information and strategies, and will look to collaborate with
additional states focused on a law enforcement response to the wave of mortgage fraud.
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18 Billion California Comm
Estimated Financial Benefit Estimated Homeow
Source: HUD Estimates
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Kamala D. HarrisAttorney General
State of CaliforniDepartment of Justic
CALIFORNIA FORECLOSURE RATES BY COUNTY
2008 – 2010
Merced.................... 12.4% 1 of every 8 households
Stanislaus.................... 10.6% 1 of every 9 households
San Joaquin.................... 10.5% 1 of every 10 households
Riverside...................... 9.6% 1 of every 10 households
Solano...................... 8.6% 1 of every 12 households
San Bernardino...................... 8.4% 1 of every 12 households
Yuba...................... 8.3% 1 of every 12 households
Madera...................... 8.4% 1 of every 12 households
Sacramento...................... 7.4% 1 of every 13 households
Kern...................... 7.4% 1 of every 14 households
Contra Costa...................... 6.6% 1 of every 15 households
Imperial...................... 6.1% 1 of every 16 households
Monterey...................... 5.5% 1 of every 18 households
San Diego...................... 3.7% 1 of every 27 households
All Others...................... 2.7% 1 of every 37 households
County Foreclosure PercentagePercentage
0% 13%
8/3/2019 All Things Kamala on the Foreclosure Settlement for California
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Es#mated/AverageStockton
HomeownerRelief
1
SanJoaquinCounty10.7%foreclosure
$2,547perhousingunit
AverageSanJoaquinCountyBorrower
MarketValueofHome
202,577
CurrentLoanBalance
354,509
Loan-to-ValueRa#o 175%
CurrentMonthlyIncome $4,145.17
CurrentMonthlyPayment $1,985.93
Paymentasa%ofIncome 47.9%
ModifiedSustainablePayment $1,243.55
Mod.Paymentasa%ofIncome 30.0%
MonthlySavings $742.38
ModifiedLoanBalance
221,987
8/3/2019 All Things Kamala on the Foreclosure Settlement for California
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Es#mated/AverageRiverside
HomeownerRelief
2
RiversideCounty
9.7%foreclosure$2,186perhousingunit
AverageRiversideCountyBorrower
MarketValueofHome
191,305
CurrentLoanBalance
334,783
Loan-to-ValueRa#o 175%
CurrentMonthlyIncome $4,498.42
CurrentMonthlyPayment $1,922.32
Paymentasa%ofIncome 42.7%
ModifiedSustainablePayment $1,349.53
Mod.Paymentasa%ofIncome 30.0%
MonthlySavings $572.79
ModifiedLoanBalance
235,028
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Terms of the California Commitment: Overview
California is joining the national servicing settlement, and has extracted a historic commitment from thenation’s largest mortgage lenders for an estimated $18 billion in support and aid for strugglinghomeowners.
Highlights of the California Commitment:
Hundreds of thousands of households will receive relief under the commitment.
A separate California-only guarantee imposes substantial financial payments up to $800 millionif banks fail to comply with the commitment. California will closely monitor bank performanceof their obligations to homeowners and can enforce payments in state court.
California’s separate guarantee limits the lending misconduct releases contained in the broader settlement and therefore preserves the Attorney General’s authority to investigate and prosecute
crimes, predatory origination and other wrongdoing.
The estimated total of $18 billion in aid must be delivered within three years, and includes a
California guarantee of over $12 billion dollars in one of the most important forms of homeowner relief – principal write downs.
California’s separate guarantee provides incentive for banks to perform substantial principalwrite downs in California’s hardest-hit counties like Stockton, etc. within the first year of thesettlement.
Interim reforms will make the mortgage process simpler and fairer: an end to dysfunctional“dual-track foreclosures,” the guarantee of a single point of contact for homeowners seeking helpand penalties for unfair bank practices.
Homeowner Benefits will be structured in the following manner:
$12 billion, at a minimum, will be dedicated to reduce the principal balance on loans by offeringeither affordable modifications or short sales to approximately 250,000 California homeownerswhose homes are worth less than what they owe on their mortgage and who are behind or cannotcontinue to make payments.
$430 million payment in penalties, costs, and fees.
An estimated $849 million to help refinance the loans of approximately 28,000 Californiahomeowners with interest rates above 5.25 percent who are current on their mortgage paymentsbut underwater on their loans.
An estimated $279 million will be dedicated to provide payments to approximately 140,000homeowners foreclosed upon during the worst period of servicing misconduct.
An estimated $1.1 billion will be distributed to California communities to repair blight anddevastation left by waves of foreclosures in hard-hit areas.
$3.5 billion is estimated to flow to forgive unpaid debts to banks for about 32,100 homeownerswho have lost their homes to foreclosure.
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nal Mortgage Settlement | State of California - Department of Justice - Kamala D. Harris Attorney General
//oag.ca.gov/nationalmortgagesettlement[2/12/2012 6:48:28 PM]
Services & InformationProtecting Consumers National Mortgage Settlement Connect With Us
formation
National Mortgage Settlement
The Attorney General has obtained a broad-ranging settlement from five major banks. If you are a homeowner struggling to
pay your mortgage or facing foreclosure, or if you have already lost your home to foreclosure, it is possible that this
settlement could help you. Not every homeowner will qualify for relief under the settlement. Those who do qualify may
receive various forms of relief depending on their circumstances. Available forms of relief include: payments to borrowers
who were wrongly foreclosed upon; reduction of unpaid principal balances; refinancing for borrowers whose homes are
worth less than the money they owe; and the opportunity for short sales and other relocation assistance.
For detailed information about the settlement, please
visit the National Mortgage Settlement website.
To find out if you may be eligible for a loan
modification, refinance, short sale or other foreclosure
prevention relief under the settlement, you will need to
contact your mortgage servicer. To find the servicer
on your loan, look for a contact phone number on
your mortgage statement. Contact the bank or
servicer listed on the statement to ask who services
or owns your mortgage loan. For more details, please
see our Frequently Asked Questions.
The mortgage servicers participating in the settlement
agreement are Citibank, JP Morgan
Chase/Washington Mutual, Bank of
America/Countrywide, Wells Fargo/Wachovia, and Ally Financial.
If you have already lost your home to foreclosure and believe you may qualify for restitution, please visit the National
Mortgage Settlement website.
For a referral to a free HUD-Approved Housing Counselor who can assist you in applying for a modification under the
settlement or in obtaining other help to stay in your home if you do not qualify for the settlement, please call (800) 569-
4287.
Mortgage Servicers
For Bank of America/Countrywide, call (877) 488-7814 or you may also go to a Bank of America Customer Assistance
Center. You can find a list of such centers at the Bank of America Assistance Customer Center website.
Customer Serv i ce Cente r - Bank of America Home Loans Assistance Customer Center
For JPMorgan Chase/Washington Mutual, call (866) 372-6901 or you may also go to a Chase Homeownership Center. You
More Mortgage Information
National Mortgage Settlement website
Attorney General's Stop Mortgage Fraud
Mortgage Servicers
Bank of America/Countrywide
Bank of America Customer Assistance
Centers(877) 488 -7814
JPMorgan Chase/Washington Mutual
Chase Homeownership Center
(866) 372 -6901
Ally Financial-GMAC
(800) 766 -4622
Citibank/Citimortgage
(866) 272 -4749
Wells Fargo/Wachovia
(800) 288 -3212
HUD-Approved Housing Counselor
(800) 569 -4287
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can find a list of such centers at Chase's Homeownership Center website.
Customer Serv i ce Cente r - Chase's Homeownership Center
For Wells Fargo/Wachovia, call (800) 288-3212.
For Citibank/Citimortgage, call (866) 272-4749.
For Ally Financial-GMAC, call (800) 766-4622.
SEARCH
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ently Asked Questions | State of California - Department of Justice - Kamala D. Harris Attorney General
//oag.ca.gov/nationalmortgagesettlement/faqs[2/12/2012 6:51:32 PM]
Services & InformationProtecting Consumers National Mortgage SettlementFAQs Connect With Us
formation
Frequently Asked Questions
Overview
Relief for Homeowners
More Mortgage Information
National Mortgage Settlement website
Attorney General's Stop Mortgage Fraud
Mortgage Servicers
Bank of America/Countrywide
Bank of America Customer Assistance
Centers(877) 488 -7814
JPMorgan Chase/Washington Mutual
Chase Homeownership Center
(866) 372 -6901
Ally Financial-GMAC
(800) 766 -4622
Citibank/Citimortgage
(866) 272 -4749
Wells Fargo/Wachovia
(800) 288 -3212
HUD-Approved Housing Counselor
(800) 569 -4287
Overview
Relief For Homeowners
Relief After Foreclosure
The Relief Process
Other Forms of Relief
Links to topics below:
What does the settlement mean for me?
The Attorney General has obtained a broad-ranging settlement from five major banks. If you are a homeowner
struggling to pay your mortgage or facing foreclosure, or if you have already lost your home to foreclosure, it is
possible that this settlement could help you. Not every homeowner will qualify for relief under this settlement.
Those who do qualify may receive various forms of relief depending on their circumstances. Available forms of
relief include: payments to borrowers who were wrongly foreclosed upon; reduction of unpaid principal balances;
refinancing for borrowers whose homes are worth less than the money they owe; and the opportunity for short
sales and other relocation assistance.
Is my bank a part of the settlement?
Is this settlement another government bailout of the banks?
I am a homeowner facing foreclosure. Am I eligible for relief under the settlement?
How can I find out who owns or services my mortgage loan?
I am a homeowner worried about the prospect of foreclosure and my loan owner or
servicer is part of the settlement. What forms of possible relief are available under the
settlement?
Do I qualify for a refinance under the settlement?
Do I have to be delinquent and/or underwater on my mortgage in order to qualify for
the settlement?
I have already been denied for a loan modification previously. Should I reapply for a
loan modification under the terms of the settlement?
I already have a modification for my loan, but I am still having difficulty making
payments or have already missed payments under the terms of the modified loan.
Should I reapply for a new modification under the terms of the settlement?
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ently Asked Questions | State of California - Department of Justice - Kamala D. Harris Attorney General
//oag.ca.gov/nationalmortgagesettlement/faqs[2/12/2012 6:51:32 PM]
Megan's Law Resources Services & Information Site Navigation
Relief After Foreclosure
The Relief Process
Other Forms of Relief
The bank has already begun the foreclosure process on my home. Will this settlement
stop the foreclosure?
If I do not want to keep my home, and/or I do not think there is any way for me to
obtain an affordable payment, does this settlement have anything to help me sell it
without a foreclosure?
I do not think I will be able to keep my home. If I am not interested in a short sale, or
I do not think there is a market for my home, can the settlement provide me with any
help?
I already lost my home to foreclosure. Am I eligible for any relief under the
settlement?
I lost my home to foreclosure. I want to know if I am eligible for the settlement, but I
do not know the name of my servicer or provider. How can I find out?
I lost my home already, but the bank claims I still owe it money. Is there anything in
this settlement that helps me?
I have determined that I may be eligible for relief under the settlement. How can I
seek help with my mortgage under the settlement?
I need help filling out the paperwork from the bank. What should I do?
Should I stop paying my mortgage?
When will the modifications or payments under the settlement begin?
I am in the process of seeking relief under the settlement. I am unhappy with the way
the bank is handling my request for help with my mortgage. Who do I complain to
about the bank?
Where should I go for updates or new information about the settlement?
Can I still sue the banks if I get any relief under the settlement?
Can you give me advice on whether I have legal claims against the banks?
How can I find a lawyer?
Do I need to hire someone in order to secure relief under this settlement?
My bank is not one of the banks who settled with the Attorney General, but I am
having the same problems that borrowers in this settlement are having. Can I file a
complaint about my bank?
Where can I obtain more information about this settlement?
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ently Asked Questions | State of California - Department of Justice - Kamala D. Harris Attorney General
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eral Government & Attorneys General reach landmark settlement with major banks | NationalMortgageSettlement
//www.nationalmortgagesettlement.com/[2/12/2012 6:53:33 PM]
Home About FAQ News Help for Borrowers States
Federal Government & Att orneys General reach landmarksett lement w ith major banks
Roughly $25 billion in relief for distressed borrowers, states and federal government.
After many months of negotiation, 49 state attorneys general and the federal government have reached
greement on a historic joint state-federal settlement with the country’s five largest loan servicers:
Ally/GMAC
Bank of America
Citi
JPMorgan Chase
Wells Fargo
The settlement will provide as much as $25 billion in relief to distressed borrowers and direct payments to stat
nd the federal government. It’s the largest multistate settlement since the Tobacco Settlement in 1998.
The agreement settles state and federal investigations finding that the country’s five largest loan servicers
outinely signed foreclosure related documents outside the presence of a notary public and without really know
whether the facts they contained were correct. Both of these practices violate the law. The settlement provid
enefits to borrowers whose loans are owned by the settling banks as well as to many of the borrowers whose
oans they service.
About the Settlement: Learn about the settlement, who is affected and what claims may still be
pursued against the banks. Find links to your state Attorney General’s Office to find state-specific
information and contacts.
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eral Government & Attorneys General reach landmark settlement with major banks | NationalMortgageSettlement
Help for Borrowers: Learn how to find out if your loan is affected by this settlement, the timeline
relief, how you will know if you are eligible. Find links to your state Attorney General’s Office to find
state-specific information and contacts.
News: Read the national news release and find links to your state Attorney General’s Web site for
state-specific news.
SETTLEMENT DOCUMENTS
National Mortgage Settlement (coming soon)
Settlement Executive Summary (coming soon)
Servicing Standards Highlights (pdf)
SETTLEMENT PARTIES
Ally/GMAC: 800-766-4622
Bank of America: 877-488-7814
Citi: 866-272-4749
PMorgan Chase: 866-372-6901
Wells Fargo: 800-288-3212
State Attorneys General
Conference of State Bank Supervisors
United States Department of Justice
U.S. Department of Housing and Urban Development
HOME | ABOUT | FAQ | NEWS | HELP FOR BORROWERS | STATES