AG: $1.8B already to NYers for mortgage relief

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More than $1.8 billion has been provided to nearly 22,000 homeowners for mortgage assistance since last March, Attorney General Eric Schneiderman said.

The figures were in a national report today about the National Mortgage Settlement reached last year. Schneiderman, who is helping to oversee the national program, said 21,535 New York homeowners have received assistance, including $1.2 billion in principal reductions on 1st and 2nd mortgages and mortgage refinancing.

“The National Mortgage Settlement was a first step in helping homeowners who were impacted by the foreclosure crisis that devastated communities across this country. While there are still too many homeowners in New York who are at-risk of foreclosure, today’s report reflects significant progress and we expect more relief in the future,” said Schneiderman in a statement.

The national settlement with the leading banks means they will pay $25 billion to help homeowners around the nation.

Here’s what has gone so far to New York, Schneiderman said in a news release:

• Principal Forgiveness On First Mortgages Completed or in Process: $472,134,465 (3,841 Borrowers)
• Completed Second Lien Principal Reductions and/or Extinguishments: $760,586,937 (9,017 Borrowers)
• Refinances Completed: 818 Borrowers with an average interest rate reduction of 2.6%
• Total Consumer Relief in NY in Actual Dollars Across all Categories: Over $1.8 Billion
• Total Number Of New York Borrowers Receiving Relief Across All Categories: 21,535

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