Florida homeowners are set to receive $9.2 billion in relief through the National Mortgage Settlement.
The state attorney general’s office announced the nation’s largest banks honored their obligations under the settlement on Tuesday, the Palm Beach Post reported. The agreement was originally reached in February 2012. It allowed lenders to atone for some of their foreclosure-related practices after the housing market collapsed.
Of the nearly 632,000 mortgage holders nationwide to get reimbursed, 120,000 are located in Florida. A total of $50.4 billion in relief was provided by the lenders. Florida got a special guarantee promising $4 billion in principal reductions, mortgage modifications and refinancings.
“I am very encouraged by what we have accomplished so far but I realize that there are still many Floridians facing the loss of their family homes and struggling to get back on their feet,” Florida Attorney General Pam Bondi said. [Palm Beach Post] — Eric Kalis