Arizona Attorney General Tom Horne: Mortgage Settlement and Foreclosure Resources - Arizona has created an innovative “mortgage bridge” program and the Attorney General has set aside $20 million from the National Mortgage Settlement Funds to help distressed homeowners. Called the AZ Mortgage Relief Fund, this statewide program is administered by Neighborhood Housing Services of Phoenix (NHSP) to provide loans to borrowers struggling to stay in their homes. To access these funds, borrowers will need to work with housing counselors. The program is in development. Check back in August, 2013 for program details.
What is NHS Phoenix’s role in this process?.
Arizona Attorney General Tom Horne: Millions of Dollars Being Released to Assist Arizonans Hit by Mortgage Crisis - Public Service Announcement 06/13/13.
AG Tom Horne today announced in a press conference millions of dollars of resources to assist struggling homeowners made possible from the settlement reached with banks. The funds to help keep Arizonans in their homes are part of the settlement with the nation's five largest mortgage loan servicers (Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo), along with the separate settlement with Bank of America.
Restitution checks in the amount of $1,480 for people who lost their homes to foreclosure started to be sent out to people who filed claims with the AGO this week. The original estimate of direct restitution had been approximately $845. People can expect their checks over the coming weeks. The individuals receiving the checks waived nothing in order to receive restitution and may still pursue all remedies for wrongful conduct - click here for more information.
Obama Administration Extends Application Deadline for the Making Home Affordable Program - Public Service Announcement 05/30/13.
Washington - The U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development today announced an extension of the Obama Administration's Making Home Afordable Program through December 31, 2015 - click here for more information.
Independent Foreclosure Review (IFR) UPDATE - $9.3 Billion in Payments and Foreclosure Assistance to Begin in April 2013 - Public Service Announcement 03/18/13.
On March 18, 2013, more than 4.2 million people were sent postcard notices about payments they will receive as a result of an agreement between federal banking regulators and 13 mortgage servicers. As a result of this agreement, the Independent Foreclosure Review ceased at those servicers. For more information and a a full list of companies and their affiliates or subsidiaries covered by the agreement - Click here for more information.
Independent Foreclosure Review UPDATE! from the Office of the Comptroller of the Currency - 02/28/13
As part of April 2011 consent orders, federal regulators required servicers to engage independent firms to conduct a multi-faceted review of foreclosure actions in process in 2009 and 2010. That initiative included a process for eligible borrowers to request a review of their foreclosure if they believe the suffered financial injury as a result of errors on a foreclosure of their primary residence that was in process at any point in 2009 or 2010.
In January 2013, 13 mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $9.3 billion in cash payments and other assistance to help borrowers. The settlement concluded the Independent Foreclosure Review for these 10 servicers and will result in $3.6 billion in cash payments to nearly 4.2 million eligible borrowers and $5.7 billion in additional assistance. Click here for more information.
National Mortgage Settlement Update - Payments to borrowers who lost their homes to foreclosure - 02/19/13
Approximately $1.5 billion of the funds recovered in the national settlement are being used to compensate borrowers who lost their home to foreclosure during the period of January 1, 2008, to December 31, 2011. Claim forms were mailed to eligible borrowers in late September/early October 2012 and subsequent reminder notices were mailed. The deadline to submit a claim form has now passed. If you have submitted a claim form, the Settlement Administrator wil contact you if any additional information is needed to complete your claim.
Checks to borrowers who submitted claim forms are expected to be mailed mid-year 2013. The exact amount of the payment to be made to each eligible claimant is not yet known but it will exceed the minimum payment of $840 that was indicated on the claim form. Click here for more information.
AG Horne Joins Lawsuit Claiming S&P Greed Helped Cause Mortgage Meltdown - 02/05/13
Press Release from the Office of the Arizona Attorney General today released the mortgage crisis that devasted the Arizona economy was made far worse because of misleading financial claims made by Standard & Poor's (S&P), according to a lawsuit filed today, Attorney General Tom Horne said. "Arizona is one of the states that was hit hardest in the mortgage crisis, and this lawsuit alleges that S&P played a key role in making that crisis even worse," Horne said. "Countless investors, state regulators and other stakeholders were misled by S&P, which did immeasurable harm to Arizona consumers and the economy in general. Click here for more information.
AG Horne Announces Bulk of State's $57 Million in Historic Mortgage Settlement to Keep People in Homes - 09/24/12
Press Release from the Office of the Arizona Attorney General - Attorney General Horne today released the details explaining how Arizona will utilize $57 million in Mortgage Settlement funds. This $57 million is comprised of funds awarded to Arizona as part of the National Mortgage Settlement with the five largest banks plus $10 million obtained by the Attorney General to settle a separate lawsuit against Bank of America.
To review detailed breakdown of the use of the funds, click here for more information.
AG Horne Files Two Lawsuits Against Mortgage Modification Assistance Companies Operating In Both Phoenix and Tucson - 08/15/12
Press Release from the Office of the Arizona Attorney General - Attorney General Horne announced today two lawsuits have been filed against Arizona companies selling modification services to distressed homeowners. "There is still a significant amount of fallout from the mortgage crisis, and consumers need to remain vigilant when approached about mortgage modification services," Horne said. "The legal actions that have been filed serve as a reminder that people need to be very careful about dealing only with reputable servicers."
The lawsuits are against Phoenix based Making All Homes Affordable, LLC ("MAHA") and its owner Albert Figueroa and Tucson based Las Paz Source, LLC, its owners, Defendant Maria Beltran and her husband, Defendant Francisco Ramos and their new operation La Placita Multi Services, LLC owned and operated by Beltran and an individual named Arturo Gomez Leon. Click here for more information.
Office of Mortgage Settlement Oversight - 05/10/12
Press Release - RALEIGH, N.C. - Joseph A Smith, Jr., Monitor of the national mortgage servicing settlement, today announced the launch of an online tool for consumer advocates to report their clients' mortgage servicing complaints. Smith recently announced the development of this website to attendees of the National Community Reinvestment Coalition (NCRC) annual conference. As advocates, this is an important opportunity for you to provide assistance by reporting complaints and trends that the Monitor can investigate. It is important to note that the Monitor will NOT be assisting individual consumers with their complaints so this is NOT an escalation contact to ask for individual help. For more information about the mortgage settlement is available at www.nationalmortgagesettlement.com. Further information about Joseph Smith and the Office of Mortgage Settlement Oversight is available at www.mortgageoversight.com.
To access the onlne form, click here.
AG Horne Announces a Settlement With Underwater Property Solution, LLC - 04/26/12
Press Release from the Office of the Arizona Attorney General - A settlement has been reached with Underwater Property Solutions, LLC ("UPS"), a Scottsdale, Arizona based mortgage modification service company that the State accused, in a consumer fraud lawsuit, of participating in a deceptive scheme designed to collect advance fees from consumers looking for assistance in obtaining mortgage loan modifications. Click here for more information.
AG Horne Issues National Mortgage Settlement Consumer Alert to Arizonans - 04/24/12
Press Release from the Office of the Arizona Attorney General - As the National Mortgage Settlement between Arizona and 48th other states, the federal government, and the country's five largest residential mortgage loan servicers goes into effect, Arizona Attorney General Tom Horne is alerting Arizona consumers looking for mortgage relief to beware of scam artists. Click here for more information.
Independent Foreclosure Review - Extended - 12/31/12
The Office of the Comptroller of the Currency and the Federal Reserve System (Federal Reserve) have initiated enforcement actions against a group of mortgage servicers because of deficiencies in the servicers' foreclosure processes. The regulators are encouraging borrowers who were financially harmed in the mortgage foreclosure process in 2009 and 2010 to request an Independent Foreclosure Review. After the review, servicers may be required to provide compensation. All Requests for Review Forms must be submitted online or postmarked no later than December 31, 2012. .
Click here for more information in how to apply.
View a video explaining the program in ENGLISH / Español
ATTORNEY GENERAL TOM HORNE ANNOUNCES ARIZONA TO RECEIVE APPROXIMATELY $ 1.6 BILLION AS PART OF NATIONAL MORTGAGE SETTLEMENT - 02/09/12
PHOENIX (Thursday, February 9, 2012) -- Attorney General Tom Horne announced that at 11:00 p.m. last night, Arizona reached agreement to join a landmark $25 billion joint federal-state agreement with the nation’s five largest mortgage servicers over foreclosure abuses and fraud, and unacceptable nationwide residential mortgage servicing practices. Arizona’s share is over $1.6 billion. The AG’s website, www.azag.gov, has additional information under “Mortgage Settlement” and links that might be helpful. You can find FAQ’s about the multi-state settlement and contact numbers for the five major servicers. The AG’s office has also established a dedicated phone line and email for consumers. For metropolitan Phoenix, 602-542-1797 and outside metro Phoenix, (855)256-2834; email address: email@example.com. Click Here for More Information
Making Home Affordable, Extended and Expanded - 12/13/11
On Friday, January 27, 2012, the Administration announced important enhancements to the Making Home Affordable Program (MHA), extending by one year the deadline of the program to December 31, 2013, and expanding the eligibility criteria for the Home Affordable Modification Program (HAMP) to offer assistance to more homeowners and strengthen hard-hit communities. These enhancements will provide additional opportunities for relief for struggling homeowners, renters, and their neighborhoods. Read the statement from Assistant Treasury Secretary Tim Massad by visiting Treasury.gov.
Bipartisan Policy Center Appoints Commission Members for New Effort to Improve U.S. Housing Policy - 12/13/11
The Bipartisan Policy Center (BPC) today announced the full membership of its Housing Commission, which includes 17 business and civic leaders, key housing stakeholders, academic and former senior policitcal figures from both parties. Over the course of the next year, the Commission will craft a package of realistic and actionable policy recommendations that will address the future housing needs of an increasingly diverse American society. Press Release
Tom Horne files complaint in Pima County Superior Court Alleging Consumer Fraud Violations - Tucson - 11/9/11
Attorney General Tom Horne has filed a court action in Pima County Superior Court alleging that Mortgage Capital USA, Inc. and its Chief Executive Officer, Gustavo R. Anaya, have engaged in a loan modification scam primarily targeting Spanish-speaking residents. Press Release
Tom Horne Warns Homeowners: Mortgage Lawsuit Scam Kits Arizona 8/22/11
Attorney General Tom Horne today issued a warning to consumers to be wary of any notices or advertisements that claim to offer homeowners facing foreclosure "complete forgiveness of the loan" or other monetary relief if they join a class-action lawsuit. Such ploys are likely a pretext to collect illegal up-front fees for foreclosure assistance.
Treasury details partnership of Consumer Bureau, State Attorney Generals Consumer Financial Protection Bureau (CFPB) and the Presidential Initiative Working Group of the National Association of Attorneys General (NAAG) today announced agreement on a Joint Statement of Principles, the first step in forging a new partnership between federal and state officials to protect consumers of financial products and services. Press Release
Tom Horne announces default judgment entered against local scammers
Attorney General Tom Horne announced on April 8, 2011 that a default judgment has been entered against a Scottsdale-based mortgage loan firm that had bilked consumers of nearly $4 million. Press Release
BoA Chief rejects idea to reduce home loans for those facing foreclosure
Showing resistance for the first time against government pressure to write off tens of billions worth of mortgage debt, Bank of America executives said on Tuesday that the idea was unworkable and warned that it would be unfair to borrowers who had managed to stay current on their loans. Full Article
Tom Horne announces settlement agreement with loan modification scammers
Attorney General Tom Horne announced a settlement agreement with Scottsdale based Principal Reduction Group, LLC, and Brian Cutright, owner and operations manager of Principal Reduction Group, LLC. Press Release
Does foreclosure counseling help troubled homeowners?
An Urban Institute evaluation (Dec. 2010) finds that homeowners who receive assistance from foreclosure counselors are more likely to gain a foreclosure cure, improve the quality of their loan modification, and remain current after receiving a modification. NFMC Report
States put heat on big lenders to aid distressed homeowners
As national concern about foreclosures continues to grow, attorney generals from all 50 states say they will push for an agreement with mortgage lenders to help distressed homeowners. Full Article.
Arizona Mortgage Relief Program
A small number of Arizona homeowners facing foreclosure could receive significant aid - reducing what they owe by $100,000 or more - under a state-run program approved Wednesday.Read more here
Arizona rounds up 38 for mortgage fraud over the past month
Multiple indictments charging 38 people has been filed—among them loan officers, escrow officers, real estate appraisers and agents, and straw buyers—in various mortgage fraud schemes, including “cash back” and loan origination scams.
Click here for Full article
Discrepancies Detailed in Minority Foreclosure
The study found that Latinos were 70 percent more likely than whites, not 70 percent as likely as whites, to get subprime loans. African Americans were 80 percent more likely, not 80 percent as likely. Click for full article
Arizona Ranks 3rd for Mortgage Fraud
Phoenix has now moved into the top five markets for mortgage fraud and misrepresentation, according to a report release Monday by Mortgage Asset Research Institute, a LexisNexis service.
To read the full article click Here
Foreclosure Hit New Record in March for Phoenix Area
The number of Phoenix-area homes foreclosed on by lenders hit a new record in March.
To read the Full Article Click Increase in March Foreclosure
Bank of America Morgage Principle Reduction Plan
Bank of America would reduce mortgage-loan balances as much as 30% for thousands of troubled borrowers, in what could presage a wider government effort to encourage banks to offer debt reduction to ease the mortgage crisis. To read the full at article click Bank of America
Making Home Affordable
The Obama Administration has introduced a plan to stabalize the housing market and help an estimated 7 to 9 million Americans bring their mortgage payments to more affordable levels. The Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP) offer home owners the opporutnity to reduce their monthly payments and prevent avoidable foreclosures.
For more info about Making Home Affordable, including eligibility criteria, click here.
Communities At Risk: How the Foreclosure Crisis Is Damaging Urban Areas and What Is Being Done About It (2/11/2010) Living Cities publication report
Obama Administration Releases New Data (12/10/09) US Dept. of the Treasury