Massachusetts homeowners have received more than $637 million in total consumer relief during the first full year since the National Mortgage Settlement, according to Attorney General Martha Coakley’s office.
The self-reported data provided by the five major banks includes raw numbers about completed relief and ongoing trial loan modifications that have not yet been audited by the National Monitor for compliance with the court ordered settlement.
"The banks have reported significant relief for Massachusetts homeowners as required by our settlement with the five major lenders," Coakley said in a statement. "Our office will continue to work aggressively to ensure Massachusetts borrowers receive all the assistance available under this settlement, which we believe is a critical part of stabilizing the housing market and turning the economy around."
Nationwide, the banks reported more than $50 billion in consumer relief since March 2012.
During the first quarter of 2013, Massachusetts homeowners received over $40 million in first lien principal write-downs, almost $27 million in second lien extinguishments and $14 million in estimated consumer relief from completed refinances. The recently reported data shows that a total of 8,823 homeowners in Massachusetts have received consumer relief under the settlement, including principal reductions, loan modifications, second lien forgiveness and refinances of underwater mortgages, for an average of $69,180 per homeowner, which continues to lead all New England states.
Coakley also obtained $44.5 million in funds for Massachusetts as part of the national settlement. A significant portion of these funds is being used to support the AG’s foreclosure prevention and borrower support initiative called HomeCorps, which aims to lessen future impacts of the foreclosure crisis.





