Dean and Barb Pleuss are the pebbles left behind by the mortgage landslide that carried away homes, people and wealth.
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Foreclosure abuse. What the big banks agreed to settle for in Ohio.
Attorney General Mike DeWine joined a $25 billion federal-state settlement agreement with the nation’s five largest mortgage servicers – Ally/GMAC, Bank of America, Citi, JPMorganChase, and Wells Fargo - over foreclosure abuses and fraud, and unacceptable nationwide mortgage practices.
Ohio’s estimated share of the 2012 settlement - $330 million.
• Ohio borrowers will receive an estimated total of $102 million in benefits from loan term modification and other direct relief.
• Ohio borrowers who lost their home to foreclosure from Jan. 1, 2008 through Dec. 11, 2011 and suffered servicing abuse would qualify for a total $ 44.9 million in cash payments.
• The value of refinanced loans to Ohio’s underwater borrowers would be an estimated total of $90 million.
• The Ohio Attorney General’s Office will receive $93 million to help with foreclosure prevention, revitalizing neighborhoods by getting rid of blighted properties, education for homeowners and prosecution of mortgage rescue scammers.
Source: Ohio Attorney General
This story is the first of a two-part series on the lingering impact of the housing crisis in Dayton. Read the second story in the series in Thursday’s Dayton Daily News and on MyDaytonDailyNews.com
In August, Ohio had the third-highest foreclosure rate in the U.S.behind behind Nevada and Florida.
Foreclosure filings so far in 2013:
SOURCE: County clerks of courts