The settlement resulted in a $26 billion dollar agreement; funds dispersed as follows: $5 Billion in direct cash penalties ($1.5 Billion to homeowners directly affected by the fraudulent activity). $17 – $20 Billion will be applied to loan principal reductions.

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In addition to higher credit lending standards and mortgage insurance premiums, FHA also received a windfall of roughly $1 billion as the result of a landmark mortgage servicing settlement announced.

But according to a report released Thursday by the court-appointed monitor of the settlement, in the first nine months after the $25 billion deal was struck, fewer than 50,000 people received the most coveted form of relief: reduction of principal owed on a first mortgage.

When banks weigh which mortgage loans to modify as part of this settlement, they will do so based on first analyzing the costs and the benefits of minimizing their losses. If a loan modification, including principal reduction, is projected to cost the creditor or investor less than foreclosure, the creditor will earn more on that loan.

Because of the complexity of the mortgage market and this agreement, which will span a three-year period, in some cases Ocwen will contact borrowers directly regarding principal reductions. However, borrowers should contact Ocwen to obtain more information about principal reductions and whether they qualify under terms of this settlement.

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– $17 billion will be used for principal reduction and other modification and foreclosure prevention activities. At least 60 percent of the $17 billion must be used for principal reduction, and the HUD Secretary estimates that the total value of principal reductions could exceed $35 billion because of the way the credit system is structured.

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According to data provided by the Manufactured Housing Institute ("MHI"), our industry shipped approximately 55,000 HUD code homes during the calendar. regulatory burdens, reduction in the number.

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Although the settlement generally orders Ocwen to give a total of $2 billion in principal reductions to borrowers who qualify, it does not dictate which consumers get this relief. In other words, any particular consumer does not have a “right” to a loan modification under this settlement.

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