Mortgage settlement helped 1,832 RI borrowers
PROVIDENCE, R.I. (AP) — Rhode Island Attorney General Peter F. Kilmartin says a landmark $25 billion settlement with the nation's top mortgage lenders provided $131 million in financial relief last year to 1,832 Rhode Island homeowners.
Kilmartin says his office will continue to monitor the practices of the mortgage service providers to ensure they comply with the settlement.
The information about the assistance from the lenders was provided by a monitor of the settlement.
Under the settlement reached last year, five mortgage service providers agreed to reduce balances on mortgages where the borrower owes more than the home is worth and to refinance some loans. The banks also are required to make foreclosure their last resort, and they can't foreclose on a homeowner who is being considered for a loan modification.