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Attorney General Kamala D. Harris today announced an historic $18 billion settlement with banks to bring relief to hundreds of thousands of California homeowners. View: Press Release | Resources for Homeowners | FAQs | Press Conference on YouTube

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Attorney General Kamala D. Harris Secures $18 Billion California Commitment for Struggling Homeowners February 09, 2012 Attorney General Kamala D. Harris Applauds Landmark Decision Affirming the Right to Marry February 07, 2012 Attorney General Kamala D. Harris issues Statement Honoring Black History Month February 06, 2012 Attorney General Kamala D. Harris Applauds State Senate Passage of Fair Debt Buyers Practices Act January 31, 2012 Attorney General Kamala D. Harris Joins 11 States in Filing Brief Urging U.S. Supreme Court to Protect Against Discriminatory Housing Practices January 31, 2012

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Press Release | State of California - Department of Justice - Kamala D. Harris Attorney General

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February 09, 2012 For Immediate Release Contact: (415) 703-5837
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Attorney General Kamala D. Harris Secures $18 Billion California Commitment for Struggling Homeowners
LOS ANGELES - Attorney General Kamala D. Harris today announced an historic commitment to California of up to $18 billion that will benefit hundreds of thousands of homeowners in the state hardest hit by the mortgage crisis. "California families will finally see substantial relief after experiencing so much pain from the mortgage crisis," said Attorney General Harris. "Hundreds of thousands of homeowners will directly benefit from this California commitment." "This outcome is the result of an insistence that California receive a fair deal commensurate with the harm done here. We insisted on homeowner relief for Californians and demanded enforceability so homeowners actually see a benefit that will allow them to stay in their homes, and preserved our ability to investigate banker crime and predatory lending," continued Harris. California secured the $18 billion agreement as part of a national multistate settlement to penalize robo-signing and other bank servicing and foreclosure misconduct. The agreement comes after California departed from the multistate negotiations last September when the estimated relief to California was $4 billion. Attorney General Harris insisted on more relief for the most distressed homeowners, meaningful enforcement, and the ability of California and other states to pursue investigations into misconduct. California's participation in the settlement also increased the amount of relief other states will receive by approximately $6 billion. Attorney General Harris also obtained separate, enforceable guarantees to ensure that banks will be accountable for their commitments to California. As part of the separate California guarantee, banks must enact a minimum of $12 billion in principal reductions for California homeowners. Failure to achieve this minimum level of reductions will result in substantial cash payments of up to $800 million that the banks will have to pay to the state. Unlike the larger multistate agreement, which is enforceable in a federal court in Washington, D.C., this payment provision empowers the Attorney General to summon the banks to California state court. California's separate guarantee also creates important incentives to ensure that banks will reduce the principal mortgage balance of underwater homeowners in California's hardest-hit counties and that the principal reductions in these communities will occur within the first year of the settlement. To speed investigations and strengthen prosecutions of these mortgage cases, California will expand its Mortgage Fraud Strike Force, adding to the more than 42 members already working on the team. The state will continue its investigative alliance with Nevada, that allows the sharing of resources, information and strategies, and will look to collaborate with additional states focused on a law enforcement response to the wave of mortgage fraud.

http://oag.ca.gov/news/press_release?id=2625[2/12/2012 5:53:58 PM]

Press Release | State of California - Department of Justice - Kamala D. Harris Attorney General The national multistate agreement and California commitment will provide substantial relief for thousands of Californians whose mortgages are owned by the five banks in the settlement, but thousands more will still need help as they struggle to stay in their homes. "I will continue to fight for principal reductions for the approximately 60 percent of California homeowners whose loans are owned by Fannie Mae and Freddie Mac," Attorney General Harris added. Attorney General Harris will propose a comprehensive legislative agenda to protect homeowners in the mortgage market. This legislation will build on the three-year reforms agreed to as part of the California commitment, including a single point of contact for mortgage-holders and an end to the unfair and confusing system of dual-track foreclosures. "This is an historic amount of relief for California homeowners, but it is one piece of a broader focus. We will continue our crackdown on mortgage fraud and quickly move to pass legislation that will simplify, reform and upgrade our broken mortgage system," Harris added. The financial benefits of this historic agreement extend to homeowners whose loans are owned or serviced by one of the five largest mortgage lenders. Benefits include: - More than $12 billion is guaranteed to reduce the principal on loans or offer short sales to approximately 250,000 California homeowners who are underwater on their loans and behind or almost behind in their payments. - $849 million is estimated to be dedicated to refinancing the loans of 28,000 homeowners who are current on their payments but underwater on their loans. - $279 million will be dedicated to offering restitution to approximately 140,000 California homeowners who were foreclosed upon between 2008 and December 31, 2011. - $1.1 billion is estimated to be distributed to homeowners for unemployed payment forbearance and transition assistance as well as to communities to repair the blight and devastation left by waves of foreclosures, targeted at 16,000 recent foreclosures. - $3.5 billion will be dedicated to relieving 32,000 homeowners of unpaid balances remaining when their homes are foreclosed. - $430 million in costs, fees and penalty payments. County-specific payments are based on the number of homeowners and the depth of the foreclosure crisis. It is estimated that homeowners in the following counties will accrue the following level of benefits over the three-year life of the commitment. - Los Angeles: $3.92 billion - Riverside: $1.59 billion - San Bernardino: $1.13 billion - Sacramento: $820 million - Stanislaus County: $368 million Additional details on the settlement, including how homeowners can apply for relief, can be found at www.oag.ca.gov. ### Related Attachments

chart 1 [PDF 519 kb / 1 pg] chart 2 [PDF 1574 kb / 1 pg] chart 3 [PDF 361 kb / 2 pg] info 1 [PDF 64 kb / 1 pg] Page 1 [PDF 45 kb / 1 pg]

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$ $18BillionCaliforniaCommitment
EstimatedFinancial Benefit EstimatedHomeowners Benefitting

Source:HUDEstimates

CALIFORNIA FORECLOSURE RATES BY COUNTY 2008 2010

Percentage 0% 13%

County

Foreclosure Percentage
1 of every 8 households 1 of every 9 households 1 of every 10 households 1 of every 10 households 1 of every 12 households 1 of every 12 households 1 of every 12 households 1 of every 12 households 1 of every 13 households 1 of every 14 households 1 of every 15 households 1 of every 16 households 1 of every 18 households 1 of every 27 households 1 of every 37 households

Merced.................... 12.4% Stanislaus.................... 10.6% San Joaquin.................... 10.5% Riverside...................... 9.6% Solano...................... 8.6% San Bernardino...................... 8.4% Yuba...................... 8.3% Madera...................... 8.4% Sacramento...................... 7.4% Kern...................... 7.4% Contra Costa...................... 6.6% Imperial...................... 6.1% Monterey...................... 5.5% San Diego...................... 3.7% All Others...................... 2.7%

Kamala D. Harris Attorney General

State of California Department of Justice

Es#mated/Average Stockton Homeowner Relief

Average San Joaquin County Borrower

Market Value of Home Current Loan Balance Loan-to-Value Ra#o Current Monthly Income Current Monthly Payment Payment as a % of Income Modied Sustainable Payment Mod. Payment as a % of Income Monthly Savings Modied Loan Balance

San Joaquin County 10.7% foreclosure $2,547 per housing unit

202,577 354,509 175% $4,145.17 $1,985.93 47.9% $1,243.55 30.0% $742.38 221,987

Es#mated/Average Riverside Homeowner Relief

Average Riverside County Borrower

Market Value of Home Current Loan Balance Loan-to-Value Ra#o Current Monthly Income Current Monthly Payment Payment as a % of Income Modied Sustainable Payment Mod. Payment as a % of Income Monthly Savings Modied Loan Balance

191,305 334,783 175% $4,498.42 $1,922.32 42.7% $1,349.53 30.0% $572.79 235,028

Riverside County 9.7% foreclosure $2,186 per housing unit 2

Terms of the California Commitment: Overview

California is joining the national servicing settlement, and has extracted a historic commitment from the nations largest mortgage lenders for an estimated $18 billion in support and aid for struggling homeowners. Highlights of the California Commitment: Hundreds of thousands of households will receive relief under the commitment. A separate California-only guarantee imposes substantial financial payments up to $800 million if banks fail to comply with the commitment. California will closely monitor bank performance of their obligations to homeowners and can enforce payments in state court. Californias separate guarantee limits the lending misconduct releases contained in the broader settlement and therefore preserves the Attorney Generals authority to investigate and prosecute crimes, predatory origination and other wrongdoing. The estimated total of $18 billion in aid must be delivered within three years, and includes a California guarantee of over $12 billion dollars in one of the most important forms of homeowner relief principal write downs. Californias separate guarantee provides incentive for banks to perform substantial principal write downs in Californias hardest-hit counties like Stockton, etc. within the first year of the settlement. Interim reforms will make the mortgage process simpler and fairer: an end to dysfunctional dual-track foreclosures, the guarantee of a single point of contact for homeowners seeking help and penalties for unfair bank practices. Homeowner Benefits will be structured in the following manner: $12 billion, at a minimum, will be dedicated to reduce the principal balance on loans by offering either affordable modifications or short sales to approximately 250,000 California homeowners whose homes are worth less than what they owe on their mortgage and who are behind or cannot continue to make payments. $430 million payment in penalties, costs, and fees. An estimated $849 million to help refinance the loans of approximately 28,000 California homeowners with interest rates above 5.25 percent who are current on their mortgage payments but underwater on their loans. An estimated $279 million will be dedicated to provide payments to approximately 140,000 homeowners foreclosed upon during the worst period of servicing misconduct. An estimated $1.1 billion will be distributed to California communities to repair blight and devastation left by waves of foreclosures in hard-hit areas. $3.5 billion is estimated to flow to forgive unpaid debts to banks for about 32,100 homeowners who have lost their homes to foreclosure.

Next steps in protecting homeowners: California will collaborate with state and federal partners to investigate and prosecute all criminal acts, false claims, predatory and discriminatory lending practices, theft of public funds with fraudulent securities, securities fraud, actual fraud committed after July of 2009, and scams targeting homeowners. Attorney General Kamala Harris will introduce a comprehensive package of legislation to make the interim reforms in the California commitment stronger, and to extend them permanently, instead of for the three-year period of the agreement.

Background/Timeline January 3, 2011: January 2011: May 2011: Kamala D. Harris is sworn in as Californias 32nd Attorney General. Attorney General Harris meets with her colleagues throughout the country to discuss multi-state settlement. Attorney General Harris creates a California Mortgage Fraud Strike Force, comprised of veteran attorneys and special agents. The specialized unit is created to investigate three primary underpinnings of the mortgage fraud crisis: consumer, civil, and criminal sections. Attorney General Harris and her Mortgage Fraud Strike Force break up major consumer mortgage fraud ring Kramer & Kawlow After the banks refused to offer more than $4 billion collectively to the states, Attorney General Harris left the negotiating table. Banks immediately increase their offer to all states by $5 billion. Attorney General Harris calls upon Edward DeMarco, lead of the agency that houses Fannie Mae and Freddie Mac, to step aside if he continues to refuse to reduce mortgage loans for underwater homeowners Attorney General Harris sues Fannie Mae and Freddie Mac, the two entities that hold 62% of California mortgages. The Attorney General is investigating Freddie Mac's and Fannie Mae's involvement in 12,000 foreclosed properties in California and their role in selling or marketing mortgage-backed securities. After 13 months of tough negotiations, the banks relent and give Attorney General Harris the California Commitment -- $18 Billion to homeowners. Attorney General Harris vows to ramp up investigations and prosecutions of mortgage wrongdoing. -The $12 billion guaranteed to California is the largest program of principal reduction in U.S. history -The national multi-state settlement is the second-largest settlement ever, behind the tobacco settlement, but is paid out much quicker. AG Harris introduces legislation to fundamentally reform Californias broken mortgage system

August 2011: September 2011:

November 2011:

December 2011:

February 2012:

February 2012:

Other dates of note: 2006: Kamala Harris, then San Franciscos District Attorney, creates the San Francisco Mortgage Task Force, the first of its kind in the nation.

National Mortgage Settlement | State of California - Department of Justice - Kamala D. Harris Attorney General

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National Mortgage Settlement

The Attorney General has obtained a broad-ranging settlement from five major banks. If you are a homeowner struggling to pay your mortgage or facing foreclosure, or if you have already lost your home to foreclosure, it is possible that this settlement could help you. Not every homeowner will qualify for relief under the settlement. Those who do qualify may receive various forms of relief depending on their circumstances. Available forms of relief include: payments to borrowers who were wrongly foreclosed upon; reduction of unpaid principal balances; refinancing for borrowers whose homes are worth less than the money they owe; and the opportunity for short sales and other relocation assistance. For detailed information about the settlement, please visit the National Mortgage Settlement website. To find out if you may be eligible for a loan modification, refinance, short sale or other foreclosure prevention relief under the settlement, you will need to contact your mortgage servicer. To find the servicer on your loan, look for a contact phone number on your mortgage statement. Contact the bank or servicer listed on the statement to ask who services or owns your mortgage loan. For more details, please see our Frequently Asked Questions. The mortgage servicers participating in the settlement agreement are Citibank, JP Morgan Chase/Washington Mutual, Bank of America/Countrywide, Wells Fargo/Wachovia, and Ally Financial. If you have already lost your home to foreclosure and believe you may qualify for restitution, please visit the National Mortgage Settlement website. For a referral to a free HUD-Approved Housing Counselor who can assist you in applying for a modification under the settlement or in obtaining other help to stay in your home if you do not qualify for the settlement, please call (800) 5694287.

More Mortgage Information

National Mortgage Settlement website Attorney General's Stop Mortgage Fraud

Mortgage Servicers
Bank of America/Countrywide Bank of America Customer Assistance Centers (877) 488-7814 JPMorgan Chase/Washington Mutual Chase Homeownership Center (866) 372-6901 Ally Financial-GMAC (800) 766-4622 Citibank/Citimortgage (866) 272-4749 Wells Fargo/Wachovia (800) 288-3212 HUD-Approved Housing Counselor (800) 569-4287

Mortgage Servicers

For Bank of America/Countrywide, call (877) 488-7814 or you may also go to a Bank of America Customer Assistance Center. You can find a list of such centers at the Bank of America Assistance Customer Center website. Customer Service Center - Bank of America Home Loans Assistance Customer Center

For JPMorgan Chase/Washington Mutual, call (866) 372-6901 or you may also go to a Chase Homeownership Center. You

https://oag.ca.gov/nationalmortgagesettlement[2/12/2012 6:48:28 PM]

National Mortgage Settlement | State of California - Department of Justice - Kamala D. Harris Attorney General can find a list of such centers at Chase's Homeownership Center website. Customer Service Center - Chase's Homeownership Center

For Wells Fargo/Wachovia, call (800) 288-3212.

For Citibank/Citimortgage, call (866) 272-4749.

For Ally Financial-GMAC, call (800) 766-4622.

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Frequently Asked Questions | State of California - Department of Justice - Kamala D. Harris Attorney General

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Links to topics below: Overview Relief For Homeowners Relief After Foreclosure The Relief Process Other Forms of Relief

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Mortgage Servicers
Bank of America/Countrywide Bank of America Customer Assistance Centers (877) 488-7814 JPMorgan Chase/Washington Mutual Chase Homeownership Center (866) 372-6901 Ally Financial-GMAC (800) 766-4622 Citibank/Citimortgage (866) 272-4749 Wells Fargo/Wachovia (800) 288-3212 HUD-Approved Housing Counselor (800) 569-4287

Overview
What does the settlement mean for me?
The Attorney General has obtained a broad-ranging settlement from five major banks. If you are a homeowner struggling to pay your mortgage or facing foreclosure, or if you have already lost your home to foreclosure, it is possible that this settlement could help you. Not every homeowner will qualify for relief under this settlement. Those who do qualify may receive various forms of relief depending on their circumstances. Available forms of relief include: payments to borrowers who were wrongly foreclosed upon; reduction of unpaid principal balances; refinancing for borrowers whose homes are worth less than the money they owe; and the opportunity for short sales and other relocation assistance.

Is my bank a part of the settlement? Is this settlement another government bailout of the banks?

Relief for Homeowners

I am a homeowner facing foreclosure. Am I eligible for relief under the settlement? How can I find out who owns or services my mortgage loan? I am a homeowner worried about the prospect of foreclosure and my loan owner or servicer is part of the settlement. What forms of possible relief are available under the settlement? Do I qualify for a refinance under the settlement? Do I have to be delinquent and/or underwater on my mortgage in order to qualify for the settlement? I have already been denied for a loan modification previously. Should I reapply for a loan modification under the terms of the settlement? I already have a modification for my loan, but I am still having difficulty making payments or have already missed payments under the terms of the modified loan. Should I reapply for a new modification under the terms of the settlement?
https://oag.ca.gov/nationalmortgagesettlement/faqs[2/12/2012 6:51:32 PM]

Frequently Asked Questions | State of California - Department of Justice - Kamala D. Harris Attorney General

The bank has already begun the foreclosure process on my home. Will this settlement stop the foreclosure? If I do not want to keep my home, and/or I do not think there is any way for me to obtain an affordable payment, does this settlement have anything to help me sell it without a foreclosure? I do not think I will be able to keep my home. If I am not interested in a short sale, or I do not think there is a market for my home, can the settlement provide me with any help?

Relief After Foreclosure

I already lost my home to foreclosure. Am I eligible for any relief under the settlement? I lost my home to foreclosure. I want to know if I am eligible for the settlement, but I do not know the name of my servicer or provider. How can I find out? I lost my home already, but the bank claims I still owe it money. Is there anything in this settlement that helps me?

The Relief Process

I have determined that I may be eligible for relief under the settlement. How can I seek help with my mortgage under the settlement? I need help filling out the paperwork from the bank. What should I do? Should I stop paying my mortgage? When will the modifications or payments under the settlement begin? I am in the process of seeking relief under the settlement. I am unhappy with the way the bank is handling my request for help with my mortgage. Who do I complain to about the bank? Where should I go for updates or new information about the settlement?

Other Forms of Relief

Can I still sue the banks if I get any relief under the settlement? Can you give me advice on whether I have legal claims against the banks? How can I find a lawyer? Do I need to hire someone in order to secure relief under this settlement? My bank is not one of the banks who settled with the Attorney General, but I am having the same problems that borrowers in this settlement are having. Can I file a complaint about my bank? Where can I obtain more information about this settlement?

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Federal Government & Attorneys General reach landmark settlement with major banks | NationalMortgageSettlement

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Federal Government & Attorneys General reach landmark settlement with major banks
Roughly $25 billion in relief for distressed borrowers, states and federal government. After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the countrys five largest loan servicers: Ally/GMAC Bank of America Citi JPMorgan Chase Wells Fargo The settlement will provide as much as $25 billion in relief to distressed borrowers and direct payments to states and the federal government. Its the largest multistate settlement since the Tobacco Settlement in 1998. The agreement settles state and federal investigations finding that the countrys five largest loan servicers routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct. Both of these practices violate the law. The settlement provides benefits to borrowers whose loans are owned by the settling banks as well as to many of the borrowers whose loans they service. About the Settlement: Learn about the settlement, who is affected and what claims may still be pursued against the banks. Find links to your state Attorney Generals Office to find state-specific information and contacts.
http://www.nationalmortgagesettlement.com/[2/12/2012 6:53:33 PM]

Federal Government & Attorneys General reach landmark settlement with major banks | NationalMortgageSettlement

Help for Borrowers: Learn how to find out if your loan is affected by this settlement, the timeline for relief, how you will know if you are eligible. Find links to your state Attorney Generals Office to find state-specific information and contacts. News: Read the national news release and find links to your state Attorney Generals Web site for state-specific news.

SETTLEMENT DOCUMENTS
National Mortgage Settlement (coming soon) Settlement Executive Summary (coming soon) Servicing Standards Highlights (pdf)

SETTLEMENT PARTIES
Ally/GMAC: 800-766-4622 Bank of America: 877-488-7814 Citi: 866-272-4749 JPMorgan Chase: 866-372-6901 Wells Fargo: 800-288-3212 State Attorneys General Conference of State Bank Supervisors United States Department of Justice U.S. Department of Housing and Urban Development

HOME | ABOUT | FAQ | NEWS | HELP FOR BORROWERS | STATES

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