TV Spot Informs Homeowners of $25B Mortgage Settlement

U.S. housing officials and the overseers of the $25 billion mortgage servicing settlement have unveiled the first television public-service spot to help educate homeowners about potential compensation from the landmark deal reached with the top five lenders.
The “Homeowner Help” PSA (public service announcement) encompasses 30 second television and radio spots, customized for both national and local media markets, a HUD  website and a new Mortgage Assistance Guide.
The launch of the national PSA and new online tools remind homeowners who are facing potential foreclosure to call the “Homeowner’s HOPE Hotline” at 888-995-HOPE, or visit  NationalMortgageSettlement.com to seek assistance.
In April, a federal judge approved the landmark $25 billion agreement between the Justice Department, the Department of Housing and Urban Development (HUD), 49 state attorneys general and the nation’s five largest mortgage servicers – Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo.
The deal settles charges of “robo-signing” or the mishandling of loan servicing documents in foreclosure cases.
The settlement will provide up to $25 billion in relief to borrowers and direct payments to the states and federal government. It is the largest multi-state settlement since the Tobacco Settlement in 1998.
“If we learned anything from the housing crisis, it is that that there is no one solution,” said Iowa Attorney General Tom Miller. “We want homeowners to know the possibilities that they have with this
settlement. PSAs are already running in Iowa and we’re hopeful that information shared helps people in a substantial way.”
Read more on who’s eligible for compensation.

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