“After a thorough review, I have certified that ResCap parties has satisfied its minimum consumer relief obligations under the Settlement. I have confirmed that ResCap parties has provided $257,411,785 in credited relief to borrowers across the nation. ResCap parties, and any successor servicer that purchases ResCap parties portfolio, remain subject to its continuing mandatory solicitation obligations and to the servicing standards, or reforms, outlined in the NMS. I will continue my work with ResCap parties and its successors to ensure that they are following the servicing standards, fulfilling their mandatory solicitation obligations and appropriately working with their customers over the next two years. I hope that the consumer relief and the servicing standards the crafters of this bipartisan, state-federal Settlement negotiated will continue to help homeowners across the nation.”

On February 14, 2013, Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement (NMS), filed a report with the Federal District Court for the District of Columbia, certifying that Residential Capital, LLC, Ally Financial, Inc. and GMAC Mortgage, LLC (collectively, ResCap parties) have satisfied their consumer relief obligations and finding that ResCap parties was in substantial compliance with its mandatory solicitation requirements under NMS.

ResCap parties is required to provide $200,000,000 of relief to consumers in the form of loan modifications, short sales, principal forgiveness and other forms of relief as part of the NMS. ResCap parties has met and exceeded this obligation and the Monitor has certified its consumer relief credit under this part of the Settlement.

ResCap parties also has a national mandatory solicitation obligation in reference to certain borrowers and the Monitor has found that, to date, ResCap parties has established loan modification and refinance programs that are in substantial compliance with that obligation.

ResCap parties consumer relief highlights
For state-by-state information, click here.

• Total consumer relief – $257.41 million
• First lien principal forgiveness – $129.06 million
• First lien forbearance forgiveness – $1.26 million
• Second lien modification forgiveness – $4.39 million
• Second lien extinguishment forgiveness – $18.2 million
• Refinance – $48.35 million
• Short sale deficiency waiver- $39.43 million
• Foreclosure sale deficiency waiver – $15.12 million
• Contributions to borrower HOPE loan portal – $1.6 million

January 23, 2014

“Today I filed a report confirming that the ResCap Parties have completed their solicitation requirements, which completes their consumer relief obligations under the National Mortgage Settlement. In February of 2013, I filed a report that provided the ResCap Parties with partial certification; the report I filed today confirms that the ResCap Parties conducted outreach to offer loan modifications or other assistance to the borrowers eligible for mandatory solicitation. My team and I rigorously tested these activities to ensure all eligible borrowers were identified and correctly solicited, and I am confident that the ResCap Parties have fulfilled these obligations.”