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Ohio Awarded $335 Million Through Settlement

The $25 billion, 49-state settlement awarded Ohio with $335 million to be used for recovery and prevention efforts. Through the creation of a grant program, the AG's office will set aside $75 million to fund the removal of vacant and abandoned properties, which decrease the value of surrounding homes. While the exact number in Ohio is unknown, the estimate is 100,000 properties.

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CFPB Issues Proposal to Place New Standards on Mortgage Statements

The Consumer Financial Protection Bureau (CFPB) is looking to propose a rule to standardize monthly mortgage statements to make them easier for customers to understand. The CFPB recently released an early draft of a statement and is seeking feedback. Once a refined prototype is available, the CFPB said it will propose a rule to specify what needs to be on statements, but creditors, assignees, and servicers will have some flexibility to tweak the form after final publication of the rule.

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AG Settlement Brings Relief to Military Members

The settlement reached last week between federal and state officials and the nation's five largest servicers includes specific provisions for U.S. military members wrongfully harmed by their mortgage servicer. Four of the five banks participating in the settlement - JPMorgan Chase, Wells Fargo, Citigroup, and Ally - will review foreclosures of military members since January 2006, identifying instances of violation of the Servicemembers Civil Relief Act, according to the Department of Justice.

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Potential for More Scams Following New Initiatives

With all the buzz after the multistate settlement regarding potential relief to homeowners, the Texas Foreclosure Prevention Task Force reminded consumers to be cautious of potential scams. It's getting harder to identify the good guys from the bad guys, said David Long, co-chair of the TFPTF. Borrowers will not know immediately if they are eligible for relief, and there is no cost to participate in the initiatives from the settlement.

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Obama’s FY2013 Budget: Campaign Rhetoric or Sound Solutions?

President Barack Obama's FY2013 budget proposal has instigated a whirlwind of bipartisan debate as Republicans launch accusations that the president's proposal is no more than a piece of campaign material that will harm more than help the nation's economy. The president has allocated $350 billion for short-term measures for job growth, increased funding for HUD by 3.2 percent, and set aside $141 million in additional support for housing counseling.

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With 10M at Risk of Default, CFPB’s Primary Focus Is Mortgages

As many as 10 million homeowners are at risk of default, according to Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB). In an op-ed piece, Cordray recounts the type of behavior and practices that put so many Americans in danger of losing their homes - it's what he describes as ""the wild West of lending."" Enter the CFPB. While the agency is charged with overseeing all consumer-facing financial products and services, Cordray says its greatest focus is on the mortgage market, and servicing in particular.

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In Addition to $25 Billion Settlement, Nevada’s AG Wins More

In addition to the $25 billion settlement between the five largest servicers and 49 states, Nevada's Attorney General Catherine Cortez Masto reaped more for Nevada homeowners through an additional settlement with Bank of America. Masto won Nevada $750 million in relief for lien principal payments and short sales from BofA and $30 million for consumer protection efforts. That's on top of the $1.5 billion that will go to the state from the nationwide settlement reached with all five servicers.

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Tally Rises to Nine With Two More Bank Failures

A bank in Indiana and another in Illinois closed Friday, February 10, increasing the tally for FDIC-insured banks closed this year to nine. Shelby County Bank (SCB) of Shelbyville, Indiana shut its doors and was acquired by First Merchants Bank. Barrington Bank & Trust Company took over Charter National and reopened over the weekend as a branch of Barrington Bank.

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Senate’s Housing Chairman Pushes for More Principal Writedowns

Sen. Robert Menendez says the $25 billion settlement struck between federal and state officials and the nation's five largest mortgage servicers helps homeowners but is a long way from healing the grievous wounds left by the crisis. He has introduced a bill that would encourage lenders to reduce principal for underwater borrowers with a shared-appreciation modification.

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Illinois Introduces Two Initiatives to Tackle Foreclosure Issues

To alleviate issues of foreclosure in one of the hardest hit areas, Illinois Governor Pat Quinn launched two initiatives. One effort will connect homeowners to resources to keep them in their homes, and another will help revitalize areas affected by foreclosed and vacant properties. Illinois is consistently ranked among the top 10 states with the highest number of foreclosures.

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