HUD Unveils Mortgage Servicing Settlement PSAs
U.S. Department of Housing & Urban Development (HUD) Secretary Shaun Donovan and Iowa Attorney General Tom Miller have jointly announced the launch of the National Mortgage Servicing Settlement’s first public service announcement (PSA) television ad titled “Homeowner Help.” The PSA, which can be viewed at HUD.gov and www.nationalmortgagesettlement.com, is designed to educate homeowners about the resources available to them through the mortgage servicing settlement. The “Homeowner Help” PSA, amplified through three key components—30 sec. television and radio spots, customized for both national and local media markets, a HUD Homeowner Help Web site and a new Mortgage Assistance Guide—is aimed at educating homeowners about the various options and opportunities they can seek for assistance to find out if they are eligible to benefit from the settlement. “The National Mortgage Servicing Settlement represents the single largest-scale principal reduction effort we’ve seen since this housing crisis began and the PSAs and online tools announced today will create an extended opportunity for homeowners, across the country, to gain access to information, options and opportunities that could help to keep them in their homes,” said HUD Secretary Donovan. “Already the servicing settlement is helping homeowners and making a difference, and our goal is to ensure every eligible family is aware of the help it provides.” In addition to being televised, “Homeowner Help” will also be broadcast in both English and Spanish language radio formats for national and localized markets. The launch of the national PSA and new online tools will remind people who are in mortgage trouble, to call the their servicer, Homeowner’s HOPE Hotline at (888) 995-HOPE or visit the national settlement Web site at NationalMortgageSettlement.com to seek out available help. “If we learned anything from the housing crisis, it is that that there is no one solution,” said AG 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.” In April, a Federal District Court approved the landmark $25 billion agreement between the Justice Department, HUD, 49 state attorneys general and the nation’s five largest mortgage servicers—Ally/GMAC, Bank of America, Citi, JP Morgan Chase, and Wells Fargo—to address mortgage loan servicing and foreclosure abuses. The settlement will provide up to $25 billion in relief to borrowers and direct payments to the states and federal government and it is the largest multi-state settlement since the Tobacco Settlement in 1998.