Oregonians get $200M in foreclosure relief

Oregonians get $200M in foreclosure relief
Photo by Cathy Cheney, Portland Business Journal

PORTLAND, Ore. -- Oregonians have received nearly $200 million in relief as part of the National Mortgage Settlement, according to a progress report released Monday.

The money is part of a $25 billion settlement reached by attorneys general with five of the nation's biggest banks over improper foreclosures. Oregonians are expected to receive around $230 million in relief as part of the settlement.

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The banks and relief to-date in Oregon:

  • Bank of America: $104.7 million, 1,656 borrowers
  • J.P. Morgan Chase: $56.1 million, 755 borrowers
  • Wells Fargo: $26 million, 464 borrowers
  • Citi: $10.8 million, 227 borrowers
  • Ally: $2.1 million, 32 borrowers

The average borrower has received more than $63,000 in relief. Types of relief include loan modifications and forgiveness of principal, among others.

Some of the settlement money will also support state-run foreclosure relief programs. The Oregon Department of Justice has set up a webpage to help homeowners navigate the claims process.

The Portland Business Journal is a KATU.com news partner.