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Source: Tulsa World, Okla.self storageOct. 20--A look at three settlement programs sparked by the housing crisisDuring the foreclosure crisis and resulting fiscal mess, so many mortgage servicing companies refused to work with homeowners that Congress passed the Home Affordable Modification Program, or HAMP.The idea was to offer incentives encouraging servicers to provide mortgage modifications and aid for troubled homeowners.By any measure, it has not gone as planned.Unfair and illegal practices by mortgage servicers and lenders have resulted in a host of lawsuits nationally, as well as three major settlements that affect Oklahomans who have lost a home to foreclosure or are currently fighting it.NATIONAL MORTGAGE SETTLEMENTTotal settlement: $25 billionWhere the money comes from: The nation's five largest mortgage servicers -- Bank of America, JPMorgan Chase, Wells Fargo, Citimortgage and Ally/GMAC -- agreed to pay $25 billion in funds and various forms of relief to avoid prosecution by the U.S. Department of Justice and attorneys general of 49 states.Where the money went: Approximately $1.5 billion to compensate borrowers who lost their homes to foreclosure from Jan. 1, 2008, to Dec. 31, 2011. Those who applied should receive checks totaling just under $1,500. Because Attorney General Scott Pruitt opted out of the national settlement, Oklahomans were not eligible for these funds.About $3.5 billion was split between 50 states based on population and foreclosure statistics.Key features: Improved servicing standards for the nation's five largest mortgage servicers, funding to assist borrowers in saving their homes from foreclosure, direct payments to homeowners who may have been wrongly foreclosed upon, direct payments to states to use for their own programs and needs.RESOLUTION OKLAHOMATotal settlement: $18.7 millionWhere the money comes from: Attorney General Scott Pruitt opted Oklahoma out of the national semini storagetlement. Instead, he used the $18.7 million direct payment the state would have received under the national settlement to craft his own program.Where the money went (so far):Payouts to residents: $4.9 millionLegal service vouchers: $128,466Payments to Legal Aid Services of Oklahoma: $1.2 millionPayments to Oklahoma Bar Association: $111,239Total: $6.3 millionKey features: Direct restitution payments of $5,000 to $20,000 for homeowners who can prove some level of harm, such as dual-tracking or robo-signing; vouchers to hire private attorneys and other funds for legal assistance; and free foreclosure defense training for members of the Oklahoma Bar Association.INDEPENDENT FORECLOSURE REVIEWTotal settlement: $3.6 billionWhere the money comes from: In April 2011, federal banking regulators issued enforcement orders against 14 large mortgage servicers for deficient mortgage servicing and foreclosure practices. The orders required those servicers to retain independent consultants to review foreclosures in process or completed in 2009 or 2010. The review sought to identify financial injury to borrowers that resulted from errors, misrepresentations and other deficiencies in the foreclosure process.But payments to homeowners stalled while consultants were paid $1.5 billion. In January 2013, the plan for a case-by-case review was scrapped in favor of direct payments to qualifying homeowners.Key features: The Independent Foreclosure Review requires those servicers to provide compensation or other remediation for identified financial injury. Though some individuals may receive as much as $125,000 in compensation, it is estimated that most will only get $300. So far, about 17,000 Oklahoma cases have been paid more than $18 million through the fund, records show.Copyright: ___ (c)2013 Tulsa World (Tulsa, Okla.) Visit Tulsa World (Tulsa, Okla.) at .tulsaworld.com Distributed by MCT Information Services迷你倉