Statement From Governor Martin O’Malley On NEARLY $1 BILLION MORTGAGE SETTLEMENT FOR MARYLAND HOMEOWNERS

ANNAPOLIS, MD (February 9, 2012) – Governor Martin O’Malley today issued the following statement on the announcement of a nearly $1 billion settlement for Maryland homeowners facing foreclosure:

“There is no more powerful place in our State than a family’s home, and there is nothing more important for a family’s security and future than a job. Today’s announcement of a nearly $1 billion settlement with the nation’s five largest mortgage servicers is welcome news to the thousands of Marylanders who have faced or are facing the risk of losing their home.

“I applaud the hard work and commitment of Maryland Commissioner of Financial Regulation Mark Kaufman - one of only two banking regulators nationwide who served on the Executive Committee – who led this nationwide effort to develop strong new standards to address the servicing practices that led to this crisis. Thanks to our federal partners at the U.S. Department of Housing and Urban Development and at the U.S. Department of Justice, we have reached this unprecedented settlement, which not only provides significant relief to Maryland homeowners, but puts an end to practices that contributed to the foreclosure crisis across the country.

“I encourage all Marylanders struggling to keep their home to call the Maryland HOPE HOTLINE at 1-877-462-7555 to talk to a housing counselor or visit www.mdhope.org to seek necessary help.”

Additional information regarding the multi-state foreclosure settlement can be found at:

www.governor.maryland.gov/mortgagesettlementfaq.pdf
www.HUD.gov
www.DOJ.gov