Thursday, May 10, 2012 - 3:36pm
Biden outlines mortgage intiatives, lauds mediation program
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| AG Biden speaks to Rotary Club members in Wilm. |
Attorney General Beau Biden outlines his plan to distribute settlement money Delaware received following a national 18-month mortgage fraud investigation.
WDEL's Amy Cherry reports.
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The $10.6 million Delaware received in a national mortgage settlement is going to various borrower education and consumer protection initiatives.
But the main gist...
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"Try to get the money in the hands of people, who can help people through this crisis," says Biden.
The plan Biden laid out for Wilmington Rotary Club members at their annual Law Day luncheon at the Hotel du Pont was as follows:
*$2.7M for ongoing mortgage fraud investigations
*$1.8M for borrower representation
*$1.5M for Delaware-based housing counselors
*$1.1M for expanded consumer education initiatives
*$1M for a new education and borrower representation program
*$895K for Del. Mortgage Mediation Program
*$864K for loan modification specialists in AG's office
*$500K for Del. Emergency Mortgage Assistance Program (DEMAP)
Attorney General Biden also pointed out the mandatory mortgage mediation program he implemented last year that requires lenders and homeowners to have a conversation before foreclosure.
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"The week before we put this into effect, over 300 foreclosures filed. It's been 95 days since we put this law into effect. Guess how many foreclosures? 14," says Biden.
Biden says the average foreclosure filing rate before the mediation program was passed was 15 per day for 5 years.
Copyright © May 18, 2013, WDEL/Delmarva Broadcasting Company. All Rights Reserved.
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