ATTORNEY GENERAL ANNOUNCES 100 PERCENT OF $51.17 MILLION IN FORECLOSURE-PREVENTION EFFORTS HAVE BEEN DISTRIBUTED

DENVER — Colorado Attorney General John Suthers and Governor John Hickenlooper announced today that Colorado has completed arrangements for distribution of all of the $51.17 million it received under the multistate settlement with the country’s five largest banks. As announced in March this year, that settlement fund is to be used statewide for homeowner relief and foreclosure-prevention programs. In the last two weeks, Colorado has completed distribution of most of the money.

“Seven months into the settlement process, Colorado is a great example of government working together to find creative solutions to the housing crisis,” said Suthers. “Governor Hickenlooper and representatives from the General Assembly supported a collaborative process that is delivering meaningful relief.”

“Our solutions are helping Coloradans stay in their homes and are preventing future foreclosures,” Hickenlooper said. "Colorado used the mortgage foreclosure settlement in a collaborative way to help ensure the funds are helping the people who are most in need.”  

Colorado allocated its $51.17 million to a series of programs and organizations to provide statewide foreclosure and housing relief over the next three years:

  • $24 million for supplemental loan-modification programs;
  • $18.196 million for affordable housing programs;
  • $5.625 million for housing counseling through the state;
  • $1.5 million for Colorado Legal Services;
  • $750,000 for temporary staffing at the Attorney General’s Office;
  • $600,000 for the Colorado Foreclosure Hotline; and,
  • $500,000 for marketing and outreach efforts.

Consumers interested in learning more about the multistate agreement may visit www.NationalMortgageSettlement.com or www.coloradoattorneygeneral.gov/mortgagesettlement.

If consumers believe they have been affected by the banks’ problematic processes or have experienced any form of foreclosure fraud, they may file a complaint at www.coloradoattorneygeneral.gov/complaint. To learn more about Colorado’s ongoing fight against mortgage and foreclosure fraud, visit the Office of the Attorney General’s Mortgage Fraud Information Center.

Homeowners facing foreclosure also should contact the Colorado Foreclosure Hotline at 1-877-601-4673 or visit www.coloradoforeclosurehotline.org. The free hotline works with homeowners in or facing foreclosure. Homeowners who call the hotline can speak with a housing counselor about their options.

 

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