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Colorado Attorney General's Mortgage Servicing Settlement Programs

STATE OF COLORADO
OFFICE OF THE ATTORNEY GENERAL


JOHN W. SUTHERS
Attorney General

Colorado Attorney General's Mortgage Servicing Settlement Programs


The Colorado Attorney General’s Office, the Colorado Housing and Finance Authority (CHFA) and the Colorado Division of Housing has solicited public comments to assist in finalizing details about the supplemental loan modification programs and housing counseling programs that have been proposed for funding from the mortgage servicing / foreclosure processing settlement. Under the consent judgment which contains the terms of the settlement, Colorado Attorney General John Suthers recovered $51.17 Million in custodial funds that may be used for a variety of purposes, including funding for programs to prevent foreclosures, promote loan modifications and promote housing.

On March 16, 2012, Attorney General John Suthers issued a decision allocating the funds among various programs to serve these purposes. For more information about this allocation please visit the Attorney General’s website.

The Attorney General allocated $24.0 Million to fund supplemental loan modification programs. At the time of his decision, three programs were identified that would supplement the refinancing options and loan modifications programs that are currently available to borrowers under the settlement and other programs. Since the issuance of the Attorney General’s decision, a fourth program has been identified. The details of these four programs are summarized in the attached chart.

The Attorney General also allocated $5.3 Million for support of housing counseling agencies. This amount includes $4.4 Million for fee-for-service counseling support over the course of three years, $625,000 in ramp-up costs to meet expected new demand and $275,000 in ramp-up costs for expansion of rural housing counseling agencies. Particular aspects of administering this program are found in the second attachment.

We are seeking comments from the public so that we can finalize the details of all of these programs. Particular questions about each program are raised in of the attachments. Comments, however, may be submitted on any aspect of the programs, even if we have not identified a specific question. All comments that we receive will be public records and available to the public under Colorado’s Open Records Act.

Our goal is to have these programs operational by June 1, 2012.  Please check back as the final program details are announced. You may also direct any questions to any of the individuals designated below. Thank you.


Karen Harkin
Director, Home Finance
Colorado Housing and Finance Authority
1981 Blake Street
Denver, CO 80202
KHarkin@CHFAInfo.com

Andy McCallin
First Assistant Attorney General
Colorado Attorney General's Office
1525 Sherman Street, 7th Fl
Denver, CO 80203
Andrew.McCallin@State.CO.US

Pat Coyle
Division Director
Colorado Division of Housing
1313 Sherman Street
Denver, CO 80203
Pat.Coyle@State.CO.US


Document Links
Supplemental Loan
Modification Program Chart
Housing Counseling Support Program
Colorado Attorney General website
Colorado Division of Housing, Housing Investment Fund
Settlement Presentation - Public Comment Sessions Powerpoint


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