Heralding a new report on the National Mortgage Foreclosure Settlement, state Sen. Roz Baker said, “Our collective efforts are paying off.”

The report shows that relief monies distributed to Hawaii homeowners exceeds $150 million since the settlement was reached in March 2012 with the five largest mortgage loan companies.

“It is important that Hawaii homeowners with loans from these companies and are currently in default or underwater to work with their lender to see how they may be helped too,” said Baker, Commerce and Consumer Protection chair. “The DCCA website has all the additional information on it.” 

“We have already surpassed our initial expectations and the settlement is testament to the fact that large scale principal reduction can be used an important tool in our efforts to prevent foreclosures without incurring negative results,” said HUD Secretary Shaun Donovan in a press statement. 

Photo courtesy brewbooks.

—Chad Blair