The Maryland Consumer Rights Coalition (MCRC) recently released a report on the progress that five national banks are making toward their obligations in the foreclosure settlement agreement. While there have been about 2,800 residents helped over the past couple of months, there are also 79,113 Maryland families who have received new announcements of foreclosure in the same amount of time. In addition to this, only.8% of the relief has been aimed towards principal reduction loan modifications, which many need to continue living in their homes.
To change this, MCRC is putting together a request to Maryland’s Attorney General to institute a Legacy Fund. According to a letter (.pdf) from MCRC’s executive director, Marceline White, to Maryland Attorney General Douglas Gansler, “the Legacy Fund would specifically improve the capacity to analytically review and comment on regulations and rules at all levels of government,” as well as provide assistance to organizations working to stabilize the financial system while also helping the victims and educating the public on consumer rights.
In order to support the fund, there has been a request made of the Attorney General to allocate portions of the settlement proceeds towards the Legacy Fund.