|Published:||Nov 29, 2012 5:14 PM EST|
|Updated:||Nov 29, 2012 9:28 PM EST|
LEE COUNTY, Fla.- "It is sad because that could have been a really good program and right now the results have not been, from my experience, at all of what we expected," said Attorney Kevin Jursinski. He once supported the settlement, but now he says the banks are abusing their power.
Florida is guaranteed four billion dollars under the 25-billion dollar settlement. Lenders, like Wells Fargo, JP Morgan Chase and Bank of America have all agreed to pay up, but Jursinski said he's only had one client out of a dozen who qualify for the money.
"The lenders have decided that they have a certain approach that they are identifying their own loans they want to work with and those are the loans they're going to take action on. I don't know what they're internal policies are, but I don't think they're consistent with the intent of the national mortgage settlement."
Another local attorney, Robert Hynds, said the modification portion of the program is proving more successful.
"We have had some instances where our clients have been preferred modifications and in some cases the principal reductions have been pretty substantial. I can recall an instance of over 100-thousand dollars in principal reductions."
Despite that, Jursinski wants answers from Florida's Attorney General.
"The solution is put some pressure on our legislature and say we got to get someone to do oversight on the lenders and make sure they're following up. There have been over one thousand complaints filed in Florida to Pam Bondi's office including a complaint from our office."
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