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Banks report $51 billion in consumer relief in mortgage settlement

Banks report $51 billion in consumer relief in mortgage settlement

In the past year and a half, five mega banks dished out$51.3 billion in consumer relief to borrowers impacted by foreclosure abuses, the Los Angeles Times writes.

The banks, which were part of the national mortgage settlement between attorneys general, regulators and servicers, claim to have provided a substantial amount of principal reductions, short sale transactions and monthly payment reductions.

The Los Angeles Times elaborated on the relief reportedly offered:

The average borrower received $79,742 in relief, the report said. The aid includes completed modifications and other assistance as well as efforts still in trial phases.

Joseph A. Smith Jr., the official monitor of the settlement, said the banks’ self-reported information had not yet been confirmed. But based on the data, he said, the banks have either met their obligations under the settlement or will do so soon

 

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