Tuesday, November 20, 2012

Accountability

"Five of the biggest U.S. banks have cut struggling homeowners' mortgage balances by $6.3 billion, part of a total $26.1 billion in home loan relief provided under a landmark settlement over foreclosure abuses.

More than 309,000 borrowers received some form of mortgage relief between March 1 and Sept. 30, according to a report issued Monday by Joseph Smith, monitor of the settlement.

That translates to roughly $84,385 per homeowner, according to the report, which is based on mortgage servicers' account of their progress as they move to comply with the settlement terms.

"The relief the banks have reported is encouraging," Smith said in a statement. He added that the banks won't get credit under the settlement until he can confirm their figures."




A small dose of accountability

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