"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.
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
A small dose of accountability