Monday, November 19, 2012
"The five largest U.S. mortgage servicers have provided about $26.1 billion for borrowers so far under a $25 billion settlement over abusive foreclosure practices, according to a court-appointed monitor.
The aid included $2.6 billion in principal relief for about 22,000 borrowers, the Office of Mortgage
Settlement Oversight said in a report released today. Lenders including Bank of America Corp., JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) aided a total of 309,385 borrowers, according to the report.
“I’m encouraged,” Joseph A. Smith Jr., the settlement monitor, said today in a telephone interview. “It looks like transaction relief of various kinds is being implemented by all the servicers.”