Banks In Nat'l Settlement Write Down $6.3B In Mortgages

Law360, New York (November 19, 2012, 6:49 PM EST) -- The five banks that agreed to February's national mortgage settlement have so far provided more than $26.11 billion in relief to troubled borrowers, including just over $6.3 billion in principal reductions, the settlement's monitor said in a Monday report.

The relief for homeowners provided by the nation's five largest mortgage servicers was the linchpin of February's $25 billion settlement of allegations that the servicers, units of some of the largest banks in the United States, were involved in wholesale violations. Even though the parties to the...
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