Banks Have Doled Out $10B In Mortgage Relief So Far: Report

Law360, New York (August 29, 2012, 4:36 PM EDT) -- The monitor overseeing February's $25 billion mortgage servicing settlement said Wednesday that the five banks subject to the deal have already provided nearly $10.6 billion in relief to consumers, marking what the monitor called a “good first step.”

The five participating banks were required to provide $20 billion in assistance to borrowers and an additional $5 billion in direct payments to states under the deal. The nearly $10.6 billion the banks reported having provided to borrowers represented potentially good progress, according to the progress report by...
To view the full article, register now.