Nationwide Mortgage Settlement Nets Over $50B In Relief

Law360, New York (May 21, 2013, 4:48 PM EDT) -- The five largest U.S. mortgage servicers have provided over $50 billion in relief to over 620,000 homeowners under last year's national mortgage settlement, according to an update released Tuesday by the federal monitor overseeing the settlement.

That $50.63 billion in assistance, which includes both direct consumer relief and active trial modifications on first-lien loans, comes to approximately $81,437 per borrower as of March 31, Joseph A. Smith Jr., the settlement's monitor, said.

The linchpin of the $25 billion February 2012 joint federal-state national mortgage settlement with...
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