Big banks finish paying $20 billion in mortgage settlement, report says - The Washington Post:
"The nation’s largest banks have met their obligations to provide relief to struggling homeowners under the $25 billion national mortgage settlement, the landmark agreement to clean up shoddy foreclosure practices.
On Tuesday, the court-appointed monitor of the settlement said Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial had all completed their requirements to offer various types of aid to borrowers, including allowing them to refinance or lowering the balance of their loan.
The mortgage servicers had to provide $20 billion in relief to
borrowers with different types of aid assigned different credit toward
that figure. While they ponied up a total of $50 billion to assist more
than 600,000 families, only $20.7 billion of that money was counted
under the settlement. "
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