The five banks that were part of the National Mortgage Settlement have extended more than $26.11 billion in gross relief to more than 300,000 borrowers, or roughly $84,385 per homeowner, according to new data released by the Office of Management Settlement Oversight.
‘The report discloses that the banks have completed $21.92 billion in consumer relief to borrowers between March 1 and Sept. 30, 2012, and have an additional $4.2 billion still in active trial modifications,’ says Joseph A. Smith Jr., monitor of the settlement. ‘Borrowers have received $6.339 billion in the form of either first or second lien principal relief. This information represents gross dollar amounts and, because in many cases relief under the Settlement is not credited dollar-for-dollar, cannot be used to evaluate progress toward the banks' $20 billion obligation.’
The full 65-page report on the settlement's progress is now online.