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November 20, 2012

5 banks cut mortgage balances by $6.3B

  • HUD said while the job is not done, mortgage servicers are on track to fulfill their consumer relief commitments next year.
    AP Real Estate Writer

    LOS ANGELES — Five of the biggest U.S. banks have cut struggling homeowners' mortgage balances by $6.3 billion, part of a total $26.1 billion in home loan relief provided under a landmark settlement over foreclosure abuses.

    More than 309,000 borrowers received some form of mortgage relief between March 1 and Sept. 30, according to a report issued Monday by Joseph Smith, monitor of the settlement.

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