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February 22, 2013

5 banks have cut mortgage debt by $19B

  • The agreement reduces mortgage debt for only a fraction of those whose mortgages are underwater.
    AP Business Writer

    WASHINGTON — Five of the biggest U.S. banks have cut struggling homeowners' mortgage balances by $19 billion, part of a total $45.8 billion in relief provided under a landmark settlement over foreclosure abuses.

    More than 550,000 borrowers received some form of mortgage relief between March 1 and Dec. 31, 2012, according to a report issued Thursday by Joseph Smith, the monitor of the settlement.

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