U.S. Banks Provide Over $10 Billion in Loan “Aid” Under Settlement

U.S. Banks Provide Over $10 Billion in Loan Aid Under Settlement

The five largest U.S. mortgage servicers so far have provided about $10.6 billion in relief to troubled borrowers under the terms of a $25 billion legal settlement over abusive foreclosure practices, according to a report released today by a court-appointed monitor.

Most of that aid, $8.7 billion, came in the form of short sales, according to the report from the Office of Mortgage Settlement Oversight. Lenders including Bank of America Corp., JPMorgan Chase & Co. (JPM), Wells Fargo & Co. (WFC), also forgave $749.4 million in mortgage debt.

“There’s some evidence from this report that the banks are beginning to do some significant work on consumer relief,” said Joseph A. Smith Jr., the settlement monitor. “I’m not declaring victory, but I do think we’ve made a solid start.”

Rest here…

Yea, 8.7 billion in short sale credits. Which is credits from the deficiency that they would have most likely never of been able to collect anyway.



2 Responses to “U.S. Banks Provide Over $10 Billion in Loan “Aid” Under Settlement”
  1. Bobbi Swann says:

    This is an utter and complete joke and anyone that reads this and thinks progress is being made or that help came from these banks needs to have their own head examined!!! A farce, a lie, plain and simple!

  2. stripes says:

    The FED are simply robbing the people of everything. They are stealing the American people’s wealth and property to destroy America. They are robbing us by sneaky tactics to force us to keep paying for massive and unsustainable FED fraud. They will bankrupt us soon if it does not stop.

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