Banks Report Progress In Mortgage Servicing Settlement

By On November 19, 2012 · 2 Comments

 

The federal office monitoring how well five mortgage servicers are meeting their obligations under this year’s landmark settlement over shoddy mortgage servicing practices today reported how the banks are characterizing their progress.

The Office of Mortgage Settlement Oversight said today the banks — Ally, Bank of America, Citi, Chase and Wells — have completed a total of  $26 billion in relief to more than 300,000 consumers. The relief, granted between March 1 and Sept. 30, represents an average of about $84,400.

In Connecticut, the banks have approved $185 million to 2,861 borrowers, or roughly an average of $64,500 a borrowers.

See the full report here and see more details of how Connecticut fared by clicking on this map.

“The relief the banks have reported is encouraging,” Joseph A. Smith Jr., the settlement’s monitor, said. “But it is important to remember than no obligations will be met until I have reviewed, confirmed and credited them. I look forward to conducting that work in the coming months and reporting my findings to the public.”

 

 

 
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2 Responses to Banks Report Progress In Mortgage Servicing Settlement

  1. athoi004 says:
    December 2, 2012 at 9:06 pm

    Chesapeake is one of the largest in terms of land area and population. Homeowners have come to view the city as an ideal place to live for its geography and proximity to the Atlantic coast. Here one can enjoy the access to the beaches and attractions available in Norfolk, and Virginia Beach, yet remain distant enough from tourist traffic. homes and condos are available in the city, convenient to good schools and shopping. Affordable Depending on where you live, you need not worry about a rough commute to work. If you plan to move to the Hampton Roads area, Chesapeake is worth a tour for potential homes – you just need to find the right neighborhood.

  2. Shawn says:
    December 20, 2012 at 3:23 pm

    Sounds like we this is a step in the right direction. Maybe hope is actually on the way.