Banks Report Progress In Mortgage Servicing Settlement

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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 thoughts on “Banks Report Progress In Mortgage Servicing Settlement

  1. athoi004

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