Banks provide $10.6B of post-settlement relief: VIDEO

New York /
Aug.August 29, 2012 02:30 PM

The first progress report on the impact of the $25 billion mortgage settlement struck by the nation’s five biggest lenders was released today, by Joseph Smith, who is charged with overseeing the settlement. He reported that banks had provided some $10.56 billion worth of forgiveness to 137,846 borrowers between the time the settlement went into effect March 1 and the end of June (see video above).

About $8.7 billion of that total came in the form of short sales, while about $749.4 million of assistance arrived in principal reductions. Though Bank of America was responsible for $4.8 billion of the short sales it had not contributed to any of the principal reduction totals. Wells Fargo led the way in that category, with a total of $216.9 million in reductions.

Bank of America also hadn’t contributed to any of the additional $348.9 million that banks had given to forgive deferred principal from pre-settlement permanent modification of first lien mortgages. Citi led the way in that category with $284 million of the activity. The remaining $830 million of relief doled out thus far came in the form of second lien forgiveness, refinances and other programs. In addition to Wells Fargo, Citi and BofA, JPMorgan Chase and Ally Financial were also held accountable under the settlement.

New York has recieved $198.5 million worth of relief affecting 2,160 borrowers, the report found. — Adam Fusfeld


Related Articles

arrow_forward_ios
Northwind Group’s Ran Eliasaf with 128 East 28th Street
Northwind files to foreclose on NoMad condo, rental properties
Northwind files to foreclose on NoMad condo, rental properties
From left: Ace Hotel’s Brad Wilson and Omnia Group's David Paz along with 225 Bowery (Getty, Google Maps, Ace hotel, Omnia Group)
Bowery micro-hotel files for bankruptcy
Bowery micro-hotel files for bankruptcy
Madison Realty Capital's Brian Shatz, P.S. 64
Auction set for long-vacant East Village school as owner vows to fight
Auction set for long-vacant East Village school as owner vows to fight
From left: Starwood Capital’s Barry Sternlicht and Veracity Development’s Edmond Li along with 111 Mercer Street (Getty, Google Maps, Veracity Development)
Sternlicht’s LNR aims to foreclose on Veracity’s Soho condo
Sternlicht’s LNR aims to foreclose on Veracity’s Soho condo
DW Partners David Warren and 427 Marcy Avenue (Getty, DW Partners, Google Maps)
Bizarre bankruptcy stops Brooklyn condo project foreclosure
Bizarre bankruptcy stops Brooklyn condo project foreclosure
Salim Assa with 15 West 55th Street
Troubled Midtown rental saga headed for a foreclosure finale
Troubled Midtown rental saga headed for a foreclosure finale
Brooklyn District Attorney Eric Gonzalez charges disbarred lawyer with deed theft of 10 Pleasant Place in Ocean Hill, 1429 East 100th Street in Canarsie and 1100 Sutter Avenue in East New York.
Disbarred lawyer charged in deed theft scheme — again
Disbarred lawyer charged in deed theft scheme — again
Leslie J. Garfield’s Thomas Wexler with 163 East 64th Street (163 East 64th Street, Getty, Leslie Garfield)
Renaissance-inspired townhouse faces foreclosure
Renaissance-inspired townhouse faces foreclosure
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...