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
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
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
Sugar Hill Capital’s David Schwartz with 121 West 116th Street (TerraCRG, Google Maps, Getty)
Uptown landlord Sugar Hill Capital faces another foreclosure
Uptown landlord Sugar Hill Capital faces another foreclosure
Sharif El-Gamal and 45 Park Place (Photo Illustration by Steven Dilakian for The Real Deal with Getty, Williams New York)
El-Gamal’s 45 Park lender wants out
El-Gamal’s 45 Park lender wants out
2022-in-review climate-change foreclosures builders-remedy
These were The Real Deal staff’s favorite stories of the year
These were The Real Deal staff’s favorite stories of the year
DW Partners' David Warren and 427 Marcy Avenue (DW Partners, Google Maps)
Ezra Unger faces foreclosure again on South Williamsburg condo project
Ezra Unger faces foreclosure again on South Williamsburg condo project
arrow_forward_ios

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

Loading...