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Banks Report $51 Billion in National Mortgage Settlement Consumer Relief

Joseph A. Smith, Jr., Monitor of the National Mortgage Settlement, has received an update on the consumer relief activities the five banks that are parties to the Settlement reported through June 30, 2013. The banks sent these reports to each state that is party to the Settlement, with copies to the Monitor and the Monitoring Committee. According to this data, 643,726 borrowers have benefited from some type of consumer relief totaling $51.33 billion, which, on average, represents about $79,742 per borrower. This figure includes both completed Consumer Relief and active first lien trial modifications as of June 30. To read the full release, click here.