» Subscribe Today!
The Power of Information
Home
FORMERLY THE WESTVIEW | EST. NASHVILLE 1978
X

Forgot your password?
Skip Navigation LinksHome > Article
VOL. 37 | NO. 7 | Friday, February 15, 2013




5 big US banks have cut mortgage debt by $19B

Print | Front Page | Email this story

WASHINGTON (AP) — Five of the biggest U.S. banks have cut struggling homeowners' mortgage balances by $19 billion, part of a total $45.8 billion in relief provided under a landmark settlement over foreclosure abuses.

More than 550,000 borrowers received some form of mortgage relief between March 1 and Dec. 31, 2012, according to a report issued Thursday by Joseph Smith, the monitor of the settlement.

That translates to about $82,668 per homeowner, according to the report, which is based on the banks' own accounts of their progress.

The report says $19.5 billion of the $45.8 billion in relief was in the form of short sales, in which lenders agree to accept less than what the seller owes on the mortgage.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0