Mortgage Settlement Banks Paid Out $45B In Consumer Relief

Mortgage Settlement Banks Paid Out $45B In Consumer Relief One year after the National Mortgage Settlement was announced, the five banks that signed the settlement have disbursed more than $45 billion in consumer relief.

According to a new report issued by the Office of Settlement Management Oversight, consumer relief in the first year of the settlement totalled $45.8 billion, while relief to support homeownership endeavors totaled $24.6 billion. The report also singled out Ally Financial's efforts in the consumer relief requirements of the settlement.

‘We have set up a compliance infrastructure to measure servicing standards over the longer term,’ says Joseph Smith, the settlement's federal monitor. ‘I believe we have made progress, particularly as it relates to consumer relief, but I know from my regular conversations with advocates across the nation that the banks and I have much more work to do on behalf of borrowers.’

The full report is now online.


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