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U.S. banks cut mortgages by $6.3B in homeowner settlement

Posted by The Agonist on November 20th, 2012

From our partners at The Agonist

Five big U.S. banks cut principal, allow short sales as part of bail-out settlement

The Tennessean, By Alex Veiga (AP) & Walker Moskop, November 20

Less than a year after a landmark foreclosure abuse settlement, five of the nation’s biggest banks have cut struggling homeowner’s mortgages by $6.3 billion, part of a total $26.1 billion in home loan relief the banks agreed to provide.

In Tennessee, roughly $85 million worth of relief has been provided for 2,134 borrowers between March 1 and Sept. 30, according to a report issued Monday by Joseph Smith, monitor of the settlement. Additionally, $51 million in loan modification trials are in progress.

[...]

The agreement will reduce mortgage loans for only a fraction of those Americans who owe more than their homes are worth. About 11 million households are underwater, and the settlement is expected to help about a million of them.

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