Bank of America hasn't modified any mortgages so far under settlement

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Bank of America hasn’t modified any mortgages so far under settlement

Bank of America hasn’t modified any mortgages so far under settlement

The Bottom Line (NBC)-

Bank of America Corp hasn’t completed any first-mortgage modifications that reduce loan balances for borrowers so far under a $25 billion settlement reached this year, the official monitoring the agreement said Wednesday.

Five financial institutions that are part of the settlement have provided $10.6 billion in consumer relief from March 1 to June 30, with $8.7 billion in the form of short sales in which customers sell their homes for less than the mortgage’s value. Bank of America produced $4.8 billion in short sales, the most of the five banks, according to the first report by settlement monitor Joseph Smith.

JPMorgan Chase & Co completed $367 million in first lien modifications in which borrowers had their loan balances reduced, about half of all modifications.

[NBC]

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