BUSINESS WEEK-

The five largest U.S. mortgage servicers say they have provided about $10.6 billion in relief to troubled borrowers under the terms of a $25 billion legal settlement over abusive foreclosure practices, according to a report released today by a court-appointed monitor.

Most of that aid, $8.7 billion, came in the form of short sales, according to the Office of Mortgage Settlement Oversight. Lenders including JPMorgan Chase & Co. (JPM), Wells Fargo & Co. (WFC), also forgave $749.4 million in mortgage debt.

“There’s some evidence from this report that the banks are beginning to do some significant work on consumer relief,” Joseph A. Smith Jr., the settlement monitor, said in a telephone interview. “I’m not declaring victory, but I do think we’ve made a solid start.”

[BUSINESS WEEK]

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