Follow us on

News Summary: $6.3B in mortgages cut by big banks

Source : AP
Last Updated: Mon, Nov 19, 2012 21:30 hrs

: The monitor of a landmark settlement between federal and state officials and five of the biggest U.S. banks says that the lenders have provided $26.1 billion in home loan relief to more than 309,000 homeowners between March 1 and Sept. 30.

FORGIVEN: Lenders cut homeowners' balances by $6.3 billion, with Bank of America leading the way with $3.65 billion in loans forgiven.

COMING UP SHORT: Some $13.1 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.

blog comments powered by Disqus
most popular on facebook
talking point on sify finance