Big U.S. banks give $22 billion under mortgage relief deal

[banned from Kos]

Source: Reuters

(Reuters) - Five U.S. banks have provided about $22 billion in mortgage relief to customers under a deal to settle borrowers' accusations over foreclosures, a report by the settlement's monitor said on Monday.

The report said that Bank of America Corp, which owes the most, improved in delivering first-lien mortgage modifications to customers, trailing only JPMorgan Chase & Co through September.

Bank of America provided $889.2 million in first-lien modifications that reduced loan balances for consumers, a turnaround from August when the bank had completed none. JPMorgan Chase & Co's total was $903.1 million in modifications, the most of the five banks.

Monday's report by Joseph Smith, the former North Carolina Banking Commissioner who is serving as the settlement's monitor, said the five banks together have completed about $22 billion in customer relief, up from $10.6 billion in August.

Read more: http://www.reuters.com/article/2012/11/19/us-mortgage-settlement-banks-idUSBRE8AI0LU20121119

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Oh, you doubters!

President Obama delivers again.

[Demeter]

1. Read the fine print

A lot of their "givebacks" have been on paper only, or total scams. We at Stock Market Watch have been logging it in the daily thread.

[banned from Kos]

2. I read every bit of the article.

I suspect you want to piss on any accomplishment of this administration.

But I see through your lame attempt.

[Demeter]

3. The fine print isn't in this article, which is a press release, by the way

The fine print comes from a reporter like Yves Smith of Naked Capitalism.

Press releases come from repeaters, not reporters.

And girls don't piss on things. It's physically impossible.

[Egalitarian Thug]

6. You're just a Communist hater trying to confuse the issue with all those fact thingys.

And everybody knows that press releases are just as good as news anyway. So there poopy-head.

[panAmerican]

4. Didn't JPMC by itself get $29B+ for Bear Stearns?

This is so little, so late for a lot of homeowners.

[Demeter]

5. Why the Foreclosure Deal May Not Be So Hot After All MATT TAIBBI FROM JULY

Why the Foreclosure Deal May Not Be So Hot After All

Read more: http://www.rollingstone.com/politics/blogs/taibblog/why-the-foreclosure-deal-may-not-be-so-hot-after-all-20120209#ixzz2ClmvOuOc
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