5 big US banks have cut mortgage debt by $19 bn

WASHINGTON: Five of the biggest US banks have cut struggling homeowners' mortgage balances by $19 billion, part of a total $45.8 billion in relief provided under a landmark settlement over foreclosure abuses.

More than 550,000 borrowers received some form of mortgage relief between March 1 and Dec. 31, 2012, according to a report issued Thursday by Joseph Smith, the monitor of the settlement.

That translates to about $82,668 per homeowner, according to the report, which is based on the banks' own accounts of their progress.

The report says $19.5 billion of the $45.8 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.

Source: http://economictimes.indiatimes.com/news/international-business/5-big-us-banks-have-cut-mortgage-debt-by-19-bn/articleshow/18614540.cms

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