Bank of America well ahead on national mortgage settlement deadline

Bank of America is on track and nearly two-thirds of the way done on fulfilling its $7 billion promise of consumer relief required as part of its $16.65 billion settlement with the U.S. Department of Justice, certain federal agencies and six states to resolve claims over toxic residential mortgage-backed securities, collateralized debt obligations and an origination release on residential mortgage loans sold to Fannie Mae and Freddie Mac. According to a the newest report from Eric Green, the independent monitor of the settlement agreement, he conditionally approved $294,987,938 worth of credit for consumer relief for the fourth quarter of 2015. The cumulative amount of conditionally-approved credit now totals $4,439,940,939, or 63% of the required $7 billion of credited consumer relief. “The monitor’s latest report again demonstrates we have extended meaningful relief to homeowners suffering financial stress, mortgages for low- and moderate-income homebuyers and communities, and assistance for communities that are dealing with the impacts of foreclosures and abandoned properties. We continue working hard to ensure customers in need of assistance are treated fairly and receive timely and accurate decisions with respect to relief they are seeking,” said Bank of America spokesperson Richard Simon.

READ MORE

Leave a Reply