In my earlier blog post – Settlements for Inept Mortgage Practices regarding robo signing and potential mortgage fraud, I referenced a huge $25 Billion settlement between the Federal Government and 5 of the largest US banks.
A total of $38.72 Billion has been provided by these institutions, but by US Government accounting, they aren’t finished yet…
How are they doing?
5-1-2014: GAO rips regulators on failure to objetively define and measure $6 Billion foreclosure prevention efforts
Read more here: http://www.sacbee.com/2014/04/29/6364382/gao-rips-regulators-on-foreclosure.html#mi_rss=Real Estate#storylink=cpy
Bank of America = 97% satisfied consumer relief – 41% refinancing effort
J.P. Morgan Chase = 75% satisfied consumer relief – 113% refinancing effort
Wels Fargo = 55% satisfied consumer relief – 122% refinancing effort
Citigroup = 46% satisfied consumer relief – 137% refinancing effort
Ally/GMAC = of course, being a Government controlled entity, no comment
Update 1-7-2014: As of 6-30-2013, 643,726 borrowers have benefited from some type of consumer relief totaling $51.33 billion – Follow the progress here at the oversight website https://www.mortgageoversight.com/
Georgia has received about $1.1 Billion in cumulative relief with >50% in 2nd lien forgiveness and short sale action.
Source: WSJ, 10-17-13, C7