How’s that $25 Billion Mortgage Servicer Settlement going?

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: 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

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

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