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Servicing / The Ticker

Banks fulfill mortgage relief settlement in California

california

According to the San Francisco Chronicle, three big lenders have fulfilled their requirements to provide mortgage relief in California as part of a side agreement under the National Mortgage Settlement reached in February 2012.

Bank of America (BAC), Wells Fargo (WFC) and JPMorgan Chase (JPM) were obligated to provide a total of $12 billion in mortgage relief in the state.

According to UC Irvine Professor Katherine Porter, who is monitoring the side agreement, the three banks combined have provided $18.4 billion in relief, exceeding their obligation to borrowers in the state. The numbers were provided by the banks and have not been independently verified.

Source: SF Chronicle
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