The New York Times
A year ago, when the nation’s biggest banks settled with state and federal officials over claims of foreclosure abuses, the public was led to believe that the deal would allow millions of hard-pressed borrowers to escape the threat of foreclosure. It still hasn’t happened.
A third progress report was issued last Thursday by the monitor of the settlement, which, among its terms, required the banks to grant $25 billion worth of mortgage relief, much of it by reducing the principal balances on troubled loans. The report showed that through the end of 2012, 71,000 borrowers had their primary mortgages modified, versus 170,000 who received help on their second mortgages, including home equity loans.
If you’d like to discuss real estate matters, contact RLG founder Jordan Rose, jrose@roselawgroup.com
