Americans have received some $22 billion in mortgage relief from five U.S. banks to settle allegations of fraudulent foreclosures.
The settlement was reached in February, but relief to borrowers has been slow to arrive.
Bank of America provided $889.2 million in first-lien modifications that reduced loan balances for consumers, a turnaround from August when the bank had completed none. JPMorgan Chase & Co’s total was $903.1 million in modifications, the most of the five banks.
Other banks and the amounts they’ve agreed to pay are Wells Fargo & Co ($2.5 billion), Citigroup, ($1.1 billion) and Ally Financial ($587.8 million).
Reuters coverage of the payments can be found here.
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