NATL MORTGAGE SETTLEMENT CONSUMER RELIEF DISTRIBUTION UPDATE

(The following is a reformatted version of a press release
issued by Joseph A. Smith Jr., Monitor of the National Mortgage
Settlement, received via e-mail and confirmed by the sender.) 
Nov. 19, 2012 
Banks Report Extending Relief to More Than 300,000 Homeowners 
Joseph Smith provides update on national mortgage settlement
consumer relief distribution 
RALEIGH, N.C. - Joseph A. Smith, Jr., Monitor of the National
Mortgage Settlement, today released a report that outlines the
consumer relief activities the five banks that are parties to
the settlement have conducted since March 1, 2012. The banks
disclosed that they have extended more than $26.11 billion in
gross relief to more than 300,000 borrowers, or roughly $84,385
per homeowner. 
“The relief the banks have reported is encouraging,” said Smith.
“But it is important to remember that no obligations will be met
until I have reviewed, confirmed and credited them. I look
forward to conducting that work in the coming months and
reporting my findings to the public.” 
“The report discloses that the banks have completed $21.92
billion in consumer relief to borrowers between March 1 and
September 30, 2012, and have an additional $4.2 billion still in
active trial modifications,” said Smith. “Borrowers have
received $6.339 billion in the form of either first or second
lien principal relief. This information represents gross dollar
amounts and, because in many cases relief under the Settlement
is not credited dollar-for-dollar, cannot be used to evaluate
progress toward the banks’ $20 billion obligation.” 
About the Office of Mortgage Settlement Oversight 
More information about the mortgage settlement is available at
www.nationalmortgagesettlement.com. Further information about
Joseph Smith and the Office of Mortgage Settlement Oversight is
available at www.mortgageoversight.com. 
(sgp) NY 
#<278855.14078.3.1.0.0.76>#
 
 
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