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(The following is a reformatted version of a press release
issued by the Monitor of the National Mortgage Settlement and
received via electronic mail. The release was confirmed by the
October 16, 2013 
Banks Nearing Completion of Settlement Consumer Relief
Settlement Monitor announces interim credit 
RALEIGH, N.C. - Joseph A. Smith, Jr., Monitor of the National
Mortgage Settlement, today filed with the U.S. District Court
for the District of Columbia interim credit reports on Bank of
America, Chase, Citi and Wells Fargo. These reports cover
credited consumer relief and refinancing conducted through Dec.
31, 2012 and demonstrate each bank’s progress toward its total
consumer relief obligations. A summary report can be downloaded
here; a fact sheet is available here. 
Joseph Smith released the following statement in conjunction
with the reports: 
“The reports I filed today show how much credit the banks have
received toward their total consumer relief and refinancing
obligations through the end of last year. For that reason, they
are different from the gross dollar relief information I have
shared in the past. The banks have made significant progress
toward satisfaction of their total obligations, providing
borrowers across the nation with much needed relief. 
“My colleagues and I conducted an extensive and thorough testing
process that provides me with a sound basis to determine the
banks’ credited relief as of Dec. 31, 2012. The banks’
refinancing progress ranges from nearly halfway to beyond fully
complete. For other credited consumer relief, Bank of America is
97 percent, Chase is 76 percent, Citi is 46 percent and Wells
Fargo is 55 percent complete. 
“Since the beginning of this year, each bank has asserted to me
that it has satisfied its consumer relief and refinancing
obligations. My colleagues and I are now reviewing that work and
will submit final reports to the Court when and if I determine
that a bank’s credited relief meets its obligations. I expect to
make these final credit determinations in the coming months.” 
The Monitor and his professional firms are also reviewing the
banks’ compliance with the Settlement’s servicing standards. He
plans to submit his second report to the Court concerning the
servicing standards later this fall. For more information about
the Monitor’s compliance work, please click here. 
About the Office of Mortgage Settlement Oversight
More information about the National Mortgage Settlement is
available at Further
information about Joseph Smith and the Office of Mortgage
Settlement Oversight is available at 
Laura Brewer
(bjh) NY