(The following is a reformatted version of a press release
issued by the Office of Joseph A. Smith, Jr., Monitor of the
National Mortgage Settlement and received via electronic mail.
The release was confirmed by the sender.) 
March 18, 2014 
Banks Complete Settlement Consumer Relief Obligations
National Mortgage Settlement Monitor confirms that banks met
credited relief requirements 
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, final crediting reports on Bank of
America, Chase, Citi and Wells Fargo.These reports confirm that
the banks have satisfied their consumer relief and refinancing
obligations under the Settlement. The Monitor previously
certified that the ResCap Parties fulfilled their consumer
relief and refinancing requirements. 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 that the banks have satisfied
their consumer relief and refinancing obligations required by
the National Mortgage Settlement. In total, the banks provided
more than $50 billion of gross relief, which translates into
more than $20 billion in credited relief under the Settlement.
More than 600,000 families received some form of relief. 
“Among the five banks, 37 percent of credited total relief was
in the form of first lien principal forgiveness, while second
lien principal forgiveness made up 15 percent. Refinancing
assistance made up 17 percent of total credited relief, and
other relief, including assistance for short sales and deeds in
lieu of foreclosure, accounted for 31 percent of credited
relief. The Settlement required that a majority of relief for
which the banks received credit take the form of first and
second lien modifications and refinances, and my results show
that, in many cases, the banks exceeded these requirements. 
“My team spent 36,000 hours reviewing and testing the consumer
relief and refinancing activities reported by the banks. Because
of this extensive process, I’m confident in concluding that the
banks have satisfied their obligations. 
“My reports mark the end of the consumer relief portion of the
Settlement. Because of the way this landmark agreement was
designed, an unprecedented amount of relief has been provided to
consumers quickly and efficiently. Furthermore, I believe the
rigorous testing process should justify public confidence that
the banks have fulfilled their relief commitments and that the
Settlement has played a part in helping keep struggling
borrowers in their homes.” 
The Monitor and his professional firms continue to review the
banks’ compliance with the Settlement’s servicing standards. He
plans to submit his third report to the Court concerning the
servicing standards in the coming months. 
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 
Emily Massey
(bjh) NY 
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