Alert November 27, 2012

Mortgage Settlement Monitor Releases Second Progress Report

The monitor for the National Mortgage Settlement released his second voluntary progress report on the banks' efforts to implement the terms of the consent judgments giving rise to the settlement. The report, "Continued Progress: A Report from the Monitor of the National Mortgage Settlement," focuses on servicers' summaries of reports including a report on the number of borrowers assisted and credit activities under the consumer relief requirements; for example, between March 1, 2012 and September 30, 2012, borrowers benefited from the consumer relief mandated in the settlement in the amount of $26.11 billion—an average of $84,385 per borrower—for relief ranging from first lien modification forgiveness, short sales, and refinancing.