Alert March 05, 2013

Monitor Releases Report on Ongoing Implementation of National Mortgage Settlement

The monitor for the National Mortgage Settlement released his third voluntary progress report on the banks’ efforts to implement the terms of the consent judgments giving rise to the settlement. The report, "Ongoing Implementation: 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 October 1, 2012 and December 31, 2012, borrowers benefited from the consumer relief mandated in the settlement in the amount of $23.9 billion—an average of $86,465 per borrower—for relief ranging from first lien modification forgiveness, short sales, and refinancing. In addition, the monitor concluded that borrowers have received significant consumer relief and compliance infrastructures to measure servicing standards have been set up.