Lenders Meet Consumer Relief Goals Under National Settlement


News: Bank of America, Wells Fargo, JPMorgan Chase, Citibank and ResCap have met their consumer relief and refinancing obligations set out in a landmark deal, according to Joseph Smith, the monitor of the National Mortgage Settlement (The Business Journals). The country's five largest banks have inked the multibillion-dollar deal with 49 state attorneys general to resolve portions of the national foreclosure crisis in the aftermath of the Great Recession. Under the deal, the banks had to provide loan modifications to help homeowners keep their houses, refinance mortgages and look for short sales and any other steps in order to ward off foreclosures.

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Geography: United States