Thousands of New Yorkers to Share in Mortgage Relief
Thousands of New York homeowners have gotten an estimated $1.8 billion in loan relief from five U.S. banks as part of the national mortgage settlement over foreclosure abuses. So far, 21,535 New York homeowners have received assistance, including $1.2 billion in principal reductions and refinancing that lowers interest rates on their mortgages.
Attorney General Eric Schneiderman released the information yesterday just before a monitor's report was released in Washington. In 2012, Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Financial agreed to a $25 billion penalty under a state-national settlement, with at least $17 billion going directly to borrowers.