Mortgage Pact Relief: $19 Billion

Five of the largest U.S. banks have provided $19 billion in mortgage debt write-downs to some 240,000 borrowers under the terms of a federal and state settlement of foreclosure-processing violations reached one year ago. The banks included Bank of America, Ally, Citigroup, Inc. JP Morgan Chase & Co and Wells Fargo Co.  Bank of America Corp., which was required to provide the majority of relief under the foreclosure pact, with about $13.5 billion in homeowner debts written off. Another $2.2 billion in loan forgiveness modifications were in a trial stage as of December 31^st.  For more information please see our website at www.carthewlaw.com or call one of our Attorneys at 248-656-6800.