Bank mortgage settlements slow
November 15, 2012
Big banks nationwide are scrambling to comply with terms of a $20 billion mortgage settlement with homeowners, but only Bank of America has revealed details of progress with 164,000 of its customers. (San Francisco Chronicle)
Officials of BofA said Wednesday it has provided half of the relief the settlement requires, and expects to conclude its work by February. That’s the deadline for taking advantage of additional credit for taking care of their customer-assistance obligation.
The bank asserts it has paid $15.8 billion in a variety of forms to help under-water mortgage holders and others victimized by robo-signing and other questionable business practices.
None of the other banks obligated by the settlement — Chase, Wells Fargo, Citibank and Ally/GMAC — have divulged any information regarding their efforts to comply.
The settlement extends over a three-year period.