News Headline Summary

FT writes: "US banks give USD 26bln in mortgage relief"

Five of the largest US banks have provided $26.1bn in mortgage relief to financially struggling homeowners as part of a settlement with regulators agreed earlier this year.

Joseph Smith, monitor for the national mortgage settlement, said that about 309,000 borrowers had received some form of relief from Ally Financial, Bank of America, JPMorgan Chase, Citigroup and Wells Fargo.

The banks agreed to cut outstanding mortgage debt among other forms of help for distressed borrowers as part of a deal to settle charges of wrongdoing in the mortgage foreclosure process.

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Print 20:40, 19 Nov 2012 - Economic commentary - Source: FT