Real estate

Banks Pay Out $22B in Mortgage Relief

Borrowers were upset over foreclosures. Well, they always are, aren't they?

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Five U.S. banks have provided about $22 billion in mortgage relief to customers under a deal to settle borrowers' accusations over foreclosures, a report by the settlement's monitor said on Monday.

The report said that Bank of America Corp, which owes the most, improved in delivering first-lien mortgage modifications to customers, trailing only JPMorgan Chase & Co through September.

Bank of America provided $889.2 million in first-lien modifications that reduced loan balances for consumers, a turnaround from August when the bank had completed none. JPMorgan Chase & Co's total was $903.1 million in modifications, the most of the five banks.