Thousands of NYers share $1.8B in mortgage relief

Thousands of NY homeowners share $1.8 billion in mortgage relief following national settlement

Associated Press

ALBANY, N.Y. (AP) -- 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.

New York Attorney General Eric Schneiderman released the information Thursday 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.

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Online:

http://www.nysmortgagesettlement.com/

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