Office of Mortgage Settlement Oversight Releases Progress Report

Joseph A. Smith Jr., Monitor of the National Mortgage Settlement, filed with the U.S. District Court for the District of Columbia interim credit reports on Bank of America, Chase, Citi and Wells Fargo. These reports cover credited consumer relief and refinancing conducted through Dec. 31, 2012 and demonstrate each bank’s progress toward its total consumer relief obligations. A summary report can be downloaded here; a fact sheet is available here. Joseph Smith released the following statement in conjunction with the reports: “The reports I filed today show how much credit the banks have received toward their total consumer relief and refinancing obligations through the end of last year. For that reason, they are different from the gross dollar relief information I have shared in the past. The banks have made significant progress toward satisfaction of their total obligations, providing borrowers across the nation with much needed relief. “My colleagues and I conducted an extensive and thorough testing process that provides me with a sound basis to determine the banks’ credited relief as of Dec. 31, 2012. The banks’ refinancing progress ranges from nearly halfway to beyond fully complete. For other credited consumer relief, Bank of America is 97 percent, Chase is 76 percent, Citi is 46 percent and Wells Fargo is 55 percent complete. “Since the beginning of this year, each bank has asserted to me that it has satisfied its consumer relief and refinancing obligations. My colleagues and I are now reviewing that work and will submit final reports to the Court when and if I determine that a bank’s credited relief meets its obligations. I expect to make these final credit determinations in the coming months.”