WASHINGTON Aug 29 Bank of America Corp
hasn't completed any first-mortgage modifications that reduce
loan balances for borrowers so far under a $25 billion
settlement reached this year, the official monitoring the
agreement said Wednesday.
The five financial institutions that are part of the
settlement have provided $10.6 billion in consumer relief from
March 1 to June 30, with $8.7 billion in the form of short sales
in which customers sell their homes for less than the mortgage's
value. Bank of America produced $4.8 billion in short sales, the
most of the five banks.
JPMorgan Chase & Co completed $367 million in first
lien modifications in which borrowers had their loan balances
reduced, according to the first report by settlement monitor
Joseph Smith. The other institutions in the settlement are Wells
Fargo & Co, Citigroup Inc and Ally Financial