Albany, N.Y. (AP) – New York Attorney General Eric Schneiderman says thousands of New York homeowners have gotten an estimated $625 million in loan relief from five U.S. banks. It's part of the national mortgage settlement negotiated earlier this year over foreclosure abuses.
In Monday's report, monitor Joseph Smith says more than $26 billion in home loan relief was extended to some 309,000 borrowers between March 1 and Sept. 30. About half was in "short sales" where lenders agree to accept less than what the seller owes on the mortgage.
New Yorkers' settlement share so far has helped 7,223 homeowners with an average of $86,000 in principal write-downs and other relief, according to the attorney general's office.
