Tuesday, November 13, 2012

Banks to file mortgage settlement progress reports

Bank of America, Wells Fargo and the three other banks part of the $25 billion national mortgage settlement are scheduled to file a progress report Wednesday on what aid they've given homeowners so far.

Mortgage settlement monitor Joseph Smith, formerly the N.C. banking commissioner, will then analyze the reports and is likely to release the results next week.

The last report was released in August, and showed that progress on helping North Carolina homeowners had been slow. It also showed that Bank of America had yet to offer principal reduction to any of its homeowners by the end of June.

The Charlotte bank has since announced several programs offering principal reduction.

Bank of America is expected to release some of its data to the public Wednesday afternoon.


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