Mortgage Settlement Monitor Says Banks Have Paid $10.5 Billion in Consumer Relief

Five banks have so far granted about $10.5 billion in consumer relief to borrowers under the terms of the landmark mortgage servicing settlement reached earlier this year with state and federal authorities, according to data released Aug. 29 by an official overseeing the settlement.

The settlement’s monitor, former North Carolina Commissioner of Banks Joseph Smith, released a report that also details efforts to improve mortgage servicing practices in the aftermath of the so-called “robo-signing” scandal.

The Feb. 9 settlement involving Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co., and Ally Financial Inc., came after ...