Luxury Connect
Meet the Luxury Leaders | October 19-20 | Beverly Hills

Banks are relying heavily on short sales to meet their obligations under the terms of a $25 billion settlement with the nation's five largest mortgage servicers over so-called "robo-signing" practices. That's according to a progress report from the settlement's monitor detailing the first four months of implementation.The terms of the settlement require the five servicers -- Bank of America, Citi, JPMorgan Chase, Wells Fargo and Ally Financial -- to provide about $17 billion in homeowner relief, including short sales, loan modifications and principal reductions; and $3 billion to help underwater borrowers refinance.As a group, the five banks reported providing a total of 137,846 borrowers with $10.56 billion in relief during the four months through June -- an average of about ...