Banks part of foreclosure settlement say they have provided $51.3 billion in relief

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The five banks that are part of the national mortgage settlement that resolved a federal investigation into foreclosure abuses said they have funneled $51.3 billion in assistance to homeowners, according to the office that oversees the settlement.

The average borrower assisted by the settlement received $79,742 in relief, which often came in the form of mortgage modifications and short sales, according to the Los Angeles Times.

If the banks’ claims are accurate, the monitor of the settlement said that they would have satisfied their relief obligations.

Source: Los Angeles Times