Connecticut Attorney General George Jepsen said on Wednesday the $25 billion national mortgage foreclosure settlement is bringing relief to Connecticut borrowers.
On April 5, Bank of America, CitiMortgage, Inc., Ally Financial, Inc., J.P. Morgan Chase Bank and Wells Fargo agreed to the settlement with Connecticut, 48 other states, and the federal government for the supposed robo-signing of foreclosure documents.
Since the settlement, 1,043 Connecticut borrowers received some form of debt relief totaling about $65 million, or $63,000 on average. Another $82 million of loan principal forgiveness is the pipeline for another 800 Connecticut borrowers.
The statistics come from a report issued by Joseph A. Smith, Jr., the national monitor responsible for overseeing compliance with the settlement.
