[Lamplighter]

From my post here last March

Under the agreement, the banks will provide principal relief and other
borrower assistance valued at $17 billion. In addition, roughly $5 billion
of the settlement will be paid in fines, while $3 billion will be used to help
refinancing for homeowners who owe more than their homes are worth.
The deal also includes new mortgage-servicing standards.

Today, the first preliminary report was made public...

NY Times
By SHAILA DEWAN
Published: August 29, 2012

Homeowners See Benefits in Bank Plan

More than 130,000 homeowners have received $10.5 billion in relief
under the national settlement over foreclosure abuses, according to
a preliminary report issued Wednesday by the settlement monitor.

Under the settlement in February, reached in response to evidence
that the foreclosure process had been riddled with fraud,
the country’s five largest mortgage servicers promised $25 billion
to help stem the tide of homeowner losses.

About $20 billion of that was to be in relief to homeowners,
primarily through various forms of debt forgiveness.
Although it may seem that banks have already satisfied more
than half of their commitment, only a portion of the $10.5 billion
will count, because of the way the relief is tallied.

The banks — Ally Financial, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo
— reported that the bulk of the help so far had come in the form of short sales,
in which lenders allow homeowners to sell for less than what they owe.
Many homeowners have been stuck in their homes because they have lost so much value.
The banks reported $8.7 billion in debt written off through short sales.
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