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» VISIT US ONLINE @ DSNEWS.COM Compiled by the DS News Staff FIVE MINUTES WITH Bruce Legan PAGE 29 PRESIDENT OF CLAYTON CONSULTING SERVICES INSIDE THE JOURNAL // MOVERS & SHAKERS // ON THE WEB // THE APP SPECTRUM MAJOR SERVICERS EXTEND $50B IN RELIEF TO BORROWERS The five servicers that took part in the National Mortgage Settlement are getting close to completing their consumer relief obligations a year after the landmark deal was reached. So far, the five servicers—Ally Financial, Citi, Bank of America, JPMorgan Chase, and Wells Fargo—have provided $50.63 billion in consumer relief to more than 621,700 borrowers, according to an update from settlement monitor Joseph A. Smith, Jr. Of the five, Smith stated Residential Capital (ResCap), Ally's bankrupt mortgage subsidiary, has been credited with meeting all of its consumer relief obligations as required by the settlement. Bank of America stated it believes it has actually exceeded consumer relief requirements and plans to continue reaching out to customers who are eligible for help. So far, BofA reported about 320,000 customers have received assistance, leading to $29.2 billion in relief for all settlement programs. Chase reported it has helped 126,000 customers and met all of its consumer relief requirements with $11 billion in mortgage relief provided. Wells Fargo said it has fulfilled an estimated 90 percent of its relief requirements under the settlement and has assisted nearly 93,000 customers. However, with the exception of ResCap, reports from the servicers are still subject to review and must be verified by Smith and his team. "The four banks that have not yet been credited have requested that I determine their consumer relief progress through the end of 2012," Smith said. "I will release my review of their work in the coming weeks." Of the 621,712 borrowers who have received relief thus far, 387,420 were provided with some form of assistance that allowed them to stay in their home. First-lien modifications went to 92,599 borrowers, and those mods included an estimated $10.13 billion in principal forgiveness. Another 14,697 borrowers are currently in a trial period for a modification. Servicers also provided refinancing for 73,397 homeowners, reducing interest rates by about 2.25 percent. Through refinancing, borrowers saved an average of $425 in interest payments each month. Home forfeiture options, including short sales and deeds-in-lieu, were provided to more than 175,000 borrowers, with the remaining debt outstanding waived, totaling $20.07 billion in relief. First-lien modifications included an estimated $10.13 billion in principal forgiveness. A look at facts you didn't know you couldn't live without Of the 49 mortgage reforms outlined in Dodd-Frank, the law firm Davis Polk & Wardwell says just 15 had been finalized as of May 1. top10 Take a look inside the numbers data b i t s BIGGEST SAVINGS FROM BUYING VS. RENTING U.S. Metro Buying vs. Renting (%) 1. Detroit, MI -70% 2. Dayton, OH -63% 3. Gary, IN -63% 4. Cleveland, OH -63% 5. Warren-Troy-Farmington Hills, MI-63% 6. Toledo, OH -62% 7. Memphis, TN-MS-AR -62% 8. Kansas City, MO-KS -60% 9. Birmingham, AL -59% 10. Indianapolis, IN -58% SMALLEST SAVINGS FROM BUYING VS. RENTING U.S. Metro Buying vs. Renting (%) 10. Ventura County, CA -36% 9. Long Island, NY -36% 8. Los Angeles, CA -35% 7. San Diego, CA -33% 6. Orange County, CA -32% 5. Albany, NY -30% 4. New York, NY-NJ -26% 3. San Jose, CA -24% 2. Honolulu, HI -23% 1. San Francisco, CA -19% Source: Trulia.com Note: Negative numbers indicate buying costs less than renting. For example, buying a home in San Francisco is 19% cheaper than renting. Trulia's rent vs. buy calculation assumes a 3.5% 30-year fixed-rate mortgage, 20% down, itemizing tax deductions at the 25% bracket, and 7 years in the home. Study covers nation's 100 largest metros. Mortgage fraud risk rose 3.4% last year, with the largest concentration of high-risk states located in the eastern half of the country, Interthinx reported. 9

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