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News Summary: $6.3B in mortgages cut by big banks

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The Associated Press | November 19, 2012 04:26 PM EST | AP


WELCOME RELIEF: The monitor of a landmark settlement between federal and state officials and five of the biggest U.S. banks says that the lenders have provided $26.1 billion in home loan relief to more than 309,000 homeowners between March 1 and Sept. 30.

FORGIVEN: Lenders cut homeowners' balances by $6.3 billion, with Bank of America leading the way with $3.65 billion in loans forgiven.

COMING UP SHORT: Some $13.1 billion in relief was in the form of short sales, in which lenders agree to accept less than what the seller owes on the mortgage.