The bank said Wednesday that it had provided $4.75 billion in first-lien principal reductions in the first five months since the settlement was approved by the court and that it intends to meet its total obligation of more than $7.6 billion in consumer relief within the first year of the three-year agreement.
Banks do not receive full credit for every dollar of assistance provided to customers, so the $4.75 billion in first lien principal reduction offered so far might only partially meet BofA's $7.6 billion requirement.
The government appointed independent settlement monitor will determine the credit that Bank of America will receive.Still, the bank appears to have made substantial progress in recent months. When the settlement monitor released a
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