Failure to meet obligations by the end of the three-year period will result in a penalty of 125 or 140 percent of the unmet commitment amount.
Separately, New York Attorney General Eric Schneiderman said banks reported $625 million in relief to more than 7,000 borrowers in New York.
Read state-by-state relief efforts here .
--Written by Shanthi Bharatwaj in New York
>To contact the writer of this article, click here: Shanthi Bharatwaj.
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