The data in the reports are yet to be validated and credited by Settlement Monitor Joseph Smith. The bulk of the relief comes in the form of short sales, totaling $13.133 billion. Banks are increasingly pursuing short sales given long foreclosure timelines, while a rising housing market has also enabled short sale transactions to process more quickly. Banks also offered more than $2.5 billion in first-lien principal forgiveness, $2.8 billion in second-lien extinguishment, $1.4 billion in refinancing relief. More than $4 billion active trial modifications are in process. Bank of America reported last week that it has offered it has offered $15.8 billion in mortgage relief to customers as part of its obligation under the National Mortgage Settlement. As of Sept 30, the bank had approved 30,000 homeowners for first lien principal reductions totaling $4.75 billion. About 5,800 had successfully completed their three-month trial and converted to permanent modifications. The bank faces the biggest commitment under the settlement at $8.5 billion. The company is rushing to meet its obligation within the very first year. Banks get higher credit for reductions for first or second lien principal reductions or credited refinancing activities in the first year of the settlement.