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. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: firstname.lastname@example.org.