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

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