Article posted: 11/19/2012 1:55 PM

5 big US banks have cut mortgage balances by $6 billion

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More than 309,000 borrowers nationwide received some form of mortgage relief between March 1 and Sept. 30, according to a report issued Monday by Joseph Smith, monitor of the landmark mortgage settlement with the five major U.S. banks.

ASSOCIATED PRESS

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Five of the biggest U.S. banks have cut struggling homeowners' mortgage balances by $6.3 billion, part of a total $26.1 billion in home loan relief provided under a landmark settlement over foreclosure abuses.