The bank said borrowers in the program had been out of work for 22 months on average, but after six months nearly 40 percent were fully employed. Fifth Third Bank said it’s the first financial institution to offer such assistance to mortgage customers.
Just last month, 10 major mortgage companies agreed to pay more than $8.5 billion to settle claims of abusive foreclosure practices. The companies in the settlement are SunTrust, Wells Fargo, Bank of America, Aurora, Citibank, JPMorgan Chase, MetLife Bank, PNC, Sovereign and U.S. Bank.
Federal regulators said the deal would get compensation faster to affected homeowners and aid borrowers who are currently in financial trouble.