JPMorgan Chase (JPM) said Thursday that it has fulfilled its commitment under the national mortgage settlement to refinance borrowers and provide consumer relief in California and Florida.

In its quarterly progress report to Joseph Smith, the independent monitor assigned to oversee the $25 billion settlement, Chase said it refinanced more than 12,000 underwater borrowers who are current on their loans but owe more than the value of their homes, completing its $500 million refinancing commitment. Chase also agreed to provide $1.95 billion to consumers in California and $1 billion in Florida, which fulfills separate but related settlement agreements signed with attorneys general in those states.

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