The top five mortgage servicers offered $10.6 billion in consumer relief as part of the $25 billion national mortgage settlement, with the vast majority of aid coming in the form of short sales, the independent monitor said in a preliminary report Wednesday.

Bank of America (BAC) stood out because it failed to complete any loan modifications or refinancings from in the first four months after the settlement took effect March 1. But the Charlotte, N.C., bank completed $4.8 billion in short sales to nearly 40,000 borrowers — the bulk of all relief — and is on track toward approving nearly $3 billion in principal reductions to borrowers, B of A and the independent monitor said. B of A trailed in modifications because servicers do not get credit toward principal reductions until the borrowers have completed a 90-day trial period.

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