Dan Frahm, a spokesman for Bank of America

Dan Frahm, a spokesman for Bank of America, said the louis vuitton m30182 bank had made significant progress after the period covered by the report, March 1 through June 30. As of Aug. 21, he said, the bank had granted $600 million in principal reduction and had tripled the number of households in the trial period, to 16,000. “We’re confident that we’re going to meet or exceed all of our commitments under this agreement within the first year,” even though the bank has three years to do so, Mr. Frahm said. In California, some 43,000 homeowners have received relief from the five banks in the form of principal reduction on their louis vuitton outlet mortgages or home equity loans, short sales and lowered interest rates, among other measures. In New York, 2,160 homeowners have been helped. Shaun Donovan, the secretary of housing and urban development, said the settlement would provide “the most significant principal reduction that we’ve seen since the housing crisis began.” He said it was already demonstrating that debt forgiveness was a useful tool that did not lead to widespread default by homeowners who could still pay their mortgages, and said banks were increasingly using it as part of their louis vuitton handbags loan modifications.