Bank of America, Chase, Citi and Wells Fargo have satisfied their consumer relief and refinancing obligations required by the National Mortgage Settlement, according to a statement released today by the Office of Mortgage Settlement Oversight.

Those four banks together provided more than $50 billion in gross relief, translating into more than $20 billion in credited relief under the settlement. More than 600,000 families received some form of relief, Joseph A. Smith Jr., monitor of the National Mortgage Settlement, said in a statement.

According to the settlement, 37 percent of the relief – about $7.6 billion – was in the form of first lien principal forgiveness. Another 15 percent, or $3.1 billion, was second lien principal forgiveness and 17 percent, or $3.6 billion, went to refinancing assistance. The remaining 31 percent included other items like assistance for short sales and deeds in lieu of foreclosure.

"My reports mark the end of the consumer relief portion of the settlement. Because of the way this landmark agreement was designed, an unprecedented amount of relief has been provided to consumers quickly and efficiently," Smith said in a statement. "Furthermore, I believe the rigorous testing process should justify public confidence that the banks have fulfilled their relief commitments and that the settlement has played a part in helping keep struggling borrowers in their homes."

The monitor will release another compliance report later this spring.