The nation's top four top banks have satisfied their consumer relief and refinancing obligations under the national mortgage settlement and have until next year to comply with the agreement's servicing standards.

In a report released Tuesday, Joseph A. Smith Jr., the settlement's monitor, gave the banks credit for $20 billion in consumer relief—less than half of the total relief provided. To encourage banks to reduce principal balances, the settlement gave only partial credit for other forms of relief, such as short sales or refinancings.

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