Independent Foreclosure Review Payments Exceed $1 Billion

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Independent Foreclosure Review Payments Exceed $1 Billion

WASHINGTON—More than one million people have cashed or deposited more than $1 billion in checks related to the Independent Foreclosure Review Payment Agreement through April 25.

As of the close of business Thursday (April 25), 1,150,328 checks totaling nearly $1.1 billion were cashed or deposited.

The third wave of 927,000 checks totaling $794 million was sent today to borrowers eligible for payments under the Independent Foreclosure Review Payment Agreement, bringing the total number of checks sent to date to more than 3.7 million worth $3.2 billion.

The payments result from agreements between the Office of the Comptroller of the Currency, the Federal Reserve Board, and 13 servicers to provide $3.6 billion in payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the following companies, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.

The first wave of checks was sent April 12.

Notice to Financial Institutions
Institutions processing checks are reminded that to help prevent fraud, checks require positive identification.  Banks and other financial institutions should follow the instructions provided on the back of the check to validate authenticity.

Borrowers Assistance
Borrowers with questions regarding payments should contact the Paying Agent—Rust Consulting, Inc. at 1-888-952-9105, Monday through Friday, 8 a.m. – 10 p.m. ET or Saturday, 8 a.m. – 5 p.m. ET.

Regulators encourage borrowers needing foreclosure prevention assistance to work directly with their servicer or contact the Homeowner’s HOPE Hotline at 888-995-HOPE (4673) (or at www.makinghomeaffordable.gov) to be put in touch with a U.S. Department of Housing and Urban Development-approved nonprofit organization that can provide free assistance.

SOURCE: http://www.occ.gov

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4closureFraud.org

Comments
5 Responses to “Independent Foreclosure Review Payments Exceed $1 Billion”
  1. trudy says:

    still waiting for my husbands and my check . We were told it was coming in the 3rd wave . We will probably get 300 dollars. I hope it is more, I lost my job and struggled to keep up payments but we had to give up and we lost our home. My husband is disabled and cant and couldnt work at that time or now. His disability is not military related. We both are Air Force Veterans but did not purchase through the VA loan anyway anyone receive any money from the review. trudy

  2. Shirlie Eaton says:

    What about the people w/ Gmac, Ally, Rescap, and Freddie Mac….taken down by Robo Signers and MERS….We lost our lifetime homes too? I want my equity which is about $100,000.00. or more. I support a disabled adult and have a bone tumor. Where is the justice for us! I’m losing my health over this and who really cares? I’m 58 years old and I’m at a loss over this giant theft, and thinking I didn’t have to worry about my retirement home….I didn’t even take the loan out….

    • Our government is not here to protect us, it is to promote prosperity…….. by any means. It’s not uncommon to sacrifice the many for the few. Great Depression, people were lined up for food. Yet the government order masses of crops burnt. it’s the pursuit of opportunity, not an acquisition. But we are not all English majors to see it’s a hoax.

  3. Nothing compared to the 32 Billion EACH year the state of CA gives to housing for those who can’t put anything down or even own a home!!! WTF ! http://www.paymentaccuracy.gov/high-priority-programs

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