Independent Foreclosure Review Payments Exceed $2 Billion


Independent Foreclosure Review Payments Exceed $2 Billion

WASHINGTON—More than 2.2 million people have cashed or deposited more than $2 billion in checks related to the Independent Foreclosure Review Payment Agreement through May 9, 2013.

To date, more than 3.9 million checks, totaling more than $3.4 billion, have been sent to eligible borrowers.  The first wave of checks was sent April 12.  A final wave of checks that required additional information from the borrower will be issued during the summer.

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.

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 to be put in touch with a U.S. Department of Housing and Urban Development-approved nonprofit organization that can provide free assistance.



3 Responses to “Independent Foreclosure Review Payments Exceed $2 Billion”
  1. Poof says:

    Flunkies=Politicians for the most part,bought & paid for like little whores !

  2. J.Kelly says:

    We got our $300.00 check. It should have been at least $3,750.00 because we were in bankruptcy. Now Rust Consulting said there were clerical errors, and supplemental checks would be mailed! These people must be really think we are stupid! Please fill out the complaint forms to OCC, and The Federal Trade Commission. If enough complaints are received, we might get a break. We are not counting on anything, because as usual, we are probably just being screwed over once again!

  3. 1ofthemany says:

    do not call hope they ran me down the road years ago 09 to be exact
    no help just statements stating I could not pay for the house and I knew it when I bought it B$ talk.. I am still here years later those idiots… not one late payment EXCEPT for the bank induced attempted foreclosure to dupe me further in their rabbit hole of illusion, I will find a way to get them to pay restitution or turn the damn house into money from renters and move the hell on a piece of clear title property soon. These people are such idiots and stinking (W)hores……been five years now (mod) and I am tired of having a house with no equity after 9 Freaking yrs of robbery….. will make it a trust yep and more..oh I got my measly 500 fu restitution for damages and the damn check cleared signed partial payment from lender at my sig… ground work starting to be put into place..all in time… good luck all

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