Independent Foreclosure Review Payments Near $2.4 Billion, $1 Billion Uncollected


Independent Foreclosure Review Payments Near $2.4 Billion

WASHINGTON—Nearly 2.7 million checks have been cashed or deposited for about $2.4 billion as a result of the Independent Foreclosure Review (IFR) Payment Agreement through June 6, 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.



One Response to “Independent Foreclosure Review Payments Near $2.4 Billion, $1 Billion Uncollected”
  1. lies is all they tell says:

    They are sending the checks the foreclosed homes, old places of employment. I asked when i called for my sister why they dont use addresses form the state DMV. those are the current addresses. they wouldnt answer me why. It is the way the make money. Rust must get to keep the intrest on all the money. so any money that stays in the bank they get the intrest and pay the salaries and keep the rest. hipe they are having a hell of time on their big yacht this week end.. pretty sick if you ask me. I asked why are you send these checks to the foreclosed homes. its the last address we have, huh?? but hey were foreclosed on evicted. gone
    pretty sick’
    something is wrong!!! when i press notify me of followup comments you cant post

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