“The OCC, along with the Federal Reserve, will oversee the reviews.
Whether homeowners were wronged will be decided by independent consultants hired by the servicers but approved by regulators.”
4.5 million foreclosed borrowers may be eligible for reviews
Nearly 4.5 million current and former U.S. homeowners will soon get a chance to have their foreclosure cases reviewed for mistakes and potential restitution.
Next month, the U.S. government expects the first wave of homeowners to receive its letters in the mail, informing them of their right to ask for a foreclosure review, says Office of the Comptroller spokesman Bryan Hubbard.
Last month, independent consultants hired by lenders also began combing industry data to look for mistakes in foreclosure cases handled by 14 of the nation’s largest mortgage servicers: Bank of America, Citibank, JPMorgan Chase, Wells Fargo, Ally Financial, Aurora Bank, EverBank Financial, HSBC, MetLife, OneWest, PNC, Sovereign Bank, SunTrust Banks and U.S. Bancorp.
Reviews will take months to complete. The first consumers could see cases resolved this spring, according to deadlines imposed on the servicers.
Remedies will vary based on the degree of injury, said John Walsh, acting Comptroller of the Currency, in a speech last month.
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