Bank of America lets go nearly 500 local contractors who worked in the Independent Foreclosure Review program

TAMPA — Nearly 500 local contractors who reviewed Bank of America foreclosures are out of a job after regulators and banks announced an $8.5 billion settlement, the bank confirmed Tuesday.

The contractors were hired about a year ago as part of the Independent Foreclosure Review, in which homeowners could seek a second opinion about whether their home was foreclosed in error.

The settlement announced Monday with 10 banks, including Bank of America, replaces the review with direct payments to 3.8 million people who were foreclosed on in 2009 and 2010.

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