Independent Foreclosure Review Payments Approach $2.2 Billion
WASHINGTON—More than 2.4 million checks related to the Independent Foreclosure Review have been cashed or deposited for nearly $2.2 billion through May 16, 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 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.
That Independent Forclosure Review was another stab in the back of over 4 million home owners’. Only 53 out of over 4 million would recieve $125,000.00 in compensation. The rest would recieve (most) $500.00. They Federal Reserve and the Office of Comptroller of Currecy,had a “SECRET” meeting in January 2013 to do away with any fairness in the review. They decided to just pay everyone some money, thus allowing the BIG BANKS off the hook for about 21 Billion that had been agreed upon. Nothing but a clandestine move to try to fool the population again , and allow the thievery of our homes. I lost mine for refusing to sign a false statementy Wells fargo required in a modification. Sigbn a fraudulent statement and hope I don’t go to Jail and lose my pension, or lose our home. I had a choice, we lost our home!! Terrible Government representation! Larry Thornton Georgia formerly Michigan.