Independent Foreclosure Review Payments Exceed $2.3 Billion
WASHINGTON—More than 2.6 million people have cashed or deposited more than $2.3 billion in checks related to the Independent Foreclosure Review Payment Agreement through May 30, 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.
SOURCE: http://www.occ.gov
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I am amazed that Congress wants to bring criminal charges against the IRS people but still we have not seen Washington screaming for the CEO or banker heads on a spit despite defrauding millions of people. How about Jamie Dimon, Countrywide’s Mozilla and a few others who have ripped off the public. GMAC alias Ally alias Ocwen, Countrywide alias Bank of America, America Servicing, alias Wells Fargo, etc ad nausem a and a few others who merely pass off their fraudulent activities from here to MERS. No one in Washington is clamoring for these crooks to face criminal charges even though they admit to bad practices through their settlement. They conspired to defraud and take down the economy, hedging their bets all the while by passing off the risk to shareholders. The banks have bowed and scraped to the boys in Washington, never giving up their bonuses or their jets and now sitting atop a record profit.
What did we get? A lousy $300 payoff. . . . . . worse than a tort lawyer’s class settlement!
That averages about $872 payment for each $240,000 home stolen or a profit of almost 9 billion dollars just on those homes alone.