Independent Foreclosure Review Payments Amount to Comedy of Errors

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Posted To: MND NewsWire

The Office of Comptroller of the Currency ( OCC ) said today the more than 2.2 million people have cashed or deposited the checks they have received from the Independent Foreclosure Review Payment Agreement. These executed checks represented total payments of $2 billion paid to borrowers whose homes were in some stage of foreclosure in 2009 and 2010 and whose mortgages were serviced by one of 13 major servicers which reached a settlement with the OCC and the Federal Reserve to end independent reviews of foreclosure problems and abuses. The first wave of checks was sent to borrowers serviced by 11 of the banks on April 12 and to date more than 3.9 million checks totaling $3.4 billion have been mailed . The checks range from $300.00 to $125,000 depending on the degree of abuse suffered by borrowers...(read more)

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Source: http://www.mortgagenewsdaily.com/05102013_servicer_settlements.asp

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