Foreclosure Payout Nears End after Error-Plagued Start

Posted To: MND NewsWire

Over two-thirds of the $3.4 billion in checks issued to borrowers who were aggrieved by various foreclosure mistakes or inequities had been cashed as of July 11. The Office of Comptroller of the Currency (OCC) said Friday that nearly 2.9 million checks totaling over $2.5 billion had cleared the account used for the settlement payments. This is news primarily because of the history of the settlement and the payment checks. The settlement occasioning the payout was reached by OCC and the Federal Reserve with 13 of the largest servicers late last year. In return for an agreed upon $3.6 million in cash and other compensation the regulators agreed to halt the Independent Foreclosure Review they had ordered to identify borrowers harmed by foreclosure related problems. All homeowners who were in foreclosure…(read more)

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