Close to 2.9 million borrowers who received a payout under the foreclosure review settlement have cashed or deposited their check, the ""Office of the Comptroller"":http://www.occ.gov/ (OCC) announced Friday. The cashed payments represent a value of $2.5 billion.[IMAGE] [COLUMN_BREAK]
So far, Rust Consulting, the paying agent, has sent out 3.9 million checks worth more than $3.4 billion to eligible borrowers.
The relief payments are the result of foreclosure settlements reached between federal regulators and 13 servicers. The servicers agreed to provide $3.6 billion in cash payments to an estimated 4.2 million borrowers whose homes were in any stage of foreclosure in 2009 or 2010.
The servicers taking part in the settlement are Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.
Questions regarding payments can be directed to Rust Consulting at 1-888-952-9105.
The OCC also encouraged distressed borrowers to contact their servicers or call the HOPE Hotline at 888-995-HOPE (4673).