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Fourth Round of Foreclosure Review Checks Sent, Bringing Total to 3.9M

The ""Office of the Comptroller of the Currency"":http://www.occ.gov/ (OCC) announced the fourth round of checks from the foreclosure review settlement was sent Friday, May 3.


The most recent batch includes 233,404 checks totaling more than $224 million, which brings the overall total to 3.9 million checks valued at $3.4 billion. About 4.2 million borrowers should expect to receive a check ranging from $300 to $125,000.


As of May 2, more than 1.8 million recipients have cashed or deposited nearly $1.7 billion in checks from the foreclosure agreement reached in January between federal regulators and 13 servicers.

The agreement replaced the Independent Foreclosure Review that was first required through consent orders issued by regulators for ""deficient"" foreclosure and servicing practices. In place of the review, the 13 servicers--Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo--agreed to provide $3.6 billion in cash to customers whose homes were in foreclosure between 2009 and 2010 and another $5.7 billion in mortgage assistance.

Rust Consulting, the paying agent, first began sending checks April 12. The OCC advised borrowers to contact Rust at 1-888-952-9105 with their questions. The regulator also encouraged borrowers to contact their servicers or the HOPE Hotline at 888-995-HOPE for foreclosure prevention assistance.

About Author: Esther Cho


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