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More than 2.2M Foreclosure Review Checks Cashed, 3.9M Sent

As the stream of foreclosure review settlement checks continue to be released, the ""Office of the Comptroller of the Currency"":http://www.occ.gov/ (OCC) provided another update on the status of the checks' whereabouts.


So far, after unleashing the ""first round"":http://dsnews.comarticles/first-wave-of-payments-from-foreclosure-settlement-scheduled-april-12-2013-04-09 of payments April 12, more than 2.2 million recipients have cashed or deposited more than $2 billion in checks as of May 9.


Overall, 4.2 million borrowers are said to be eligible to receive a payment under the foreclosure settlement.

Of that total, more than 3.9 million checks valued at $3.4 billion have been sent.

The payments are the result of agreements between federal regulators and 13 servicers. The agreements replace the Independent Foreclosure Review that was first required through consent orders issued by regulators. As part of the settlement, 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 payments to customers whose homes were in any stage of the foreclosure process in 2009 or 2010.

The OCC advised borrowers to direct their questions to Rust Consulting, the paying agent, by calling 1-888-952-9105.

Regulators also encourage borrowers to call the HOPE Hotline at 888-995-HOPE (4673) for foreclosure prevention assistance.

About Author: Esther Cho


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