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As of the end of May, borrowers have cashed or deposited 2.6 million foreclosure review checks, according to the latest update from the ""Office of the Comptroller of the Currency"":http://www.occ.gov/ (OCC).
[IMAGE] [COLUMN_BREAK]The checks are valued at $2.3 billion and are part of a foreclosure settlement reached in January between the OCC, the Federal Reserve Board, and 13 servicers.
About 4.2 million borrowers should receive a payment through the settlement, and so far, 3.9 million checks valued in excess of $3.4 billion have been mailed out.
The final wave of checks scheduled to go out later this summer will require additional information from the borrower, according to the OCC.
The 13 servicers that participated in the settlement agreed to provide $3.6 billion in payments to customers whose homes were in foreclosure between 2009 and 2010. The servicers are Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.
The OCC advised borrowers to direction questions regarding payments to Rust Consulting, Inc., the paying agent, at 1-888-952-9105.
