Community Dividend

Payment agreement ceases majority of Independent Foreclosure Review cases

Published April 1, 2013  |  April 2013 issue

In January, all but 4 of the 27 mortgage servicers and affiliated companies subject to the Independent Foreclosure Review reached an agreement with the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency to pay more than $9.3 billion in cash payments and other assistance to help borrowers. As a result of this agreement, the participating servicers have ceased the Independent Foreclosure Review, which involved case-by-case reviews, and replaced it with a broader framework allowing eligible borrowers to receive compensation more quickly. For more on the Independent Foreclosure Review, including background information and a list of the servicers involved, visit www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm.

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