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OCC: Independent Foreclosure Review Payments Near $1.7 Billion

 

May 6 - More than 1.8 million people have cashed or deposited nearly $1.7 billion in checks related to the Independent Foreclosure Review Payment Agreement through May 2, 2013, according to the Office of the Comptroller of the Currency.

The fourth wave of 233,404 checks totaling more than $224 million has been sent to borrowers eligible for payments under the Independent Foreclosure Review Payment Agreement, bringing the total number of checks sent to date to more than 3.9 million worth $3.4 billion.

The payments result from agreements between the Office of the Comptroller of the Currency, the Federal Reserve Board, and 13 servicers to provide $3.6 billion in payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the following companies, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.

The first wave of checks was sent April 12. A final wave of checks that required additional information from the borrower will be issued during the summer.

Notice to Financial Institutions

Institutions processing checks are reminded that to help prevent fraud, checks require positive identification. Banks and other financial institutions should follow the instructions provided on the back of the check to validate authenticity.



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