This month, 4.2 million mortgage borrowers will start receiving checks in the mail that will range from $300 to $125,000, courtesy of federal enforcement actions against mortgage servicers.
The payments are the result of January 2013 agreements between the Office of Comptroller of the Currency and the Federal Reserve System, and 13 mortgage servicing companies, after the federal regulators determined the companies had engaged in deficient practices in loan servicing and foreclosure processing.
The $9.3 billion agreement includes $3.6 billion worth of direct cash 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 or Wells Fargo.
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