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Mortgage Servicers Begin Foreclosure Review Process

Posted on 11/2/2011

The 14 largest mortgage servicers yesterday began contacting eligible borrowers to explain how to request a case review if they believe they suffered financial injury because of errors, misrepresentations or other deficiencies in the foreclosure process between Jan. 1, 2009, and Dec. 31, 2010, the Federal Reserve and Office of the Comptroller of the Currency said.

The reviews are required under enforcement orders regulators issued against the top 14 mortgage servicers in April. Independent consultants will review cases to identify financial injury or harm and, depending on the findings, servicers may be required to develop a remediation plan -- subject to OCC and the Federal Reserve approval -- and make appropriate restitution.

For more information on the review and claims process visit: www.independentforeclosurereview.com

To view the OCC press release visit: www.occ.gov/news-issuances/news-releases/2011/nr-occ-2011-133.html




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