Federal Reserve Releases Foreclosure Review Plan
The Federal Reserve released a video this week explaining to borrowers they may be eligible to receive compensation if they apply for a free independent review, and there is evidence of direct financial injury due to servicer error. The deadline to request a foreclosure review is July 31.
This is part of the enforcement actions taken last month when the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the 14 largest mortgage servicers signed consent orders. The review is to be conducted over a population of 4.3 million loans foreclosed on in 2010 and 2011, remediating damaged borrowers. According to the OCC, any borrower can have his or her loan reviewed by request, but the deadline on July 31 is fast approaching with more than 165,000 responses already. To learn more about the review plan,
click here. To request a foreclosure review,
click here.