Payments to 4.2 million borrowers involved in the foreclosure crisis are scheduled to begin Friday following an agreement reached by the Office of the Comptroller of the Currency and the Federal Reserve Board with 13 mortgage servicers, officials said.
The agreement, which was reached earlier this year, provides $3.6 billion in 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 and Wells Fargo.
The payments will range from $300 to $125,000. For borrowers whose mortgages were serviced by 11 of the 13 servicers, excluding Goldman Sachs and Morgan Stanley, checks will be sent in several waves beginning with 1.4 million checks on Friday. The final wave is expected in mid-July, officials said.
More than 90 percent of the total payments to borrowers at those 11 servicers are expected to have been sent by the end of April. Information about payments to borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley will be announced in the near future, officials said.
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