Homeowners who were victims of foreclosure abuses during 2009 and 2010 could receive more than $125,000 from lenders as part of an Independent Foreclosure Review that is being overseen by two government agencies.
The Office of the Comptroller of the Currency and the Federal Reserve laid out the framework in which borrowers will receive compensation for a wide range of foreclosure abuses and errors that occurred as a result of robo-signing.
The review is separate from the $26 billion foreclosure abuse settlement between the nation's five largest lenders and attorneys general from 49 states and the District of Columbia. Under that deal, the banks promised to reduce the principal on loans held by underwater homeowners, refinance some mortgages to lower interest rates and compensate those who lost their homes due to improper foreclosure practices.
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