Feds reissue checks related to the Independent Foreclosure Review

Independent Foreclosure Review: What About $1.2B in Uncashed Checks? May 19, 2013 Staff 32 comments independent foreclosure review Rust Consulting has mailed more than $3.4 billion worth of checks related to the Independent Foreclosure Review since April 12, with the bulk of that amount sent out by April 26.

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The federal government created the Independent Foreclosure Review process in 2011 so that certain borrowers could get a review of the procedures used in the foreclosures of their homes. But the review proved to be far more time-consuming and costly than anticipated, so it was scrapped in favor of a multi-million dollar settlement.

Agencies Announce Reissuance of Checks Related to the Independent Foreclosure review replacement checks are being mailed this week to borrowers eligible for payment under the Independent Foreclosure Review Payment Agreements and who have not yet cashed or deposited their check, the Federal Reserve Board and the Office of the Comptroller of the.

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Agencies Announce Reissuance of Checks Related to the Independent Foreclosure Review. Replacement checks are being mailed this week to borrowers eligible for payment under the Independent Foreclosure Review Payment Agreements and who have not yetcashed or deposited their check, the Federal Reserve Board and the Office of the Comptroller of the Currency announced Wednesday.

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The Independent Foreclosure Review Payment Agreement is monitored by federal banking regulators, the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, to ensure a fair and impartial process.

Eligible borrowers whose loans were serviced by one of the Federal Reserve supervised servicers that reached an agreement to end the Independent Foreclosure Review in 2013 had until March 31, 2016 to cash or deposit their original check in order to be paid. If a borrower did not cash or deposit their check by the March 31st deadline, the Federal Reserve has instructed the Paying Agent, Rust Consulting, Inc. to reverse any applicable tax reporting from that payment with the Internal Revenue.