$3.6 billion in foreclosure relief nationwide approved

Miami /
Mar.March 01, 2013 12:00 PM

Tens of thousands of Palm Beach County homeowners are now eligible for compensation under a re-vamped federal settlement with financial institutions, the Palm Beach Post reported. The settlement eliminates the Independent Foreclosure Review, a federal regulation that allowed owners whose homes were foreclosed on in 2009 or 2010 to request an independent review.

According to agreements released yesterday by the Office of the Comptroller of the Currency, $3.6 billion in cash will be put into a fund in the next two weeks for distribution to owners whose homes were foreclosed on during the period. Another $5.7 billion in principal reductions will also be distributed, the Post said.

The agreement is separate from the $25 billion settlement between banks and numerous state attorneys general reached in February of 2012.

The agreement, which will provide relief even to former owners who do not believe their lender foreclosed improperly, will replace the foreclosure review because the latter was too costly and time consuming, according to federal regulators. Affected parties can expect a letter informing them of their award package, which could include as much as $125,000 in cash. [Palm Beach Post] –Guelda Voien


Related Articles

arrow_forward_ios
71 Curlew Road and James and Kimberly Caccavo (LinkedIn, Steelpoint Capital Partners, Google Maps)
PE boss James Caccavo drops $11M on waterfront Manalapan spec home
PE boss James Caccavo drops $11M on waterfront Manalapan spec home
Sean Hannity with 9 Sloans Curve Drive (Getty, Google Maps)
Palm Beach green-lights addition for Sean Hannity’s oceanfront townhouse
Palm Beach green-lights addition for Sean Hannity’s oceanfront townhouse
211 Dunbar Road (Google Maps)
Good ROI? Wealth manager sells non-waterfront Palm Beach estate for $21M
Good ROI? Wealth manager sells non-waterfront Palm Beach estate for $21M
Estée Lauder and 144 Everglade Avenue (Getty, Google Maps)
Estée Lauder’s former Palm Beach estate gets designated historic
Estée Lauder’s former Palm Beach estate gets designated historic
Mount Vernon Company's Bruce Percelay and 210 Palmo Way, Palm Beach (Google Maps, Linkedin, Getty)
Boston real estate chief sells non-waterfront Palm Beach lot for $10M
Boston real estate chief sells non-waterfront Palm Beach lot for $10M
124 Brazilian Avenue (Google Maps)
VC head Robert Burch sells Palm Beach estate for $24M
VC head Robert Burch sells Palm Beach estate for $24M
Todd Glaser and Tarpon Island in Palm Beach (Google Maps, Getty)
Todd Glaser and partners list Palm Beach’s Tarpon Island for $218M
Todd Glaser and partners list Palm Beach’s Tarpon Island for $218M
(Getty)
Palm Beach County voters approve $200M affordable housing bond
Palm Beach County voters approve $200M affordable housing bond
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...