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Foreclosure settlement payouts top $1 billion

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Completed payouts to homeowners harmed by foreclosures in the wake of the housing crisis topped $1 billion this week, the Office of the Comptroller of the Currency said.

That amount includes only checks cashed by borrowers so far.

The disbursement of funds is part of the $9.3 billion independent foreclosure review settlement reached between 13 major mortgage servicers and prudential financial regulators in January.

The most recent settlement halted a national probe of foreclosures that was initially established as part of the first major foreclosure settlement between regulators and servicers.

Regulators replaced the independent foreclosure review with a one-time payout in January, asking servicers to use $3.6 billion in funds to compensate borrowers harmed by foreclosures that occurred in 2009 and 2010.

The first round of checks to homeowners hit the mail in early April.

So far, 1.15 million checks with a total value of $1.1 billion have been cashed by borrowers.

The third round of 927,000 checks hit the mail Friday, bringing the total number of mailed checks to 3.7 million with a total value of $3.2 billion.

 

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