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What was originally thought to be an $8.5 billion settlement made between prudential regulators and 10 mortgage servicing companies has now morphed into a $9.3 billion settlement with 13 mortgage servicers.
The Office of the Comptroller of the Currency and the Federal Reserve Board announced amendments Thursday to their original enforcement actions released Jan. 7.
The original settlement included Aurora, Bank of America ($13.22 -0.05%), Citibank ($49.69 -0.3201%), JPMorgan Chase ($53.68 -0.43%), MetLife Bank ($44.87 -0.54%), PNC ($71.17 -0.57%), Sovereign ($0.00 0%), SunTrust ($31.48 -0.27%), U.S. Bank ($35.42 0.065%) and Wells Fargo ($40.80 -0.04%).
The settlement covers 4.2 million people whose homes were in any stage of the foreclosure process from 2009 to 2010 and whose mortgages were serviced by one of the above companies.
The $9.3 billion will be distributed out to borrowers as compensation ranging from hundreds of dollars up to $125,000.
These amendments to the enforcement actions replace the requirements related to the Independent Foreclosure Review for the 13 servicers.
The settlement will be divided up as follows: Aurora Bank ($93.2 million), Bank of America ($1.1 billion), Citibank ($306.6 million), HSBC ($96.5 million), JPMorgan Chase ($753.3 million), MetLife Bank ($30.2 million), PNC ($69.4 million), Sovereign ($6.2 million), U.S. Bank ($80.1 million) and Wells Fargo ($765.8 million)
The banks will make a cash payment into a qualified settlement fund from which payments will be made to impacted borrowers via a distribution plan developed by the Office of the Comptroller of the Currency and the Board of Governors.
Payments will be due within 15 days of this amendment.
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