The Independent Foreclosure Review that ended in early 2012 became too costly for regulators to justify moving forward, resulting in a final $9.3 billion settlement.
Now the market is finding out just how much individual firms handling the foreclosure probes received, adding tension to an already controversial issue.
Earlier this week, reports of consultancy firm Promontory Financial Group receiving nearly $1 billion in fees for conducting foreclosure reviews captured headlines.
Forbes followed up Tuesday, noting that Deloitte, which handled foreclosure reviews for JPMorgan, took in $465 million. Meanwhile, PricewaterhouseCoopers was paid $425 million for reviewing loan files for four banks.
The foreclosure reviews were a byproduct of a 2011 deal struck between major mortgage servicers and regulators. The goal was to hire outside consultants to conduct 'look back' reviews of foreclosures, searching for potential defects and illegalities.
The reviews were halted in January after the Office of the Comptroller of the Currency and the Federal Reserve noted billions of dollars had been spent without significant progress. In place of the reviews, regulators entered into another monetary settlement with servicers to resolve the issue.