Servicing

ResCap files paperwork to end foreclosure review process

Earlier this year, bankrupt mortgage firm ResCap remained the only hold out when major servicers agreed to end a long independent foreclosure review process and replace it with a one-time settlement that compensates homeowners who faced foreclosures in 2009 and 2010.

This past week, ResCap, and subsidiary GMAC Mortgage, filed a sheet with a court to set up a $230 million escrow fund as part of an initiative to end its own independent foreclosure review process, Forbes reports.  

The publication says PricewaterhouseCoopers, which was retained to handle the reviews, has stopped all work associated with the reviews.

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