Will there be payments to foreclosure victims?


Yes. Approximately $1.5 billion of the settlement funds will be allocated to compensation to borrowers who were foreclosed on after January 1, 2008 and before Dec. 31, 2011.  These borrowers will be notified of their right to file a claim.  Borrowers who were not properly offered loss mitigation or who were otherwise improperly foreclosed on will be eligible for a uniform payment, which will be approximately $2000 per borrower depending on level of response.  Borrowers who receive payments will not have to release any claims and will be free to seek additional relief in the courts.  Borrowers may also be eligible for a separate restitution process administered by the federal banking regulators.

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