Borrowers cash $2.5 billion in IFR settlement payments

MortgageBorrowers granted restitution under the Independent Foreclosure Review Payment Agreement cashed and deposited nearly 3 million checks totaling more than $2.5 billion as of July 11.

Since payments began in April, more than 3.9 million checks worth more than $3.4 billion have been sent to eligible borrowers, and the remainder will be issued in the summer.

Agreements between regulators and mortgage issuers mandated that 13 servicers provide $3.6 billion in payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010, and those whose mortgages were serviced by the servicers or their affiliates.

Servicers involved in the agreement include Aurora; Bank of America; Citibank; Goldman Sachs; HSBC; JPMorgan Chase; MetLife Bank; Morgan Stanley; PNC; Sovereign; SunTrust; U.S. Bank; and Wells Fargo.

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