TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Almost 500,000 seek reparations for faulty foreclosures

Daily Photo Galleries

By Jesse Hamilton C.2013 Bloomberg News
Thursday, Jan. 3, 2013, 12:01 a.m.
 

After a deadline-inspired surge, nearly 500,000 borrowers are seeking formal reviews of their 2009 and 2010 foreclosures for mistakes by lenders, the Office of the Comptroller of the Currency said.

“A significant amount of effort was made to increase awareness during the fourth quarter of 2012,” said Bryan Hubbard, an OCC spokesman. The tally of applicants spiked from 356,000 on Dec. 13 to 495,000 by the Dec. 31 deadline, Hubbard said.

Federal regulators are set to replace the existing victim-by-victim compensation effort with about $10 billion in flat penalties against the banks, according to people briefed on the talks.

 

 
 


Show commenting policy

Most-Read Stories

  1. Gunfire plagues New Kensington
  2. Monessen woman honored for service as church volunteer
  3. Ice Miners hope to build on early success
  4. Business roundup: SEC fines Bank of America $7.65M for miscalculation; court-ordered anti-smoking ads challenged; more
  5. Water outage hits Washington Twp.
  6. Home brew returns
  7. Car, bike show to outfit police
  8. Falcons to host ‘Kitty Cat Game’
  9. Conflicting stories leave police seeking answers in Ford City shooting
  10. Steelers film session: Harrison on the field often
  11. Mental health facility won’t take Franklin Regional stabbing suspect as patient
Subscribe today! Click here for our subscription offers.