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Almost 500,000 seek reparations for faulty foreclosures

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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.

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