Share This Page

Almost 500,000 seek reparations for faulty foreclosures

| 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.

TribLIVE commenting policy

You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.

We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.

While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.

We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers

We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.

We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.

We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.

We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.