Foreclosure victims could be compensated

The Federal Reserve Board Tuesday announced that borrowers who believe they were financially harmed during the mortgage foreclosure process by four institutions in 2009 and 2010 could request an independent review and potentially receive compensation.

The four mortgage servicers — GMAC Mortgage, HSBC Finance Corporation, SunTrust Mortgage and EMC Mortgage Corporation — are required to conduct this program as part of their compliance with enforcement actions issued by the board in April 2011. Under these actions, servicers are required to compensate borrowers for financial injury resulting from deficiencies in their foreclosure processes.

Borrowers could be eligible for a review if their primary residence was in the foreclosure process in 2009 or 2010, whether or not the foreclosure was completed, a news release stated. The review is intended to determine if those borrowers suffered financial harm directly resulting from errors, misrepresentations or other deficiencies. The Federal Reserve will monitor the implementation of the program and the servicers' outreach efforts.

Source: Deseret News

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