Washington – Up to 4 million borrowers who may have been improperly foreclosed upon in 2009 and 2010 are getting an opportunity to have their cases reviewed.
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The Office of the Comptroller of the Currency says mortgage services will begin sending out letters this month that ask borrowers if they want their case reviewed.
The nation’s 14 largest mortgage servicers — including Citibank, Bank of America, JPMorgan Chase, and Wells Fargo — were ordered to offer to review cases after the government found that some rushed the foreclosure process without carefully reviewing documents.
The orders require the lenders pay homeowners when a “borrower suffered financial injury.” Independent consultants will also review cases and that those reviews would likely take several months.