EverBank Escapes Foreclosure Abuse Audit With $43M Deal

Law360, New York (August 23, 2013, 9:05 PM EDT) -- Federal banking regulators will release EverBank Financial Corp. from a much-maligned foreclosure review process in exchange for a $43 million settlement, according to a Friday statement, making it the latest bank to pay up over supposed mistreatment of borrowers placed into foreclosure in 2009 and 2010.

The settlement will allow EverBank to escape oversight from the Independent Foreclosure Review, a body staffed by outside consultants and tasked in 2011 with reviewing foreclosures initiated by banking institutions in those two years to determine if borrowers had lost...
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