Borrowers To Get First Of $1.2B Foreclosure Deal Payments

Law360, New York (April 9, 2013, 12:29 PM EDT) -- Mortgage servicers will begin sending out the first $1.2 billion in payments this week to borrowers whose homes were placed into foreclosure in 2009 and 2010, with the majority receiving the minimum $300 payment required under a settlement reached earlier this year, federal regulators announced Tuesday.

The Federal Reserve and the Office of the Comptroller of the Currency said that 90 percent of the payments to about 4.2 million borrowers — part of a $9.3 billion settlement with 13 mortgage servicers finalized in February — would...
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