HuffPO-

Federal bank regulators and the mortgage companies claim the recent foreclosure abuse settlement is good news for homeowners who had applied to the review program it replaces.

Banks can now quickly channel $3.5 billion to homeowners, with nearly everyone who received a foreclosure notice in 2009 or 2010 getting a cut, they have said. But as we reported last week, the reviewers who were reviewing home loans until they were abruptly laid off at the beginning of the year say that
the original goal of the reviews as described by regulators — to distribute “appropriate compensation to borrowers who suffered financial harm” — is now impossible to meet.

[HUFFINGTON POST]

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