 |
| A foreclosure/price reduced sign stands in front of a home for sale in Miami © AFP/Getty Images/File Joe Raedle |
WASHINGTON (AFP) – Watchdogs at the Federal Reserve on Tuesday announced that customers of four major lenders can seek compensation if their homes were unfairly repossessed.
Amid a tidal wave of foreclosures that have rocked the US economy and a subsequent wave of allegations of shoddy bank practices, the Fed said customers with GM’s mortgage arm GMAC, HSBC, SunTrust and EMC could ask for an investigation.
“Borrowers who believe they were financially harmed during the mortgage foreclosure process by four institutions in 2009 and 2010 can now request an independent review and potentially receive compensation.”
“Servicers are required to compensate borrowers for financial injury resulting from deficiencies in their foreclosure processes.”
© AFP — Published at Activist Post with license
Leave a comment
You must be logged in to post a comment.
Be the first to comment on "Fed offers hope of foreclosure compensation"