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Foreclosure victims to get compensation alerts in $9.3B agreement starting Friday

By Danielle Douglas, Published: February 28

Within the next 31 days, 4.2 million homeowners who suffered abusive foreclosure tactics at the hands of some of the nation’s largest banks will be notified of their compensation, banking regulators said Thursday.

The Federal Reserve and Office of the Comptroller of the Currency issued the final details of a sweeping $9.3 billion agreement with 13 mortgage servicers, including JPMorgan Chase, Citibank and Bank of America, under consent orders for fraudulent and flawed foreclosure practices.

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