U.S. regulators move forward on foreclosure relief

WASHINGTON Thu Feb 28, 2013 10:00am EST

WASHINGTON Feb 28 (Reuters) - U.S. regulators on Thursday filed paperwork in settlements with more than a dozen banks to end case-by-case reviews of past foreclosures, and said borrowers eligible to receive payments under the deal will be contacted by the end of March.

Thirteen banks, including Bank of America Corp, JPMorgan Chase & Co, and Goldman Sachs Group Inc. , agreed in January to pay a total of $9.3 billion to end reviews mandated by the Office of the Comptroller of the Currency and the Federal Reserve.

About $3.6 billion of the funds will be in cash payments to foreclosed borrowers, and the rest will be in the form of assistance to struggling borrowers, including loan modifications and forgiveness.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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