Chase Bank Deposit Scam

Payments to 4.2 Million Borrowers Covered by Foreclosure Agreement to Begin April 12.

WASHINGTON, April 9, 2013 /PRNewswire-USNewswire/ — Payments to 4.2
million borrowers are scheduled to begin on April 12 following an
agreement reached by the
Office of the Comptroller of the Currency

 and
the Federal Reserve Board with 13 mortgage servicers.

The agreement, which was reached earlier this year, provides $3.6
billion in cash payments to borrowers whose homes were in any stage of
the foreclosure process in 2009 or 2010 and whose mortgages were
serviced by one of the following companies, their affiliates, or
subsidiaries: Aurora,
Bank of America

Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world.
, Citibank, Goldman Sachs,
HSBC

HSBC Humane Society of Bay County  
,
JPMorgan Chase, MetLife Bank, Morgan Stanley,
PNC

PnC Point ‘n Click
PNC Police National Computer
PNC People’s National Congress
PNC People’s National Congress
, Sovereign, SunTrust,
U.S. Bank, and Wells Fargo.

The payments will range from $300 to $125,000. For borrowers whose
mortgages were serviced by 11 of the 13 servicers-all servicers but
Goldman Sachs and Morgan Stanley-checks will be sent in several waves
beginning with 1.4 million checks on April 12. The final wave is
expected in mid-July 2013. More than 90 percent of the total payments to
borrowers at those 11 servicers are expected to have been sent by the
end of April. Information about payments to borrowers whose mortgages
were serviced by Goldman Sachs and Morgan Stanley will be announced in
the near future.

In most cases, borrowers will receive a letter with an enclosed
check sent by the Paying Agent-Rust Consulting, Inc. Some borrowers may
receive letters from Rust requesting additional information needed to
process their payments. Previously, Rust sent postcards to the 4.2
million borrowers notifying them of their eligibility to receive payment
under the agreement.

Rust is sending all payments and correspondence regarding the
foreclosure agreement at the direction of the OCC and the Federal
Reserve.

Borrowers can call Rust at 1-888-952-9105 to update their contact
information or to verify that they are covered by the agreement.
Information provided to Rust will only be used for purposes related to
the agreement. Borrowers should beware of scams and anyone asking them
to call a different number or to pay a fee to receive payment under the
agreement.

Accepting a payment will not prevent borrowers from taking any
action they may wish to pursue related to their foreclosure. Servicers
are not permitted to ask borrowers to sign a waiver of any legal claims
they may have against their servicer in connection with accepting
payment.

In determining the payment amounts, borrowers were categorized
according to the stage of their foreclosure process and the type of
possible servicer error. Regulators then determined amounts for each
category using the financial remediation matrix published in June 2012
as a guide, incorporating input from various consumer groups. Regulators
have published the payment amounts and number of people in each category
on their Web sites at www.occ.gov/independentforeclosurereview and
www.federalreserve.gov/consumerinfo/independent-foreclosure-review-payment-agreement.htm.

While the agreement ended the Independent Foreclosure Review for the
13 companies identified above, the review continues for OneWest,
Everbank, and
GMAC

GMAC Give Me A Chance
 Mortgage.

Regulators continue to monitor the servicers’ actions to
correct the unsafe and unsound
mortgage servicing

 and foreclosure
practices required by other parts of regulators’ enforcement
actions, which remain in effect.

Regulators have issued guidance to the servicers under
foreclosure-related enforcement actions directing a review before
foreclosure sales for all pending foreclosures. These reviews help
prevent avoidable foreclosures by ensuring foreclosure-prevention
alternatives are considered and foreclosure standards are met.
Regulators encourage borrowers needing foreclosure prevention assistance
to work directly with their servicer or contact the Homeowner’s
HOPE Hotline at 888-995-HOPE (4673)(or at www.makinghomeaffordable.gov)
to be put in touch with a U.S. Department of Housing and Urban
Development-approved
nonprofit organization

 that can provide free
assistance.

SOURCE Office of the Comptroller of the Currency