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Billions Going to Borrowers

$3.6 Billion to go to borrowers for possible errors in foreclosure process

By Liz Crenshaw and Patti Petitte
|  Tuesday, Apr 9, 2013  |  Updated 5:46 PM EDT
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Billions Going to Borrowers

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Billions of dollars will be paid to millions of homeowners who were in the process of foreclosure.

The Federal Reserve announced Tuesday $3.6 billion in payments to borrowers following The Independent Foreclosure Review process.

The review process gave homeowners foreclosed on in 2009 or 2010 the chance to challenge possible errors made during the process.

Checks will begin to go in the mail starting Friday, the government said.

The payments range from $300 to $125,000 and were determined by the stage of the foreclosure process and type of possible error made.

Borrowers will get a check from a paying agent called Rust Consulting Inc.

Click here for more information.

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