Press Release

For Immediate Release: November 23, 2015

Independent Foreclosure Review – Update

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November 19, 2015 Update: Borrowers of Federal Reserve supervised servicers may request a payment to be reissued in the name(s) on the record through December 31, 2015. These borrowers must cash or deposit their checks by March 31, 2016. In mid-2016, unclaimed funds to be redistributed to eligible borrowers of Federal Reserve supervised servicers who have cashed their checks.

Eligible borrowers whose loans were serviced by one of the Federal Reserve supervised servicers that reached an agreement to end the Independent Foreclosure Review in 2013 may request a payment to be reissued in the name(s) on the record through December 31, 2015. Requests to have a check reissued will not be processed after December 31, 2015. All outstanding checks must be cashed or deposited no later than March 31, 2016, in order to be paid.

In mid-2016, the Federal Reserve will direct the Paying Agent, Rust Consulting, Inc., to redistribute any funds remaining after March 31, 2016, to eligible borrowers of Federal Reserve supervised servicers who have cashed or deposited their checks. This direction will apply only to funds related to mortgage servicers supervised by the Federal Reserve.

Servicers covered include GMAC Mortgage, Goldman Sachs/Litton Loan Servicing, Morgan Stanley/Saxon Mortgage Services, and SunTrust. In addition, some borrowers whose loans were serviced by HSBC or JPMorgan Chase may be covered. HSBC and JPMorgan Chase borrowers should contact Rust Consulting at 1-888-952-9105 to determine whether their loan was serviced by the part of the servicing operations of those two companies that is regulated by the Federal Reserve.

Please call Rust Consulting by December 31, 2015 for further instructions on how to request your payment to be reissued. If you have already requested that your payment be reissued, please do not submit a new request.

If your loan was serviced by one of the mortgage servicers under the Office of the Comptroller of the Currency’s supervisory authority, please refer to the OCC’s website for additional information.

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