Start: 2012-05-15 14:00:00

End: 2012-05-15 16:00:00

The Federal Reserve Bank of Boston is hosting a meeting to explain more about the Independent Foreclosure Review (IFR) process (see some background below), hear from the Massachusetts Attorney General’s Office regarding the AG-Bank Settlement and brainstorm about the best way to reach out to affected consumers.

The IFR offers a unique opportunity for homeowners that were wrongfully foreclosed upon to receive compensation. Your presence at this meeting is very important to help spread the word and provide feedback on the IFR process and learn more about how the AG settlement funds will be used.

A special thanks to  the Brockton Interfaith Community, CHAPA and Neighborworks for all their help in organizing this meeting and in reaching out to their members.

The meeting will be held at the Federal Reserve Bank of Boston (600 Atlantic Ave., Boston) from 2 pm to 4pm on Tuesday, May 15.

We will send a detailed agenda to the confirmed attendees. During the meeting we will:
·         Provide an overview of the Independent Foreclosure Review Process and answer any questions
·        Receive feedback from organizations on how this process is working and how it can be improved
·         Give an overview of the Attorney General’s Settlement and implications for MA and answer any questions

Please confirm your attendance by May 7th by sending an email to guymanie.joseph@bos.frb.org .

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Background On the Independent Foreclosure Review process

The Federal Reserve Board announced that borrowers who think they may have been financially harmed in the mortgage foreclosure process in 2009 and 2010  can now request an independent review and potentially receive compensation. Servicers are required to compensate borrowers for financial injury resulting from deficiencies in their foreclosure processes. If a borrower meets the following criteria, he/she should call 888-952-9105 to get more information on how to apply:

·        The property securing the loan was the borrower's primary residence;
·        The mortgage was in the foreclosure process (initiated, pending, or completed) at any time between January 1, 2009, and December 31, 2010; and  
·        The mortgage was serviced by one of the participant mortgage servicers:

More details can be found at http://www.federalreserve.gov/consumerinfo/independent-foreclosure-review.htm