More than 2 million homeowners hit by a foreclosure in 2009 or 2010 can demand reviews of their cases and they'll receive letters explaining their rights, banking regulators said Thursday.
The letters are intended to help identify homeowners who believe they were harmed financially because of improper foreclosure practices by mortgage servicers, said Julie Williams, chief counsel of the Office of the Comptroller of the Currency, at a congressional hearing Thursday.
The number of affected homeowners includes those who completed a foreclosure in 2009 or 2010 or who had one in process then, the OCC said.
The review is one of the more significant requirements that banking regulators announced in April after a probe of foreclosure practices at 14 major companies found that they sometimes violated foreclosure laws and rules even though loans were generally seriously delinquent.
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