A lot of the media is proclaiming that the funds, 9.3 billion, from the Independent Foreclosure Review is being divided among 4.2 million eligible families, but that is not the case. 4.2 million families were sent a card or letter about participating in The Independent Foreclosure Review, but only about 6% replied by the deadline.
The OCC showed the following requests for The Independent Review:
By September 27, 2012, 234,323 borrowers had requested an independent review. By December 6, 2012, 322,771 borrowers had requested an independent review.
So at this same rate there should have been 355,000 borrowers request an independent review by the deadline December 31, 2012. That’s only 6% of the total eligible families.
If all 4.2 million families had requested a review the average payout would amount to about $2,214.29 in total compensation.
But since only approximately 355,000 submitted a review the average payout would amount to about $26,197.18, if all received the post card that they were eligible to be compensated.(Families are not getting paid the same amounts this is just an average.)
So those that filed may see some justice, but that is only some justice for only 6% of the victims. Or maybe I am wrong, and The Foreclosure Review was scrapped all together, as some say, and all 4.2 million families will receive something.
And these numbers do not take into account the OCC’s waste of 2 billion to pay consultants to look over roughly 100,000 accounts. So maybe the total is just 7.3 billion.
I don’t know; the game playing with the paperwork, the time wasting, stealing of the money that should be for the families, it’s like all of us are in a form of, The Hunger Games. All racing to get our paperwork in, hoping that we can get some piece of the pie, and not starve, is this really justice?