You can now read 10 articles in a month for free on Read as much as you want anywhere and anytime for just 99¢.

The Boston Globe


Lawmaker seeks costs of foreclosure reviews

NEW YORK — The high cost of reviewing foreclosures at big banks has ignited an inquiry by one member of Congress.

Carolyn Maloney, Democrat of New York, a member of the House Financial Services Committee, has asked federal regulators overseeing foreclosure reviews to provide details about the independent contractors who examined borrowers’ cases. The contractors reportedly received more than $1 billion in fees for their work doing foreclosure reviews, which ultimately led to a $3.3 billion cash settlement for borrowers.

Loading comments...

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week