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The Boston Globe

Business

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.

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