[haffast]

Foreclosure settlement cash a few months away BY RICHARD CLOUGH AND JEFF COLLINS / ORANGE COUNTY REGISTER
Updated: Jan. 9, 2013 2:57 p.m.
Nearly 4 million homeowners will be contacted within the next three months to receive payment under Monday's $8.5 billion foreclosure-abuse settlement between federal regulators and 10 large banks, according to the Federal Reserve.

Eligible borrowers, including homeowners in the foreclosure process during 2009 or 2010, will not be required to prove wrongdoing with their mortgage or take any further action, Barbara Hagenbaugh, a spokeswoman for the Federal Reserve, said Tuesday. Eligible homeowners will receive payment even if they did not previously apply for a foreclosure review.
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[illiac]

From the article:

“The distributions will be overseen by a yet-to-be-determined third-party firm that will be appointed jointly by the 10 banks – including JPMorgan Chase & Co. and Wells Fargo & Co. – and overseen by regulators. The payment administrator is expected to contact homeowners by the end of March with payment details.”

Bet this “third party” will profit handsomely...this gives me the warm fuzzies...