For immediate release
Payments to mbegin on Friday, May 3 following an agreement announced earlier this year by the Federal Reserve Board.
Under the agreement, $247 million will be made in direct payments to borrowers whose homes were at any stage of the foreclosure process in 2009 and 2010 with the former subsidiaries of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.).
Payments will range from $300 to more than $125,000. In most cases, borrowers will receive a letter with an enclosed check sent by the paying agent–Rust Consulting, Inc. Some borrowers may receive letters from Rust requesting additional information needed to process their payments. Previously, Rust sent postcards to borrowers notifying them of their eligibility to receive payment under the agreement.