On Friday, April 12, some $3.6 billion in payments began going out to 4.2 million borrowers who experienced any stage of the foreclosure process during 2009 and 2010 and were serviced by one of 13 banks.
The level of compensation varies from $300 to $125,000 and is based on the type of harm borrowers suffered, as well as how far along in the foreclosure process they got and whether they requested a review.
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