An article in the Los Angeles Times reported that on Tuesday, November 1st, under orders from federal regulators, 14 mortgage servicers began mailing out over 4 million letters to potential victims of wrongful foreclosure practices. Recipients of these letters have the opportunity to submit their case for a free review by independent consultants, and may be eligible to receive compensation if the reviewers and regulators find that the homeowners were harmed financially during improper foreclosure proceedings. However, regulators have not released a system for determining how much to compensate eligible borrowers, to which Professor Eggert stated, “I think that federal regulators … are more concerned about banks’ bottom lines than whether banks follow all the rules.” Read more about the issue, and what Professor Eggert had to say.