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Borrowers have until December for mortgage review

WASHINGTON (MarketWatch) - Borrowers seeking a review of their mortgage foreclosures to see if they are eligible to receive compensation or other remedies because of errors have three more months until December 31 to submit their requests to bank regulators, the Federal Reserve said Thursday. The foreclosure reviews are required by major banks that were sanctioned by the Fed and other regulators in April 2011 for negligence in residential mortgage loan servicing and foreclosure processes. Borrowers are eligible for a review if their mortgage was active in the foreclosure process in 2009 and 2010. Previously, the deadline to apply was September 30. In June, regulators said that nearly 200,000 borrowers have already requested a review of their mortgage foreclosures.