Consumer advocates complain that the settlement does far too little for too few. Bruce Marks, head of the non-profit Neighborhood Assistance Corporation of America, said that only a small fraction of borrowers will receive $125,000 payouts, while many others who lost their homes will get less than $15,000. This larger group were struggling borrowers who sought to modify their mortgages but whose applications were wrongfully turned down for one reason or another -- and ended up losing their homes.

The OCC's Hubbard, however, said the compensation guidelines are consistent with what courts would award in similar, private litigations.

For more information on the forms and for a full list of the mortgage services involved in the Independent Foreclosure Review, go to the website set up by the servicers or the Federal Reserve website.