American Banker: Yet More Problems Surface with the Foreclosure Settlement – Bounced Checks

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Yet More Problems Surface with the Foreclosure Settlement

WASHINGTON — The Federal Reserve Board said Wednesday that the independent consultant overseeing payments to millions of consumers as part of its mortgage settlement had fixed problems that had caused troubled borrowers’ checks to bounce.

The firm, Rust Consulting Inc., and the paying bank, The Huntington National Bank, began making payments to the 4.2 million borrowers as part of the agreement reached by federal bank regulators and the 13 largest mortgage servicers in January. (According to Rust, 1.4 million payments had been sent.)

However, consumers were unable to cash or deposit their checks due to insufficient funds.

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Comments
3 Responses to “American Banker: Yet More Problems Surface with the Foreclosure Settlement – Bounced Checks”
  1. Eric Cain says:

    How can we verify how many people filed claims in the time period outlined? Is it possible that the checks were not paid at the correct amount, based on how may claims filed? or do we just have to take their word as proof?

  2. talktotennessee says:

    Are you saying my check on Huntington Bank that arrived yesterday is no good? I haven’t even tried to deposit. How do I verify?

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