Rust Consulting Debacle Part Deux: Company That Bungled Foreclosure Checks Now in Charge of Another $1.5 Billion for The National Mortgage Settlement


Company that bungled foreclosure checks in charge of another $1.5 billion in housing reparations

The company accused of bungling some payouts from the Independent Foreclosure Review is also tasked with distributing $1.5 billion in checks to homeowners eligible for the National Mortgage Settlement.

Rust Consulting, which has an office in Palm Beach Gardens, is expected to begin mailing those checks mid-year, according to the National Mortgage Settlement website.

Although the amount of the checks and how many will be doled out is still unknown, it is expected the payments will exceed the original expected minimum of $840 that was noted on a homeowner claim form.

Geoff Greenwood, a spokesman for Iowa Attorney General Tom Miller, said today that an update on the distribution and details on the checks is expected soon. Miller was lead negotiator in the $25 billion settlement between the nation’s five largest banks and 49 attorneys general.

About $1.5 billion from the settlement is to compensate borrowers who lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2011.

Rest here…


14 Responses to “Rust Consulting Debacle Part Deux: Company That Bungled Foreclosure Checks Now in Charge of Another $1.5 Billion for The National Mortgage Settlement”
  1. james medeiros says:

    Wow Rust Consultinn, Incompitant! wrong address, wrong name not even the name on the original paperwork, I sent the correct information in and confirmed with two people and still wrong
    maybe it’s the stall technique, (checks in the mail or forget to sign it so I have to send it Back). I’m really sorry my mom passed away and left me with this can’t believe the banks either. Couldn’t just transfer the mortgage?

  2. jaynnr says:

    So I just got off the phone with rest consulting and wouldn’t you know it they still haven’t mailed my check. I was told it would be mailed on the 15th of July here we are the 17th of July he had the nerve to tell me that I needed to look for that the end of the month. I am so sick of this it has been 18 weeks and nothing. I wish there was something we could do.

  3. bobbi swann says:

    Anybody else out there get their checks from the National Mortgage Settlement yet? (not asking about the checks from the “audit” fraud). I am in Florida and supposedly Pam Bondi released the funds for disbursement in the first of June. I don’t know of anybody receiving checks yet…

  4. Sue says:

    I thing that our stare general need to do a better job, hiring this Rust company was the worse thing ever , Rust company has done nothing but, give people the run around with their bullshit lies about issuing the payments. Rust company need to be investigated so the people can really know what they are doing with the money.

  5. jaynnr says:

    So….I’ve called 6 times and my payment is still in limbo. They should get all checks out before taking on a new task….or rather find someone more efficient to handle the task. SMH…..

  6. Cheryl Forester says:

    Whose side is Rust on? The banks stole our money, they harassed us, and now Rust is not paying some and short changing others. What a rip-off!

  7. honeyyo1 says:

    I got my $1484 check today

    • Sabrna says:

      Wow! Congratulations!!! Who did you have to contact to get your check? I’ve been getting the run around for so long. My check was supposed to have been sent to me on April 6, 2013 but still don’t have it. Each time I call, there is a different excuse and get advised to wait 30 days. Plus, the operators can’t or won’t tell me if the check ever got cashed or anything. I would be highly upset if I waited all this time just to get a $200 check after all the negligence I dealt with, with the bank and now with Rust Consulting.

      • BOBBI SWANN says:

        @ sABRNA – I believe honeyyo1 was referring to the checks coming out of the state of Florida under the National Mortgage settlement which is different than the settlement on the audits. Each state got a different amount and distribution was also left pretty much up to each individual state.

  8. Beth says:

    Rust is aJOKE! I have been trying to change my address with them for four months! IDIOTS!

  9. Melissa T says:

    So Rust screws everything up in the first task and go right ahead and give them task 2 to potentially screw up as well. Wonder how much $$$ they made AND still screwed everything up. Maybe they where just hoping ppl didn’t notice they where short changed…..

  10. pbe62 says:

    I agree with you 100%!! I am so disappointed in our Congress and President. Its an outrage that Jack Lew is Treasury official, and he received a heavy bonus from Citi after we give Citi bailout money, and then invest heavily in Rust Consulting! Wow so its a coincidence that Rust Consulting can’t tally up the exact figures of payout in this computer/information age! However its so easy for Citi to say you don’t qualify for a review even though foreclosure was initated on me in 2009.

  11. BOBBI SWANN says:

    I have about as much faith in this company as I do in the whole mortgage settlement, President Obama, and the rest of the conglomerate of greedy sob’s that are called Senators, Congressmen and Attorneys General. The whole lot of ’em have climbed the (greed) ladder of wealth at the expense of hard-working citizens of this country. I have not found one yet that is not tied to the financial market who would be able to task of serving the people in an honest fashion. Guess this is too much to ask given the state that this country is in. At re-election time it’s time we stop the recycling of these whores!

  12. Really?Seriously? Wow who would have thought?Seriously stuck on stupid.These morons couldn’t figure out simple right and wrong and the get more money to play more games with.WTF!!!

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