Federal Reserve provides additional information on borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley
Some borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley and who were already sent a check as part of the Independent Foreclosure Review payment agreement will be sent an additional payment around May 17, Rust Consulting announced Wednesday 
. The payments are being made to correct an error by Rust Consulting, the paying agent, when the original payments were sent last week.
As Rust Consulting has announced, approximately 96,000 borrowers whose loans were serviced by the former subsidiaries of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.) were sent checks for less than the payment amount that the Federal Reserve directed Rust to pay. The new checks will make up the difference between what was in the original check sent by Rust and what should have been paid. Borrowers should cash both the original checks and the supplemental checks.
The Federal Reserve Board became aware of a possible discrepancy on Tuesday and immediately contacted Rust Consulting to assess the problem. The Federal Reserve was advised that on May 3, 2013, Rust sent checks to the affected borrowers–approximately 96,000 of the more than 217,000 Goldman Sachs and Morgan Stanley borrowers who were mailed checks on May 3–that were incorrect. The checks were for amounts that were smaller than the amounts that the Federal Reserve had specifically instructed Rust to send those borrowers. The Federal Reserve directed Rust to distribute the supplemental payments to affected borrowers as soon as possible.
The Federal Reserve will continue to closely monitor the payment agreement and Rust’s work in distributing checks under the agreement. Rust has determined that the error was limited to borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley.
For more information about the settlement between 13 mortgage services, the Office of the Comptroller of the Currency, and the Federal Reserve–including the amounts that are to be distributed to affected borrowers–go towww.federalreserve.gov/
SOURCE: http://www.federalreserve.gov
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Since our homes were taken the way they were …. Wouldnt it be a blessing if the mortgage co would give us all a down payment certificate to buy another home to me that would be so awesome and mean no more renting …. my rent since i lost my home has gone up twice landlord said b/c of property taxs .. makes my stomach turn to know we are paying anothers mortgage
Borrowers should cash both the original checks and the supplemental checks.how many checks are there going to be ? I had litton mortgage
I had a Bank of America loan.with many screw ups including the worst being wrongfully foreclosed on. I was able to hire someone to get it expunged back into my name and they still wouldn’t help me with modification. I was given a check from Rust for $300.00 and a note that there is no way to dispute it. It’s not just the two banks (Goldman Sachs and Morgan Stanley) that they screwed up on. Who do we contact to let them know it was also Bank of America??
We deserve a house since we carry bad loan for three years n we proof good experience for five years when we refinance n market went down n lost our equity in our home. we asking if we can get a house similar or our house back since the lender or our services consider new buyer for less what we were paying n less loan it hurt when they don,t consider us n we post payment we were prequalify than agreed to surrender since they switch on us in loan modified n wasted lots of time n delivered the house in 2010 n we are renting now since then
We deposit the check amount it WASN,t enough or not right amount we need a house not only cash check..we need a loan to buy even we are foreclosed on can we get new loan with the federal bank new laws why the bank get money n not get to us ?we willing to get bank owned in our area where we lost our home same people wife n husband occupied call me at 6264822334 no agent or broker only goverment help we can afforded
you are still getting your money that you are owed it just may take a little longer and coming in 2 checks instead of 1. rust does a good job with what they are given. dates are determined by considering all the factors. I realize people have been thru a lot and are in need of the money but everything has a process and everything takes time
You screwed us by taking our homes and now your doing it again by not paying up for the damages and these bank executives got off Scott free. Who is going to pay for the second mortgage that I have because you took my home. Great country we live in. It sucks!