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Bad Checks Strike Foreclosure Settlement Payouts
Realtor Mag ^ | 4/18/13 | Realtor Mag

Posted on 04/18/2013 11:37:41 AM PDT by illiac

Banks began to compensate 4.2 million borrowers last week for past mistakes in processing foreclosures, but a few borrowers say the checks they were sent wouldn’t clear. So far, only a handful of borrowers reported being unable to cash their checks, “but the incident is another embarrassment for federal banking regulators already faulted for prematurely halting [foreclosure reviews] and not securing more money for affected home owners,” The Wall Street Journal reports.

The reimbursement checks stem from a settlement with federal regulators and 13 mortgage servicers, in which servicers agreed to provide $3.6 billion in cash payouts to eligible borrowers who were foreclosed on in 2009 and 2010. About 4.2 million home owners who underwent foreclosure in 2009 and 2010 may be eligible to receive payments ranging from $300 to $125,000 as part of the settlement.

(Excerpt) Read more at realtormag.realtor.org ...


TOPICS: Business/Economy; Chit/Chat
KEYWORDS: business; chat; housing
Must be because of the sequester....(S)
1 posted on 04/18/2013 11:37:41 AM PDT by illiac
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To: illiac

I wonder what makes one person get $300.00 and another get 125,000, were some screwed worse than others...WHAT?


2 posted on 04/18/2013 1:01:18 PM PDT by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
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