this is a expression of my personal thoughts as well as an observance of what I as a Vietnam Vet sees the United States that I fought for 48 years ago was and is returning to those dark times I am worried!!
Saturday, April 27, 2013
Victims Of Foreclosure Fraud Can't Cash Reimbursement Checks
Could federal regulators and their cast of private contractors possibly do a worse job of getting relief to families who were wronged during the foreclosure crisis?
First, private contractors botched their initial review of banks’ foreclosure files. Then, the Office of the Comptroller of the Currency cut a bad deal with mortgage servicers that pays very little – about two-thirds of borrowers will receive only $300.
Finally, adding insult to injury, the disappointingly small checks are now bouncing!
Apparently, in order for borrowers to cash the compensation checks they received, their bank must contact Rust Consulting, the company handling the distribution of compensation funds for the U.S. government. However, when these banks followed typical protocol and contacted the bank issuing the checks, Huntington National Bank, they were told that the checks could not be cashed.
In the grand scheme of things, this bureaucratic slip-up can be resolved fairly easily, and the Federal Reserve has assured the public that borrowers should be able to access their compensation going forward. However, this most recent debacle underscores how this entire process has failed millions of families who have already lost their homes and savings during the foreclosure crisis.
this is why we need consumer advocacy agencies, the concessions made obviously were disingenuous and efforts to prolong the payments are shameful and spot lights the apathy that big business holds for those they have scammed and left for dead, this is also why the republicans fight vehemently against such regulation it lessens to an end of complete release of their stranglehold of the middle class their main source of dividends for their people, you know the very ones that shook your hand and flipped you the birdie when you turned to leave.
First, private contractors botched their initial review of banks’ foreclosure files. Then, the Office of the Comptroller of the Currency cut a bad deal with mortgage servicers that pays very little – about two-thirds of borrowers will receive only $300.
Finally, adding insult to injury, the disappointingly small checks are now bouncing!Apparently, in order for borrowers to cash the compensation checks they received, their bank must contact Rust Consulting, the company handling the distribution of compensation funds for the U.S. government. However, when these banks followed typical protocol and contacted the bank issuing the checks, Huntington National Bank, they were told that the checks could not be cashed.In the grand scheme of things, this bureaucratic slip-up can be resolved fairly easily, and the Federal Reserve has assured the public that borrowers should be able to access their compensation going forward. However, this most recent debacle underscores how this entire process has failed millions of families who have already lost their homes and savings during the foreclosure crisis.
