Wednesday, April 17, 2013

Foreclosure settlement checks go out, but hit a problem -

Foreclosure settlement checks go out, but hit a problem - "Some of the mortgage borrowers who received checks this week as part of a $3.6-billion foreclosure-abuse settlement were initially unable to cash the checks, the Federal Reserve said Wednesday. The Fed said, however, that the problem has been resolved.

The paying agent for 13 mortgage servicers, Rust Consulting Inc., "corrected problems that led to some checks being rejected," the Fed said in a statement., without offering any details. According to a source with knowledge of the problem, recipients were able to deposit the checks in their bank accounts, but some ran into trouble when they tried to cash them.

Margaret Jurow, a lawyer with Legal Services of New Jersey who works with homeowners facing foreclosure, said many of her clients don't even have bank accounts, so cashing the check was their only option."

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FOR THOSE WONDERING the list of lenders involved: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.

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