Friday, April 19, 2013

Man oh man

"Some borrowers who received compensation for possible foreclosure abuses were told to take a hike this week when they tried to cash the checks.

Just when it seemed the mortgage mess might be tailing off, it was the latest debacle for a program whose flaws have raised fresh doubts about the competence of America's big banks and their federal regulators in Washington.

The company that the regulators chose to handle the distribution of $3.6 billion to more than 4.2 million borrowers had failed to transfer the funds to the bank that issued the checks, according to a New York Times report Thursday.

Some recipients' checks were honored. But other borrowers called the Federal Reserve Board on Tuesday to complain that they were turned away, the Fed said in a news release Wednesday. It didn't say how many people were affected."


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