Rust Consulting Mails Last Wave of IFR Checks Before Summer


The running tally from the foreclosure-review payments: More than 1.8 million people have cashed or deposited almost $1.7 billion in checks through May 2, 2013, regulators said.The running tally from the foreclosure-review payments: More than 1.8 million people have cashed or deposited almost $1.7 billion in checks through May 2, 2013, regulators said.

Rust Consulting sent out the fourth wave of 233,404 checks totaling more than $224 million on Friday stemming from the scrapped Independent Foreclosure Review.

(Read More: Goldman, Morgan to Send $247 Million in Foreclosure Deal Checks)

That brings the total number of checks sent since April 12 to more than 3.9 million worth $3.4 billion.

“A final wave of checks that required additional information from the borrower will be issued during the summer,” said the Office of the Comptroller of the Currency, without offering a specific date or amount.

Meanwhile, IFR borrowers have started at least two online petitions seeking to have the foreclosure reviews reinstated or re-evaluated. One is at Change.org, the other is at the White House petitions webpage.

Both sites have gathered hundreds of signatures since the foreclosure settlement checks, most of which are for hundreds of dollars, began arriving in mailboxes last month.

(Read More: MSNBC: $300 Checks are ‘Cold Comfort’ to Foreclosure Families)

The OCC said borrowers with questions regarding payments should contact Rust Consulting, the paying agent, at 1-888-952-9105, Monday through Friday, 8 a.m.-10 p.m. ET or Saturday, 8 a.m.-5 p.m. ET.

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4 Responses to “Rust Consulting Mails Last Wave of IFR Checks Before Summer”

  1. Unknown says:

    SIGN THE PETITION!!! Our stories individually don’t matter. Collectively, we can make a difference.
    https://petitions.whitehouse.gov/petition/re-evaluate-independent-foreclosure-review-and-review-occ-and-federal-reserves-role/KpNg8Hzn

  2. Dennis McMath says:

    The 500.00 dollars that was mailed to me was a slap in the face. The bank got us now this review board. I had a liver transplant and fell behind the bank could have cared less. I belive all this was a big fog to help the banks and not the homeowner.

  3. Unknown says:

    http://www.marketwatch.com/story/rust-p … 2013-05-08

    Rust Consulting, the paying agent for the Independent Foreclosure Review (IFR) Payment Agreement, said today that a clerical error led to some borrowers in the May 3, 2013, wave of payments being sent checks for less than the amount that the Federal Reserve directed those borrowers to be paid. Rust has corrected the error and plans to mail supplemental checks to affected borrowers as soon as May 17, 2013, for the additional amounts they were to be paid. A letter explaining the reason for the supplemental check will accompany the supplemental check.

    In the wave of settlement payments mailed on May 3, 2013, approximately 96,000 borrowers whose loans were serviced by Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.) were affected by the error. The remaining borrowers mailed checks on May 3, 2013 were not affected by the error.

    The correct total payment amounts are listed on the Federal Reserve Board’s website at http://www.federalreserve.gov/consumeri … 0429a1.pdf.

  4. rocky says:

    when do reissuing of checks start been waiting 9 weeks what a ripoff

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