Another slap in the face

[jugoso]

American banks that incorrectly foreclosed on U.S. homeowners' properties issued court-ordered rebate cheques to their victims that bounced.

Media reports Thursday suggest an unknown number of Americans received cheques from their mortgage providers this week that when they attempted to cash them, they received error messages saying there were insufficient funds in the account.

First, kick people out of their homes illegaly, then drag your heels in reaching a 9.3 BILLION $ settlement settlement, of which

• $5.7 billion will go to the banks so they can help homeowners in need stay in their homes.
  

http://dca.lacounty....Settlement.html

goes into your pocket and then give the other 3.6 BILLION $ to these guys because they have such a good track record.

Media reports suggest the issue is based around one company, Rust Consulting, which is the financial agency designated as the transfer agent to process the refunds. After collecting $3.6 billion worth of rebate money, Rust apparently failed to transfer it into an account at Huntington National Bank, the Ohio-based bank whose name appears on all the cheques.

http://www.cbc.ca/ne...ate-cheque.html

I did a quick google search and this came up on the first page

http://www.ripoffrep...consulting.aspx

These guys seem to be notorious for not paying out. Who chose these guys and how does this kind of **** happen?

I wonder how much money they made sitting on that 3.6 BILLION $$ for as long as they could?

I also wonder who the owners are. I don´t really have time right now but did find this

In 1988, Rust began a new business segment – claims administration for class action settlements and bankruptcy cases. As the claims administration segment grew, it became a business of its own.

In 1995, Rust Consulting, Inc. became a separate operating entity focused on claims administration.

In 1999, Rust Consulting joined SOURCECORP, Inc., a predecessor company to SourceHOV. Rust remains a wholly owned subsidiary of SourceHOV.

Which led me to this

https://www.closerlo...CORP-Texas.html

So it seems to be a privately owned company based in Texas in my understanding.

Anyway,getting back to the OP, I certainly feel for these people and find the whole process as utterly disgraceful.

[+OverSword]

I can't even read this right now.....I'm fuming. Unbelievable. First they rape us, then they take a bail out, then they rape us, then they rape us some more. It's like we're europe in the middle ages and the banks are mauradin hoards of Vikings. "OY!! Whats in your wallet"

[Ashotep]

If your check bounced to them they would add a big service charge for their trouble. Bet these people don't get to do that.

I can't even read this right now.....I'm fuming. Unbelievable. First they rape us, then they take a bail out, then they rape us, then they rape us some more. It's like we're europe in the middle ages and the banks are mauradin hoards of Vikings. "OY!! Whats in your wallet"

They are and we need to break them up and stop bailing them out.

[Keel M.]

Infuriating but not surprising since corporations run this country.

[jugoso]

Independent Foreclosure Review Payment Agreement Details:

http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20130409a1.pdf

So, it seems as if the overwhelming majority of people will receive a whopping 300 bucks!

[supervike]

I can't even read this right now.....I'm fuming. Unbelievable. First they rape us, then they take a bail out, then they rape us, then they rape us some more. It's like we're europe in the middle ages and the banks are mauradin hoards of Vikings. "OY!! Whats in your wallet"

Hey now, don't besmirching the good name of Vikings in comparison.