Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

The Government Agency Which Should Fine Itself

Friday, April 19, 2013 - 6:37 PM
From The Huffington Post:
The foreclosure abuse settlement that was intended to speed relief to homeowners is ending as it began: with controversy and complaints that the program isn't working.

On Tuesday, some of the first people to receive payouts under the $9.2 billion deal between federal regulators and the mortgage industry called into a government hotline to report that their bank would not cash their check, the Federal Reserve announced in a press release. Though the unspecified problem was resolved, the Federal Reserve noted, the episode is likely to further erode confidence in a program that has failed to deliver on almost every promise made by federal regulators.

... Late last week, regulators announced that the first batch of payments were on their way. Most of these checks are small, with payouts averaging less than $1,000. A small number of borrowers, mostly military personnel who were improperly foreclosed on, will receive checks for the maximum amount of $125,000.

Read more

pearlbrownpearlbrown1,466 posts since
Nov 2, 2010
Rep Points: 6,375