Mailing Checks To Consumers -- National Mortgage Settlement Version

Apr 23, 2013

Any reader of this blog knows that the Independent Foreclosure Review has been utterly bungled all the way down to bouncing checks. Not to be out-bungled, the National Mortgage Settlement is about to enter its payout stage. Unlike the IFR, the National Mortgage Settlement (NMS) required homeowners to submit a claim form to be eligible for a payout.

The deadline for submitting a claim form was January 18, 2013. If you did not submit a form, then you are not eligible to receive a check. The minimum payment under the NMS is $840. According to the NMS website, most people receiving checks will likely receive more than this amount. It makes me wonder whether this is due to a high number of valid claims based on serious bank misconduct or whether it is due to a very small number of claims being submitted.

Rust Consulting of IFR check-bouncing fame will be issuing the NMS payout checks in mid to late May. Individuals receiving checks may want to wait a few days to be sure that Rust puts the money in the correct checking account.

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