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.
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.