The Check Is In The Mail--SO WHAT!!

It seems that some of the payees of the recent foreclosure settlement between the 13 major lenders and servicers has run into a glitch. As noted here previously, checks were being mailed out to those who were authorized to receive them, and varied in size from a few hundred bucks to thousands. Rust Consulting was the paying agent for the settlement, as had also been noted here. The actual paying bank was Huntington National Bank, a good quality regional bank based in Columbus, OH. Unfortunately for some payees, a number of the checks bounced for insufficient funds. At least that's what the payees were told by their own banks when they tried to cash or deposit the checks. Out of a total of 1.4 million checks sent out, only a relatively small number bounced, but if the rubber check was yours, it clearly wouldn't make you feel any better to know that most of the checks sent out cleared. However, according to both the Fed and to Rust Consulting's senior VP, James Park, the causes of the glitch have been remedied and all checks are now being honored. In case you have any problems with your check, or haven't received it, call Rust at 1-888-952-9105, any time from Monday through Friday from 8 a.m. until 10 p.m. or on Saturday from 8 a.m. to 5 p.m. EDT. According to Rust, about 90% of all payments should have been mailed out by the end of this month, with the remainder being sent in mid-July. One important note: if your payment is coming from Goldman Sachs or Morgan Stanley, no payment date has yet been scheduled, so you may have to hold on for a while. If I hear anything on this, I'll of course post it here immediately. Meanwhile, as always, Good Luck.