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Foreclosure Settlement Checks To Homeowners Significantly Smaller Than Regulators Forecasted
Posted: 05/01/2013 12:45 pm EDT
Ben Hallman
Adam Crain reckoned he was due $125,000. That amount would come as compensation for losing his Oak Harbor, Wash., home to foreclosure while he was serving aboard a naval vessel in the Middle East. He calculated that sum using a table distributed by federal regulators as part of a $9.2 billion settlement with mortgage companies over a wave of improper foreclosures.
<...>
But last week, when Crain opened the envelope and removed his check, he was horrified by the amount his bank, Wells Fargo, had determined he was due: Eight hundred dollars was all he received.
<...>
Two weeks after the first payments began going out as part of the settlement struck in January with mortgage companies, homeowners who suffered improper foreclosures are describing a new injury. Many say they are being denied their rightful compensation under the terms of the deal.
More than a dozen people who have contacted The Huffington Post in recent days say that the check they received is smaller than what they deserve, based on their interpretation of the payment table. Some feel they were shorted by a few hundred dollars; others, like Crain, say they were paid a tiny fraction of what they feel they are owed.
http://www.huffingtonpost.com/2013/05/01/foreclosure-settlement-checks_n_3193377.html
Ben Hallman
Adam Crain reckoned he was due $125,000. That amount would come as compensation for losing his Oak Harbor, Wash., home to foreclosure while he was serving aboard a naval vessel in the Middle East. He calculated that sum using a table distributed by federal regulators as part of a $9.2 billion settlement with mortgage companies over a wave of improper foreclosures.
<...>
But last week, when Crain opened the envelope and removed his check, he was horrified by the amount his bank, Wells Fargo, had determined he was due: Eight hundred dollars was all he received.
<...>
Two weeks after the first payments began going out as part of the settlement struck in January with mortgage companies, homeowners who suffered improper foreclosures are describing a new injury. Many say they are being denied their rightful compensation under the terms of the deal.
More than a dozen people who have contacted The Huffington Post in recent days say that the check they received is smaller than what they deserve, based on their interpretation of the payment table. Some feel they were shorted by a few hundred dollars; others, like Crain, say they were paid a tiny fraction of what they feel they are owed.
http://www.huffingtonpost.com/2013/05/01/foreclosure-settlement-checks_n_3193377.html
At least the banks and other large financial institutions got their taxpayer bailout promptly (literally days) and in full. Who knows what would have happened if they were unable to payout millions in bonuses to their criminal executives.
Banks are now making record profits and homeowners improperly foreclosure upon are getting peanuts.
America!
7 replies
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sickening, outrageous...and lends credence to those who believe there will ultimately be an armed insurrection or revolution or something.
The blatant stealing of people's life savings cannot continue like this. It simply cannot. 
these cases should be reviewed on a case by case basis particularly the ones involving active duty military
What an insult.
