Bounced Checks For $9.3B Foreclosure Deal Fixed, Fed Says

Law360, New York (April 17, 2013, 3:09 PM EDT) -- The Federal Reserve on Wednesday assured claimants for a $9.3 billion foreclosure settlement with mortgage servicers that funds are available to pay out on all settlement checks, saying the company responsible for administering claims had resolved payment issues after early recipients complained their checks couldn’t be cashed.

According to the Fed — one of the agencies responsible for the settlement deal — paying agent Rust Consulting Inc. has assured it that problems leading to some of the settlement checks being rejected have been corrected, after some...
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