Loan Pact Hit by Bad Checks

April 18, 2013
Wall Street Journal  
mortgage lending news

Borrowers who have spent two years waiting for banks to compensate them for potential foreclosure wrongdoings met with more frustration this week as checks sent as part of a $3.6 billion federal settlement bounced. It is the latest black mark for a federal foreclosure review that has been criticized by homeowners, lawmakers, and a government watchdog. Fewer than a dozen borrowers were unable to cash checks, but the incident is yet another embarrassment for federal banking regulators already under fire for prematurely halting the review and not securing more money for affected homeowners.
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