The U.S. Federal Reserve is assuring borrowers sent relief checks as part of a
multibillion-dollar settlement over foreclosure abuses funds are now available.
Some of early relief checks sent under the Independent Foreclosure Review bounced because of insufficient funds and the Fed's consumer hotline advised the checks could not be cashed Tuesday.
The Fed said in a statement Wednesday the paying agent, Rust Consulting Inc., and the paying bank, Huntington National Bank, had rectified the problem.
"We apologize to anyone who experienced problems trying to cash their checks," Rust Consulting senior executive James Parks said in a statement.
The Fed and the Office of the Comptroller of the Currency last week began sending payments to 4.2 million borrowers as part of a $9.3 billion settlement with the nation's biggest banks related to troubled mortgage loans.
The first round of checks was mailed last week and more than 50,000 borrowers have already cashed or deposited the checks, regulators said.
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- Twitter Offers App Install Ads
- What to Expect From an Amazon Smartphone
- Asia Seeks Obama's Assurance Over Spats
- Nevada Range Showdown Draws Armed Supporters
- Coachella's Young Audience a Marketers Paradise
- Putin: No Blocks to Boosting Relations With West
- NASA's Space Station Robonaut Finally Getting Legs
- National Energy Boom Blurs Political Battle Lines
- Auto Parts Plant Opening in Pa., Jobs on Tap