WASHINGTON, DC – April 19, 2013 – (RealEstateRama) — The second wave of 1.4 million checks totaling $1.2 billion was sent today to borrowers eligible for payments under the Independent Foreclosure Review Payment Agreement, bringing the total number of checks sent to date to 2.8 million worth $2.4 billion.
As of the close of business Thursday (April 18), 434,484 checks totaling nearly $419 million were cashed or deposited.
The payments result from agreements between the Office of the Comptroller of the Currency, the Federal Reserve Board, and 13 servicers to provide $3.6 billion in payments to borrowers
With great interest, I am watching this.
Originally, the OCC and FRB had a chart that depicted where homeowners would fall given various scenarios. I fit in the top category and about fainted when I saw the amount.
$125,000
It is about $100,000 shy of what my equity position was in the home but better than the heartache and harm shown me in those very dark days of 2010. The charts were redone, the categories realigned, presumably to help the dissemination of the funds the banks paid.
One chart by the IRS even stated how the equity disbursement for those of us who lost equity in our homes due to the illegal foreclosure would be, or might not be, taxed. See, equity can be reinvested in a new home but what about those of us who lost it due to the illegal activities of the banks.
What I find mildly curious, is the data in the table above was published by the Federal Reserve Board and the Office of Comptroller and yet the press releases do not match the figures in the tables.
Easier to read chart is below:
Categories from OCC
I redid the tables so I could run the simple calculations and aggregate the # of people and dollar amounts. Nothing matches - close but no 1 to 1 match.
Further, of course, no one will say who is getting what.
Worse, there is no recourse if you dispute the amount.
Rust Consulting is the barrier to finding out anything. The company has been instructed to not give out any information - when the check is coming, how much it is for, or anything else other than a check will be sent. I find that interesting that this group is being staffed by people who formerly worked as business analysts for the large banks. Even more interesting, to me, is that the person who bought my home now works for Rust, rather than his former employer of Wells Fargo (yes, I do know who he is).
Many say that those foreclosed upon probably deserved it. I know. I've heard it and been subjected to the judgmental faces of former "friends" - turning of faces away from me (Lisa, my old neighbor walked purposefully in the other direction after her daughter excitedly said, "AD2B is here!"), and have been subjected to criticism that was not appropriate.
I think Sir H even ascribed me to be a thief. Anyone who knows me was aghast he would have even intimated that to me. I was simply dumbfounded!
Oh, and how I could descend into a rant that is not worth my space on here. Ah yes. What really occurred?
Well, that's a long, strange story that started in the middle of 2007, and perpetuated itself along a long, winding highway of broken dreams, hurtful comments, sad commentary, and eventually, the loss of lifelong investments. The stories are all on this blog.
I await in eager anticipation of a very eggregious wrong being somewhat righted. However, I continue to wonder how those who made the charts, and sized up the distribution can make the people who were harmed whole, when the simple math cannot be explained or reported correctly. (And I'm rechecking my computations.)
