The Federal Reserve Board announced a plan to redistribute unclaimed funds under the Independent Foreclosure Review Payment Agreement

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The Federal Reserve Board announced a plan to redistribute unclaimed funds under the Independent Foreclosure Review Payment Agreement

The Federal Reserve Board announced a plan to redistribute unclaimed funds under the Independent Foreclosure Review Payment Agreement

The Federal Reserve Board on Thursday announced a plan to redistribute unclaimed funds under the Independent Foreclosure Review Payment Agreement to eligible borrowers who have cashed or deposited checks.  The plan covers borrowers of mortgage servicers regulated by the Federal Reserve.

The Independent Foreclosure Review Payment Agreement, overseen by the Federal Reserve and the Office of the Comptroller of the Currency, provided $3.9 billion for borrowers of 14 servicers whose homes were in any stage of the foreclosure process in 2009 or 2010.  As of October 2015, more than $3.5 billion had been cashed or deposited by eligible borrowers.  Borrowers of servicers regulated by the Federal Reserve have cashed or deposited checks with a value of $798 million as of mid-October, which amounts to approximately 91 percent of the total value of the payments issued to these borrowers.

Borrowers of servicers regulated by the Federal Reserve who have not yet cashed or deposited their original check have until December 31, 2015, to request a replacement check.  These borrowers must cash or deposit their checks by March 31, 2016.

In mid-2016, the Federal Reserve will direct the paying agent, Rust Consulting, Inc., to redistribute any funds remaining after March 31, 2016, to borrowers of these servicers who have previously cashed or deposited their original checks.  The Federal Reserve intends to distribute the maximum amount of funds to borrowers affected by deficient servicing and foreclosure practices.

Borrowers whose mortgages were serviced by one of the 14 servicers that entered into agreements in 2013 should call Rust Consulting, Inc. with questions at 888-952-9105, Monday through Friday between 9:00 a.m. and 8:00 p.m. EST or Saturday between 11:00 a.m. and 4:00 p.m. EST or visit http://www.independentforeclosurereview.com/ Leaving the Board.

For media inquiries, call 202-452-2955.

Board Votes

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Source: http://www.federalreserve.gov
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2 Responses to “The Federal Reserve Board announced a plan to redistribute unclaimed funds under the Independent Foreclosure Review Payment Agreement”

  1. crittermom says:

    It’s good to know the money will be distributed to the victims, but it would be even better if they reopened the IFR, finished the audits, & truly compensated us victims. (Hey, everyone loves a fairytale, right?)
    From what I’d read they were no more than 6 months away from completing full audits on ALL of the loans during the IFR, which would have told the true story.
    Instead, after many months spent putting in all the data so that could be accomplished, the IFR was suddenly shut down overnight & everyone given their pittance, with relatively few reviews actually having been done.
    Apparently this is the best we can hope for in the form of justice?

    The banks are certainly not done with us citizens. I’m hoping everyone will join in signing their opposition to this latest bill introduced, which would open the highway even further for the TBTJ “free ride”.
    http://www.petition2congress.com/19001/join-occupy-sec-in-urging-congress-to-oppose-hr4002-criminal-code/

  2. http://kareemsalessi.com/foreclosure-crimes/

    Lies…Lies…Lies & more Lies

    They haven’t compensated anyone with anything, and they never will. All their claims are criminal lies.

    Rust Consulting, Inc., The Federal Reserve Board, The Independent Foreclosure Review, National Mortgage Settlements, etc, are all created and run by pure criminals at the top who looted everything that was to there to embezzle.
    Criminals don’t compensate victims. Criminals steal from victims, as these people have.

    The Fed & U.S. Treasury are the criminal frauds which officially started the criminal scheme leading to the all time high global plunder law named Gramm–Leach–Bliley Act (GLBA) in order to bring about the financial crisis which began in 2007, and will continue for much longer.
    Those people are pure criminals, every single one of them, as explained below by Greg Palast.
    A few of their names appear on this document leaked in 2013

    The Confidential Memo at the Heart of the Global Financial Crisis
    August 22, 2013
    by Greg Palast
    http://www.vice.com/en_uk/read/larry-summers-and-the-secret-end-game-memo

    https://socioecohistory.wordpress.com/2013/09/14/greg-palast-the-endgame-memo-that-confirmed-every-conspiracy-freaks-fantasy-illuminist-bankster-conspiracy/

    More documentation in my below 9th Circuit Appellate Motion:

    Case: 13-57063, 10/27/2014, ID: 9292382, DktEntry: 12

    For free copy contact through: http://www.disclosurerealty.com/home.asp

    “Kareem Salessi 11-25-15”

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