Major U.S. Banks’ Checks Sent To Homeowners Bounce In $3.6 Billion Improper Foreclosure Settlement

improper foreclosureHere’s fair warning that if Bank of America, Citibank, Goldman Sachs, HSBC, or Wells Fargo illegally foreclose on your home, the piddling compensation check sent to you a few years later may bounce when you attempt to cash it. Via ABC News:

A bunch of big banks agreed to a $3.6 billion legal settlement a few months ago to halt a review of improper foreclosures, in which banks’ law firms fabricated and robosigned documents.

Under the settlement, checks will be sent to more than 4 million homeowners who lost their homes to foreclosure in 2009 and 2010.

The first wave of checks was sent Friday. And, according to the Federal Reserve, at least some of them bounced. The Fed phrased it this way: “Some early recipients of checks informed the Federal Reserve’s consumer helpline on Tuesday that they were told their checks could not be cashed.” The Fed says the problem has been solved.

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  • InAwe

    Hilarious joke. All of it.

    • http://artasith-m-nasdsnre.tumblr.com/ Simon Valentine

      Yeah. I can help with the satire.
      It’s not like the banks don’t have firewalls or anything.
      It’s not like they don’t know they’re doing illegal actions.
      It’s not like “hey people are checking on this?” “good thing we can’t lawfully not encrypt the system.”
      It’s not like checks bouncing is part of the computation.
      It’s not like there’s any fraud, coercion, intimidation, collusion, nuisance, feasance, defamation, or treason. There’s certainly no treason.
      It’s not like the bullet hit the brain yet. There’s certainly no Kennedy or Lincoln.
      It’s not like this is a land of spirits.
      It’s not like this is America.
      It’s not like it’s not like any of this, satirical or not.

  • Bluebird_of_Fastidiousness

    It reminds me of the VD episode of Strangers with Candy when the doctor tells Jerri that her crabs have syphilis which in turn has gonorrhea. This fraud has corruption which has flaky incompetence. These guys have underhanded practice mastered as an art on every level.

    • http://artasith-m-nasdsnre.tumblr.com/ Simon Valentine

      master may be giving them (dolts) too much credit but *like*

  • ron10s

    Yeaaaaaaaah,

    I got my “screw you check” from Jamie Dimon. I have fought for over 3 years on a foreclosure where I made ALL of the TPP payments and then some more and Still no modificiation by Chase or the Kraut assholes at Douche Bank. No idea who owns the NOTE — they do not know. Every robo signer you read about is in the docs.

    So out of the $28 billion settlement — I got 500 fricking dollars AND I still have to fight a lawsuit even though they admit they are wrong. What a wonderful country we have here aka America. Land of the Criminal Bank, Regulators who suck , attorneys who help them screw the Average Joe and Politicians whose sole goal is to line their pockets and get re-elected.

    We worry about immigration, guns, giving money to foreign countries and so on — but lets screw the unemployed and the homeowner.

    Jamie Dimon should be in JAIL !!!!