Fed Says Mistakes Made in Mortgage Settlement

Fed Says Mistakes Made in Mortgage Settlement

The Fed said that about 96,000 of the 217,000 checks that were mailed to Goldman Sachs and Morgan Stanley borrowers had incorrect amounts.
The Fed said that about 96,000 of the 217,000 checks that were mailed to Goldman Sachs and Morgan Stanley borrowers had incorrect amounts.

[THE NEW YORK TIMES]

Some 96,000 borrowers who received checks to compensate them for wrongful foreclosures on their mortgages will be getting an additional check to correct for errors in the initial payment, the Federal Reserve announced Wednesday.

The Fed said the affected borrowers received initial compensation amounts that were too low because of errors made by Rust Consulting, the company handling the payments.

Find out more about how borrowers were affected by the mistakes at The New York Times.