Thom Hartmann: $3.6 Billion Settlement Begins with Bouncing Checks

[thomhartmann]

In screwed news...This week, many victims of foreclosure fraud finally started to receive their small portions of a $3.6 billion settlement with the nation's largest banks. But, when many of them rushed to the bank to cash in on their modest payout from the settlement, they were told that the checks could not be cashed due to insufficient funds. Some individuals have waited up to three years for the money, and many of their homes have long-been sold after illegal foreclosures - which just adds insult to injury for the foreclosure victims. According to the New York Times, the “mishap” occurred because Rust Consulting, the firm selected to dole out the settlement checks, failed to move the $3.6 billion into the central account at Huntington National Bank in Ohio, from where the checks were issued. The Federal Reserve issued a statement to assure the public that “Rust [has] subsequently corrected [the] problems,” and that the Fed will, “continue to monitor payments closely.” So, not only did the banksters buy their way out of foreclosure fraud charges, but it looks like they'll also get away with numerous counts of passing bad checks. If too-big-to-fail means too-big-to-jail, than banks are too big to exist. Let's break up these financial Goliaths and start prosecuting the criminals that run them.

The Big Picture with Thom Hartmann on RT TV & FSTV "live" 9pm and 11pm check www.thomhartmann.com/tv for local listings

[Amonester]

1. banksters aren't in the big club

they ARE the big club

[freedom fighter jh]

2. I wonder if anyone compensated the victims for the fee for depositing a bounced check.

When you're homeless (or just poor) because your home was taken from you in an act of fraud, and then you're given just a pittance to right the wrong, a bank fee can be a big piece of what you've got left.