Rust Consulting Inc: Unclaimed Property Issues Emerge Again

In recent news, Rust Consulting has announced that an additional payment will be sent out to borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley around May 17th. This is a follow-up to the Independent Foreclosure Review payment agreement, which was previously implemented.

The Federal Reserve issued a press release with the headline 'Federal Reserve provides additional information on borrowers whose mortgages were serviced by Goldman Sachs and Morgan Stanley.' However, this announcement has raised concerns among affected borrowers, as it appears that Rust Consulting has sent out checks that are too small for some eligible individuals.

This is not the first instance of incompetence from Rust Consulting. In the past, the company has been criticized for its handling of borrower mailings during the Independent Foreclosure Review process. The Government Accountability Office (GAO) found that the letters sent to borrowers were written in language that was difficult to understand and that inadequate efforts were made to reach eligible borrowers.

Furthermore, readers have reported receiving changing instructions on how to provide their current addresses, which has led to confusion and frustration among recipients. Additionally, some checks issued by Rust Consulting have bounced, causing further financial stress for affected individuals.

Rust Consulting's handling of the unclaimed property issue raises concerns about its competence and ability to manage complex financial transactions. The company's history of mistakes and inefficiencies is alarming, especially given its ties to the residential real estate industry and its recent sale to Citigroup's venture capital arm.

In light of these developments, it is crucial that borrowers keep a close eye on their mail and communicate with Rust Consulting promptly if they have any issues or concerns. It is also important for regulators and lawmakers to hold companies like Rust Consulting accountable for their actions and ensure that borrowers receive the compensation they are entitled to.

Ultimately, the situation highlights the need for transparency and accountability in financial transactions. Borrowers deserve better from companies like Rust Consulting, and it is up to regulatory bodies and lawmakers to ensure that they receive fair treatment.

Rust consulting inc unclaimed property