Rust Consulting Feels Heat from Payout Recipients, Lawmakers

Staff members from the office of Rep. Elijah Cummings, D-Maryland, one of several Democrats who are closely following the mishaps of the Independent Foreclosure Review (IFR), are scheduled to meet with executives of Rust Consulting this week. Cummings and regulators are trying to figure out what exactly is going on with the firm, which has two decades of experience in managing financial settlements and claims.

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Foreclosure Review Settlement: Banks Face First Funding Deadline

Mortgage servicers face a March 15 deadline to make initial cash payments into a specical fund from which qualified borrowers will be compensated for wrongful foreclosure actions taken in 2009 and 2010, according to the most recent consent orders between the lenders and bank regulators.

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