Hedge fund manager and famed short seller David Einhorn is right: no matter how bad you think it is, it’s worse.
Consider this pious statement by David Holland of Rust Consulting, the firm responsible for sending out settlement checks, at the Senate Banking subcommittee hearings on the Independent Foreclosure Review earlier this week:
Mr. Holland, Rust: We have a call center and we’re taking calls, you know, currently from people who have received the postcard notice as part of the settlement and now our first wave of checks that went out on Friday. So we do have a phone bank ready to answer any and all questions that we get from affected borrowers. We have on-site Spanish-speaking operators that can assist Spanish-speaking people, and there is a process by where we can use a third party to help translate I believe it’s up to 200 languages if somebody calls, you know, and has a language that we’re not supporting live with Spanish or English, and we can get an operator on the phone that can help them. In terms of the – your other question about, you know, are we making efforts to reach out to people? You know, we’ve had the data, the mailing data, for this group of people going back to the IFR and it went through several levels of mailing address correction that we performed. So when we had the settlement, we started with that address information and once again ran it through the national change of address database, and we’re mailing checks, you know, to the best address that we have currently. Some of those will be returned as undeliverable, and we will make other attempts to find better address information for those that are undeliverable. And there’s nothing in place yet, but we’ve had conversations about taking additional steps beyond what we’ve done in terms of address trace. We could implement an outbound calling program, e-mail blasts. There’s all sorts of things that may be available to us. Nothing’s set yet, but those discussions are happening.We’ll not trouble ourselves with how a call center that handles only two languages can have a backup service that can correctly determine which of the 200 other languages it professes to be able to handle can determine accurately which one is actually being spoken.
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More Foreclosure Review Fiasco: Paying Agent Rust Consulting Sends Letters to Different Addresses Than on Borrower Letters, Refuses to Make Corrections « naked capitalism