Another Slap in the Face!

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, Intermediate Accounting, Managerial Accounting.

Bounced Check from Mortgage settlementThe first round of payments covered under the foreclosure settlement against the nation’s largest banks, who were accused of wrongful evictions and other abuses, bounced due to insufficient funds this week.

Questions:
1. How long did it take to resolve the federal investigation into the foreclosure abuses?
2. Approximately how many people either delayed cashing the check or have had problems doing so according to the article?
3. Why did this glitch occur?

Source:

Silver-Greenberg, J. and B. Protess. (2013). Mortgage Relief Checks Go Out, Only to Bounce. The New York Times, April 17 (Retrievable online at http://dealbook.nytimes.com/2013/04/17/victims-of-foreclosure-abuses-face-another-woe-bounced-checks/?hp)