consumer 01How ‘Consumer Relief’ After Mortgage Crisis Can Enrich Big Banks


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In every multibillion dollar settlement with a big bank that peddled faulty mortgage securities, a major provision has been a requirement that the bank provide “consumer relief.”

In the case of JPMorgan Chase, for instance, the nation’s largest bank satisfied its requirement to provide $4 billion in consumer relief in September by modifying and restructuring mortgages for about 169,000 borrowers — many of them the bank’s own customers.

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