Wall Street Journal Analysis of Mortgage Settlements Shows Very Little Went to Wronged Borrowers
This is a nakedcapitalism.com article.
We’ve depicted the various settlements of mortgage liability, most importantly, the 2012 49 state/Federal deal called the National Mortgage Settlement, as a “get out of jail almost free” card for banks. It was tantamount to a second bailout for the widespread failure to securitize mortgages in accordance with the bank’s own requirements, and the resulting foreclosure abuses that resulted.
The Wall Street Journal has endeavored to find out where the money, which nominally totals $110 billion across the six biggest banks, went. While the story does not say so crisply, perilously little benefitted borrowers despite concerted efforts to pretend otherwise.
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