From an article today from RT News: “While the US government touted its “record” settlement reached this week with Bank of America for mortgage fraud that helped fuel the 2008 recession, the details of the agreement indicate yet another slap on the wrist for an offending Wall Street titan.
Bank of America agreed to a $16.65 billion settlement with federal authorities for selling toxic mortgages and misleading investors, the US Justice Department announced Thursday.
“This historic resolution – the largest such settlement on record – goes far beyond ‘the cost of doing business,’” Attorney General Eric Holder said in a statement.
“Under the terms of this settlement, the bank has agreed to pay $7 billion in relief to struggling homeowners, borrowers, and communities affected by the bank’s conduct. This is appropriate given the size and scope of the wrongdoing at issue,” Holder added.
Yet the $7 billion in “relief” is considered a “soft money” fine, in which the bank will reduce some homeowners’ mortgages. Very few homeowners are eligible for the refinancing pursuant to the settlement, AP reported. Those who are eligible may need to wait years to see any settlement aid, as payouts will be ongoing through 2018.
Those already in the hole following a lost home due to foreclosure or a short sale – when a lender takes less money for a home than what the borrower owes – are unlikely to benefit from the terms of the settlement.
Outside of the $7 billion for consumers, the Bank of America settlement includes a $5 billion cash penalty and $4.6 billion in remediation payments. Large portions of the deal will be eligible to be claimed as business expenses, allowing the mega-bank to treat them as tax write-offs.
The Bank of America settlement includes the appointment of an independent monitor to review the consumer relief portion of the agreement. It is yet to be determined when the monitor will be named.”
Read the full article on RT.com
WHILE YOU ARE HERE…
The mass censorship of independent media is exploding. Our content is being silenced on social media and demonetized by mega-corporations who want to eliminate competition. But you can help us in this fight. Your freedom matters. Your voice matters. You have the power to fight those who seek to silence us.
You are our most important ally.
We need your support now. Donate to help us fight Big Brother censorship.
Latest posts by Royce Christyn (see all)
- Irish Slaves – What The History Books Will Never Tell You - November 1, 2017
- Government Op Who Predicted Super Bowl Score Warns Of Nuclear War - February 18, 2017
- Video: Why Voting Doesn’t Change Anything & Democracy Is A Lie - May 7, 2016