If the U.S. government had intended to penalize banks for their part in the Miami foreclosure crisis, it has failed miserably.
In fact, according to a number of recent media reports, the $25 billion settlement that was announced earlier this month – the one that was supposed to make banks pay for all the greed and abuses that led to the Great Recession – is actually going to be a windfall for banks.
You read that correctly.
This “sweetheart deal” is going to be primarily funded by taxpayers, and the banks could even turn portions of it into a profit.
Our Miami foreclosure attorneys can no longer even feign surprise.
This information was most recently reported by US Taxpayers to subsidize $40bn Housing Settlement, by By Shahien Nasiripour in Washington, The Financial Times
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Miami Foreclosure Attorney: AG “Sweetheart Deal” a Wash for Consumers