Obama: Wall Street Did Nothing Illegal @ 27 seconds into this video above.

HuffPO-

The $8.5 billion foreclosure abuse settlement reached earlier this month with the mortgage industry was designed, bank regulators said, to speed quick relief to millions of homeowners. So far, however, it is the mortgage industry that successfully pushed for the deal that is likely feeling the most relieved.

Under the deal, struck with regulators at the Office of the Comptroller of the Currency and the Federal Reserve, 11 mortgage companies are responsible for $3.5 billion in direct payments to homeowners who received a foreclosure notice at the height of the housing crisis. The companies also owe another $5 billion in aid to current homeowners.

[HUFFINGTON POST]

Comments

comments