Yeah, I’ll have some of that kool-aid ya’ll having!
HuffPO-
Bank of America and JPMorgan Chase say they’ve fulfilled their obligations to troubled borrowers mandated by a settlement the banks agreed to last year, the Los Angeles Times reports. But despite the banks’ self-reported progress, questions still linger as to the effectiveness of the deal, which aimed to settle claims of systematic and widespread mortgage fraud in the lead up to the financial crisis.
In signing onto the settlement with 49 states and the federal government last year, BofA, JPMorgan, Wells Fargo, Citigroup and Ally Financial agreed to pay out billions to troubled homeowners and revamp the way they manage home loans, a process critics argued was unfair and often damaging to homeowners. In return, prosecutors agreed not to pursue legal claims over the lenders’ alleged “robo-signing,” a practice in which bank staff forged documents in an aim to speed up the foreclosure process.