18, March 2016 Feds pocket $50 billion
In the past
several years, the United States’ largest banks, including Bank of America,
Wells Fargo, JPMorgan Chase and Citigroup, have paid billions of dollars to
settle charges of financial crimes in the mortgage market in the years
preceding the 2008 housing crisis. Top regulators claimed that the record fines
extracted in these settlements would provide relief to homeowners struggling
with their mortgages.
In an exhaustive investigation conducted by
the Wall Street Journal has exposed a massive fraud perpetrated by the federal
government. Nearly half of the $110 billion Wall Street Banks paid in
settlement fines in recent years has been pocketed by the federal government
and withheld from the rightful owners – homeowners. There has been no
disclosure how the nearly $50 billion has been spent.
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