Banks Face Few Sanctions for Role in Miami Foreclosure Crisis
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