Lets call this one another win for the big banks. Under the just signed National Mortgage Settlement, the largest mortgage bankers: Bank of America, Citigroup, JP Morgan Chase, Wells Fargo and Ally Financial have to cough up 25 billion dollars to pay for their crimes. Really? That’s It? How much did these guys make over the ten years leading up to the disaster they caused? I bet it was a hell of a lot more than 25 billion.
Under the agreement, homeowners who were foreclosed on wrongly will get a whopping two thousand bucks for the hell they had to suffer. If they offered me two grand for that kind of misery, I’d tell them to stick it up their bank vault if you know what I mean.
But it sounds like somebody – like I don’t know, THE BANKS got a pretty good deal. A real punishment would have been to make them pay back every cent of profit they made by screwing the country plus 100% more – Then next time they would think twice about it. But this is America and corporations rule, so it is what it is.
- Mortgage deal: What the critics say (money.cnn.com)