When You Run the Numbers, the Big Penalty for JPMorgan for Ripping Off Homeowners and Investors Turns Out to be Not Much of a Penalty at All.
"Nearly half of the figure comes in the form of “mortgage relief,” which an independent monitor (and what’s so independent about a monitor chosen by the bank?) has four years to distribute. Any time you extend the time horizon of a penalty, you’re reducing its real value. And in this case, there’s not much value here to begin with."
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| Occupy The Rose Parade, January 1, 2013. (Photo by: OccupyFightsForeclosures) |
Salon / By David Dayen, November 20, 2013
The first thing you need to know about JPMorgan Chase’s long-awaited $13 billion deal with the Justice Department — to settle a number of civil lawsuits related to the fraudulent sale of mortgage-backed securities — is that it’s not a $13 billion deal. $4 billion of this figure, over 30 percent, was announced almost a month ago as the conclusion of a lawsuit between JPMorgan and the Federal Housing Finance Agency. READ MORE...
