Where Does the Mortgage Settlement Money Go?
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In 2014, Attorney General Eric H. Holder Jr. led a news conference about Bank of America’s $16 billion settlement. It was attended by such a large group of investigators that there was masking tape on the stage to show them where to stand.CREDITLAUREN VICTORIA BURKE/ASSOCIATED PRESS
Since the 2008 housing crisis, federal regulators have touted billion-dollar settlements, which, by giving certainty to investors, are often accompanied by a jump in the bank’s stock price.
Financial companies have paid at least $164 billion in more than 100 mortgage-related settlements since 2009, according to an analysis by Keefe, Bruyette & Woods. Below, we examine the eight banks that have paid the most and explain how the largest payments were divided up…
Where Does the Mortgage Settlement Money Go?
