The 2008 mortgage crisis is still not behind us. Last week, The Nation reported that JP Morgan Chase paid off its criminal fine for fraudulent mortgage practices with—amazingly—fraudulent mortgages. Chase’s negotiated settlement with the Justice Department required the company to forgive billions in mortgage payments. To make it look like the company had met its obligation, Chase “forgave” loans that it had already sold to other parties. Those companies are now suing Chase.
We are now nine years out from the mortgage crisis, and five years from when the federal government announced the National Mortgage Settlement. Yet the fallout from the crisis is still being revealed. As banks move on to new scandals and continue to pay enormous sums in SEC fines and consumer class action settlements, many Americans continue to live with the effects of the mortgage crisis, every day. These consequences are far from over.
What do you think? Will Banks Ever Be Held Accountable for the Mortgage Crisis?
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