"In the years ahead of the financial meltdown of 2008, the nation's banks took trillions of dollars in individual home mortgages and created investments for people seeking to capitalize on the hot housing market. Some of the mortgages were of questionable quality, given to potential home buyers with weak credit or without verifying income.
Many of the securities were then sold to Fannie Mae and Freddie Mac, two private mortgage-backing firms that had the implicit backing of the U.S. government."
I do not know where the number 20B came from. The settlement is about 13B. What is that? 13B, after having done business of this magnitude? And of the total amount, only the smaller part (about 4B) will go to the hands of FnF to "consumer relief," including home loan modifications? Incredible! JP Morgan disclosed it has set aside 23 billion to handle legal costs for all the "minor mistakes" they have had in the recent pass.
Go FnF!
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