Radical in-your-face pressure groups that are part of President Obama’s political machine may soon reap a $4 billion windfall thanks to a huge cash settlement the administration extracted from lending giant JPMorgan. The settlement, which weighs in at a total of $13 billion, was unveiled last week by the Justice Department. In it JPMorgan acknowledged what DoJ called “serious misrepresentations to the public” about the mortgage securities transactions. The $4 billion is supposed to be used to provide relief to underwater homeowners and potential homebuyers.
But there’s a catch.
According to the Department of Justice, if JPMorgan fails to shell out the $4 billion by Dec. 31, 2017, it will be required “to pay liquidated damages in the amount of the shortfall to NeighborWorks America, a non-profit organization and leader in providing affordable housing and facilitating community development.”
Why is the bank coughing up the dough?.....To ReadMore…..