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…..
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