by Mike Shedlock
MISH’S Global Economic Trend Analysis
In February, five of the nation’s largest banks agreed on a $25 billion settlement over widespread, systemic mortgage fraud and related issues.
The $25 Billion Deal, announced with huge fanfare, was supposed to help up to a million struggling homeowners, primarily via debt forgiveness.
Let’s flash forward a few months to see how debt forgiveness is working out in practice.
Today, the New York Times notes Banks Forgive Debt That Isn’t There.