JPMorgan, Bank of America Forgive Debts that No Longer Exist; Wonderful News! But For Whom?

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.

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