Tag Archives: Bank Of America Forgive Debts That No Longer Exist; Wonderful News! But For Whom?

Mish/ Mike Shedlock -JP Morgan, Bank Of America Forgive Debts That No Longer Exist; Wonderful News! But For Whom? – 30 September 2012

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. Continue reading