Simple. All of the new laws in place to protect homeowners and borrowers from unscrupulous banks have led to a lot of pitfalls for those banks. They’ve been caught with their pants down on multiple occasions and paid out hefty sums.
Nearly $1 billion. This is in money recouped from banks who’ve broken the law. Plus another $650 million in other claim.
And where does it go?
Straight to HUD and other government entities! They use the money to replenish funds and launch even more investigations. It’s ridiculous but extremely profitable.
I’m not sure who the good guy is here or how much I should be rooting for him. But either way, it’s hilarious!