Will the Proposed Banking Settlement Have Unintended Consequences?
Harvard Business Review
MARCH 29, 2011
The CFPB's estimate would serve as the empirical basis for a penalty to be paid by Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial to settle allegations of wrongful foreclosures. The CFPB estimates that banks saved 75 basis points per loan in special servicing costs by foreclosing instead of modifying loans.
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