patrick.net

The nation's five largest mortgage firms have saved more than $20 billion since the housing crisis began in 2007 by taking shortcuts in processing troubled borrowers' home loans, according to a confidential presentation prepared for state attorneys general by the nascent consumer bureau inside the Treasury Department.

That estimate suggests large banks have reaped tremendous benefits from under-serving distressed homeowners, a complaint frequent enough among borrowers that federal regulators have begun to acknowledge the industry's fundamental shortcomings.

Action taken? None. Bow to the plutocrats serf.

Big Banks Save Billions As Homeowners Suffer, Internal Federal Report By CFPB Finds

#housing