Economics Alone Did Not Drive BAC/FRE Settlement

As noted earlier this week, the one cent on the dollar Bank of America/Freddie Mac settlement was a huge potential windfall for the bank, and a royal screwing for taxpayers. Originally, Fannie Mae and Freddie Mac sought to recoup losses on structurally-flawed mortgages purchased by the GSEs that were created with faulty data, fraudulent disclosures [...]

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