David Dayen of FDL explains. Here’s a significant sentence from his conclusion:
… BofA will make out like bandits here. They get to shake off half of their FHA fair lending penalty ($500 million), and a fair bit of their foreclosure fraud settlement penalty ($350 million), by giving modifications on loans they don’t own.
Please read the whole article for the sordid details. Ain’t life grand?
I’ve got some money in an account at BofA… at least I think I do…