The Justice Department's Housing Settlements: Millions of Consumer Relief Funds Disbursed With No Guarantees of Helping Homeowners

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Serial Number
Levin Center Identifier
Document Date
2016-05-18
Report Length
102 pages
Policy Agendas Project Major Code
Additional, Minority, Dissenting Views
Found Using Methodology
Yes
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Brief Executive Summary
The Senate Committee on Homeland Security and Governmental Affairs issued a Majority Staff report looking into the lack of transparency regarding the settlement negotiations between the banks involved in the 2008 financial crisis and the Department of Justice (DOJ). The report finds that the DOJ has not specified that the $13.5 billion it earmarked for consumer relief will only aid homeowners, and that there is no oversight for how these funds are spent. Furthermore, the report finds that the DOJ may be ignoring Congress's purse power, and there may be political issues with the entities selected to receive this funding.
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