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

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102 pages
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Additional, Minority, Dissenting Views
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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 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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Related Hearings
Senate Committee on the Judiciary, hearing on "Big Government Lawsuits: Are Policy-Driven Lawsuits in the Public Interest?" 106th Cong., S.Hrg. 106-979, (1999, November 2)
House Committee on the Judiciary, Subcommittee on Regulatory Reform, Commercial and Antitrust Law, hearing on "Consumers Shortchanged? Oversight of the Justice Department\342\200\231s Mortgage Lending Settlements," 114th Cong., H.Hrg., 114-16, (2015, February 12)
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Authors–Additional, Minority, Dissenting Views