It's about freaking time!
The big banks paid out HUGE moneys for their part in it, but let's face it....there were plenty of unscrupulous lenders that were not guiding their borrowers in their fiduciary duty way! I love that....Fiduciary Duty. I explain to my clients when they are signing my Agency Disclosure.
Definition You Ask? A fiduciary duty is a legal duty to act solely in another party's interest. In Another Party's Interest. Not in your own, not in your pocketbook, not in your goal-setting board!
So, they will go after the individuals, they will be looking for civil & criminal activity. They will....they will....they will what? What will they do?
I have to presume that quite a few of those lenders are no longer in the biz. If they are, they will likely be reprimanded, assessed a fee, watched over.
But, if they are assessed a fee, how much? Will the DOJ be able to collect enough to make the mess go away?
No, they of course won't. BUT, they must do this to show the general public that they care. That they know others are to blame and that they care enough to make it, hopefully, not happen again. People have to be held accountable for their actions. Kudo's to the DOJ for finally going for it!