So you’ve probably heard about the big mortgage-settlement announcement last week. You know, the latest attempt to unclog the mortgage finance system, perhaps the latest futile attempt to unclog the mortgage finance system?
OK, now guess how much of the $25 billion will go to actual victims. Go ahead, guess. If you cynically said “only half,” you’d be wrong. Not cynical enough. If you said “half of half,” you’d still be wrong. Try $1.5 billion, according to the Cato Institute. I.e. well less than 10 percent.
And, of course, governments get a cut of the money — and it’s more than what the actual victims will get, Cato says.
File under: Mortgage settlement, Plan # 6,739,876
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