To where and for what did $110 billion in mortgage-related fines go?

A chunk of Colorado’s share of the federal mortgage banking settlement was reallocated to help residents of counties hit by floods and wildfires with affordable housing:CBS
A chunk of Colorado’s share of the federal mortgage banking settlement was reallocated to help residents of counties hit by floods and wildfires with affordable housing/CBS

By Christina Rexrode and Emily Glazer | The Wall Street Journal

The nation’s largest banks paid fines totaling about $110 billion for their role in inflating a mortgage bubble that helped cause the financial crisis. Where did that money go?

In New York, the annual state fair is using bank-settlement money to build a new horse barn and stables. In Delaware, proceeds are being used to subsidize email accounts for local police. In New Jersey, a mortgage firm owned by a former reality-television star collected $8.5 million as a reward for reporting a bank’s misconduct.

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