Ben Protess and Jessica Silver-Greenberg provide a breakdown of how JPMorgan's $13 billion settlement over its sale of bad mortgage investments will be distributed to various public entities. How much will trickle down to struggling homeowners?
"The biggest winner is the Federal Housing Finance Agency, which took control of Fannie Mae and Freddie Mac when the companies collapsed in 2008," note Protess and Silver-Greenberg. "JPMorgan agreed to make a 'lump sum payment' of $4 billion “payable to Freddie Mac and Fannie Mae, divided between them,' according to the settlement agreement."
Another large chunk ($4 billion) will go towards helping homeowners. "Half of that sum, or $2 billion, will go toward reducing the balance of mortgages and halting the collection of mortgage payments," Protess and Silver-Greenberg explain. "The remaining $2 billion in homeowner relief, according to the Justice Department, will focus on reducing interest rates on existing loans, offering new loans to low-income home buyers and demolishing abandoned homes to curb urban blight."
The United States Treasury, the National Credit Union Administration, the Federal Deposit Insurance Corporation, and several states will also receive a share of the settlement.
FULL STORY: Where Does JPMorgan’s $13 Billion Go?
New Book Examines Public Housing as a Locus of Political Power
A new book, "Diverging Space for Deviants," connects public housing with political power.
Surprising New Research on Gentrification in Houston
Affluent areas face more demolitions than gentrifying areas in Houston and Harris County, according to the findings of a new report from the Kinder Institute of Urban research.
Court Will Decide Whether to Reduce NYC Skyscraper's Height
The new skyscraper being built at 200 Amsterdam Avenue in Manhattan might be forced by an appeals court to remove 20 floors of the mostly complete building.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
San Francisco's School District Spent $105M To Build Affordable Housing for Teachers — And That's Just the Beginning
SFUSD joins a growing list of school districts using their land holdings to address housing affordability challenges faced by their own employees.
The Tiny, Adorable $7,000 Car Turning Japan Onto EVs
The single seat Mibot charges from a regular plug as quickly as an iPad, and is about half the price of an average EV.
Trump Approves Futuristic Automated Texas-Mexico Cargo Corridor
The project could remove tens of thousands of commercial trucks from roadways.
Austin's First Single Stair Apartment Building is Officially Underway
Eliminating the requirement for two staircases in multi-story residential buildings lets developers use smaller lots and more flexible designs to create denser housing.
Atlanta Bus System Redesign Will Nearly Triple Access
MARTA's Next Gen Bus Network will retool over 100 bus routes, expand frequent service.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Smith Gee Studio
City of Charlotte
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)