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Fed Report Finds that Poor Subsidize Rewards Programs for Wealthy

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A report from the Federal Reserve Bank of Boston has quantified something that many payments executives have long suspected: that lower-income people subsidize the costs ...

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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