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"Investor loans were responsible for an enormous amount of credited relief," says Laurie Goodman, the director of the Housing Finance Policy Center at the Urban Institute. "This was very, very clearly more than was originally thought would be provided through investor loans."

Investors Paid Nearly a Quarter of Big Banks' Mortgage Settlement

Mortgage bondholders have long complained to regulators that the national mortgage settlement gave large bank servicers credit for principal reductions and loan modifications they did not pay for themselves.

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