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big wall street banksFortune
•76% Informative
Kamala Harris , then California Attorney General, and JPMorgan Chase chief executive Jamie Dimon were locked horns over a proposed settlement.
The banks were negotiating with a consortium of state attorneys general over relief for homeowners who were foreclosed on during the Great Financial Crisis .
Harris deemed that amount insufficient, eventually the banks raised their offer nearly tenfold.
Two weeks later , the banks upped their offer almost tenfold, offering California a deal that would ultimately result in $20 billion in homeowner relief.
In 2012 , the banks presented the state $18.4 billion in debt relief and $2 billion in other forms of financial assistance.
Many more Californians than expected opted for the second option, which critics say didn’t live up to the spirit of the settlement.
Harris said this unexpected outcome was a result of the overall economic hardship the housing crisis caused.
VR Score
77
Informative language
74
Neutral language
39
Article tone
informal
Language
English
Language complexity
53
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not hateful
Attention-grabbing headline
not detected
Known propaganda techniques
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Time-value
short-lived
External references
22
Source diversity
10
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