Facts & Figures: 5 sets of newsworthy data
An inside look at the numbers that count
February 17, 2012 at 05:15 AM
4 minute read
The original version of this story was published on Law.com
Mortgage Muddle
After months of haggling, U.S. state attorneys general and the country's major mortgage lenders reached a record $25 billion settlement. Here are some of the key numbers in the deal:
$5 billion Dollar amount that each of the country's five largest mortgage lenders—Ally/GMAC, Bank of America, Citi, JP Morgan Chase and Wells Fargo—will pay as part of the settlement
49 Number of states involved in the deal (Oklahoma reached its own settlement)
750,000 Number of borrowers who lost their homes to foreclosure between 2008 and 2011, and will receive financial compensation in the settlement
$700 billion Amount of negative equity held by U.S. homeowners (about 20 percent of mortgages are underwater), according to the New York Times
Government Growth
The Department of Justice (DOJ) asked Congress for additional funding to hire more staff in both its criminal and civil divisions in its recently submitted budget documents. Here's how the budget requests broke down, as reported by the Wall Street Journal:
$5 million Amount of money that the DOJ requested for hiring in the criminal division
28 Positions that would be added in the criminal division with this money, including 16 prosecutors to assist with financial fraud cases
$7 million Amount of money requested by the DOJ's civil division
51 Positions that would be added in the civil division, including 38 lawyers and nine investigators/auditors
$15 million Additional funding that the Federal Bureau of Investigation is requesting to better fight corporate crime, commodities fraud and mortgage fraud
Debt Disaster
It's no surprise that a college education is expensive, but a new report from Reuters suggests that student loans incurred at law school can be especially catastrophic. With average student loan debt outstripping median starting salaries, more law school graduates are filing for bankruptcy.
$106,000 Average loan amount for a student at a private law school
$70,000 Average loan amount for a student attending public law school
$63,000 Median starting salary for law school graduates in 2010, according to the National Association for Law Placement
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