Deutsche Bank has decided that none of the more than $4 billion it promised to spend on consumer relief after the global mortgage crisis will go to distressed U.S. homeowners, according to a report by the monitor of the 2017 settlement.

Bloomberg News reports that instead, the consumer-relief money will be spent on originating new loans, according to the February 13 report by the bank’s monitor, Michael Bresnick.

The decision reverses pronouncements by the bank and the U.S. Justice Department that some of the funds — part of an overall $7.2 billion settlement over bad mortgage bonds sold before the 2008 crisis — would go to aiding people who were in imminent risk of defaulting on their mortgage payments, have especially high interest rates or owe more on their mortgage than in the value of their home.

“As reported by the monitor, we have decided to focus our efforts on helping people purchase homes as the most efficient and effective way of delivering consumer relief given current market conditions and our financing expertise,” the bank said.

Hit the link below to access the complete Bloomberg News article:

Deutsche Bank Reverses Pledge to Help Distressed Homeowners

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