Charting the billions banks have paid out over crisis-era mortgages

June 11, 2014

Another day, another potential Bank of America mortgage settlement. This time it could be up to $17 billion — the largest settlement by any bank. BofA, however, is finally putting its foot down. According to the New York Times, it doesn’t want to pay more than $12 billion.

The bank has paid out much more than any other bank over crisis-era mortgages. Here’s a Reuters chart showing how much it, JPMorgan, and Citi have paid so far:

bofa-mortgage

Comments

It would be great if Reuters could tally all the penalties that pharmaceutical companies, banks and other big corporations have paid over the last three years. It seems as if the total is a huge number that will be a significant fraction of the federal budget, perhaps as high as $150 billion.

Is this taxation by another means? Is the government still selling itself short? Is it extorting more from the companies than just punishment under threat of prosecution of executives?

Is it selling the nation short by not prosecuting executives?

So much money, so many questions. It would be so nice if someone in the media were to investigate the phenomenon.

Including fines that states like CA & NY have levied against corporations might be useful.

Posted by cleanthes | Report as abusive
 

I bet BOA wishes they had never seen CountryWide as a good investment. . . . I’m not sure, but I believe they have now paid out more in penalties than they paid for the whole shebang!

Posted by Tomtherailnut | Report as abusive
 

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