It’s a staggering amount, and with new claims to come, there will likely be much more.
Bloomberg reports that, since 2007, the five biggest home lenders have lost $65.7 billion botching up mortgages and making up for foreclosure abuses.
Here’s the scoreboard:
- Bank of America lost $39.1 billion
- JP Morgan lost $16.3 billion
- Wells Fargo lost 5.09 billion
- Ally lost $3.28 billion
- Citigroup lost $1.9 billion
What Brian Moynihan once called, the “mortgage mess” is turning into more of a catastrophe. Analysts expect costs will total up to $121 billion when all is said and done for home lenders.
Bank of America is makes up for over half of the costs now, but it is expected end up with around 30% of them. Naturally, most of the bank’s burden comes from Countrywide.
Bloomberg tallied up these numbers by looking at regulatory filings, presentations, and company statements from the five major banks. Costs include write downs of assets, repurchases, foreclosure mess-ups and abuses, repayments for faulty mortgages, settlements, and legal fees.
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