Mortgage Debacle Costs Banks $66 Billion as Suits Sap Profit
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Faulty mortgages and foreclosure abuses have cost the nation’s five biggest home lenders at least $65.7 billion, according to a tally by Bloomberg News, and new claims may push the industrywide total to twice that amount.
Bank of America Corp., the largest U.S. lender, had the biggest costs, totaling $39.1 billion since the start of 2007, according to data compiled by Bloomberg. JPMorgan Chase & Co., ranked second by assets, followed with $16.3 billion, and Wells Fargo & Co., the biggest U.S. home lender, had $5.09 billion, the data show.