Bank of America's mortgage woes said twice everyone else's

Brian Moynihan With Batphone

Bank of America, which bought subprime loan leader Countrywide Financial in 2008, has paid more to regulators for mortgage misdeeds than all the other big banks combined, the latest tally shows.

The New York Post reports that CEO Brian Moynihan’s bank has paid north of $70 billion for credit and mortgage-related settlements since 2010, more than half of the roughly $128 billion collected from the six biggest banks, according to research from SNL Financial released Wednesday.

The total tab for all the firms is about twice the $76 billion of profits the big banks made last year, according to data from Bloomberg.

BofA’s latest settlement over soured mortgage-backed securities — a $16.7 billion deal with federal and state governments — was the largest Uncle Sam has levied against a single company.

Hit the link below to access the complete New York Post article:

Banks’ $128B settlement tab is twice last year’s profits

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