How Much Have The Big Banks Been Penalized Over Mortgage Mess And Where Is All That Cash Going?

The last few years have seen numerous settlements between the nation’s biggest mortgage lenders and various federal and state authorities. And while we hear numbers like “a total of $25 billion,” exactly which banks are responsible for the biggest chunks of these settlements?

The folks at ProPublica have put together this handy/dandy chart that breaks down what the country’s largest banks have been docked by the Justice Dept. and the SEC in recent years.

Not surprisingly, Bank of America leads the dollar tally, with more than $12 billion in penalties, $87.5 million of which is directly attributed to Countrywide.

Almost the entire amount now owed by BofA is related to the recent settlement between the big banks, the Attorneys General of 49 states and the DOJ. Of that $11.82 billion, the bank will pay $3.24 billion in penalties to federal and state governments, while $8.58 billion goes to homeowner relief programs.

Also hit by that massive settlement were Ally (nee GMAC), which will pay $110 million in penalties and $200 million to relief programs; Citigroup, on the hook for $415 million in penalties and $1.79 for relief; JPMorgan Chase will hand over $1.08 in penalties and $4.21 billion for relief; and Wells Fargo has a $1.01 billion tab for penalties and another $3.34 going to relief programs.

At the low end of the spectrum is the $1,000,000 settlement between the SEC and Bear Stearns over bad mortgage-backed investments. If you think that number is small, so does the judge in the case; he called it “chump change.” Regardless, all of that cash will be going to the Treasury as a penalty.

Ponying Up: How Much Have Big Banks Been Docked for the Financial Crisis? [ProPublica]