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US Bank Fines = $95 Billion Dollars

JPMorgan Chase, America’s largest bank, has provisionally agreed to pay $13 billion to regulators to resolve investigations into its mortgage activities. It is the latest in a string of hefty settlements.

Last year, in the National Mortgage Settlement, five American banks agreed to pay $32 billion to provide mortgage relief to homeowners; Bank of America agreed to pay $12.4 billion.

Since 2008 financial firms have agreed to over $95 billion in mortgage-related penalties. But things could get worse. Bank of America may soon reach a $6 billion settlement with housing regulators. And JPMorgan’s announcement may not stop ongoing criminal probes into its mortgage activities.

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