Fines paid by Bank of America, J.P. Morgan Chase, Citigroup and Wells Fargo, among others, totaled $109.96 billion. Of that money:
- The Treasury Department received $49 billion in direct and indirect payments. Fannie Mae and Freddie Mac received a portion of that total, though the details are not specified.
- $45 billion went toward “consumer relief.” Though this money was supposed to help underwater borrowers, the results have been widely criticized.
- The Justice Department received $447 million for their trouble in prosecuting the crimes of the banks.
- States received $5.3 billion total, which was often spent on general revenue projects instead of directly helping borrowers.
- $10 billion was given to various recipients, such as housing-related federal agencies.
To read the full report, check out: http://www.wsj.com/articles/big-banks-paid-110-billionin-mortgage-related-fines-where-did-the-money-go-1457557442
To learn more about how borrowers were left out of the recovery, see this blog post from Naked Capitalism.