While Leonardo DiCaprio is making headlines for his portrayal of Jordan Belfort in “The Wolf of Wall Street,” Stacia Wells and Philip Stein on Bilzin Sumberg’s Mortgage Crisis Watch Blog have been calculating the mortgage penalties for the “real wolves of Wall Street.” And they say it could top $50 billion.
“Sixteen of America’s largest banks could end up shelling out more than $50 billion to secure settlements from the federal government in connection with their alleged roles in the mortgage crisis,” say Wells and Stein. They take that number from a recent New York Times article, which reports that a liability analysis was prepared for one of the big financial institutions stating $50 billion was the total across the board, not including JPMorgan Chase & Co’s $13 billion settlement with the federal government.
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