Nation's Biggest Banks Each Hold over $20B in Foreclosures: Report
By Carrie Bay | 10/22/2010
New data released this week shows that the nation's largest banks are holding monstrous volumes of soured home loans.
According to an analysis by Weiss Ratings, JPMorgan Chase, Bank of America, and Wells Fargo each reported more than $20 billion in single-family mortgages currently foreclosed or in the process of foreclosure as of midyear. In addition, for each dollar these banks held of mortgages in foreclosure, there were another $2 in loans in the pipeline that were 30 days or more past due.
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