wrecking ball rept. foreclosure costs losangeles_web

8/3/2019 Wrecking Ball Rept. Foreclosure Costs LosAngeles_web

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Wall Street

The

SEPTEMBER2011

WRECKINGBALL

What Foreclosures

Are Costing Los Angeles

Neighborhoods


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The California Reinvestment Coalition (CRC) advocates for fair and equal access

-income communities

and communities of color. CRC is a membership organization of over 300

nonprofits and public agencies including housing counselors, consumer

advocates, community organizations, legal service providers, and economic

development practitioners. Founded in 1986, CRC advocates with policymakers

- particularly in

lending, financial products and services, and investments- to California's low-income communities and communities of color.

Alliance of Californians for Community Empowerment (ACCE) is a multi-racial,

democratic, non-profit community organization building power in low tomoderate income neighborhoods to stand and fight for social, economic and

racial justice. ACCE has chapters in eleven counties across the State of California.


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The Wall Street WRECKING BALL4

Foreclosures undermine an economic recovery and cost jobs.Another alarming impact of the housing crisis is the overhang of underwater mortgage debt, which is

now one of the primary drags on economic recovery. Negative equity, often referred to as

-- that means almost a

third of homeowners are underwater on their mortgages.

California homeowners are underwater by $200 billion as a result of the Wall Street-created housing

crisis. That means as homeowners overpay on their mortgages, Wall Street devours $20 billion annually.

This is money that would otherwise go into our economy in the form of consumer spending if banks

wrote down means banks

would write down mortgages to market value and refinance homeowners into 30-year fixed loans at

current market interest rates.

California has over 2 million homes underwater (30% of all mortgages) by $200 billion.

Fixing the underwater crisis by writing down mortgages would save California homeowners$810 every month and pump $20 billion annually into local economy. xv

With the extra $810 per month, homeowners could start spending again, making purchases theyhave been putting off. The increase in consumer demand would in turn help spur 300,000 jobs

in California.

Los Angeles has 79,029 homeowners underwater (27%) by $7.3 billion. If banks wrote downthose mortgages, it could pump $768 million into local economy and spur 11,353 jobs. xvi

Fixing Underwater Mortgages Would Spur Economic Recovery


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SEPTEMBER 2011 5

olutions:Wall Street Should Pay Their Fair Share: The banks collapsed the economy and created the housing

crisis with their recklessness and predatory lending practices. Currently, taxpayers are being forced to

absorb the losses to home values and the costs to local governments. California should institute a

Foreclosure Fee, making the banks pay $10,000 to $20,000 per foreclosure to partially reimburse local

and state governments for the costs of this crisis. This fee would raise roughly $2 billion to $4 billionover the next year.

California Needs a Strong AG Settlement. The current multi-state Attorneys General investigation into

robo-signing and other servicing abuses needs to provide meaningful relief for California families and

neighborhoods. Any agreement must include 1) a large settlement award that is commensurate with the

harm caused by bank practices; 2) limited releases of liabilities so banks are not let off the hook for

uninvestigated claims; 3) mandated principal reductions that are fairly distributed to communities

hardest hit by predatory lending and foreclosure; and 4) restitution to homeowners who lost their

properties due to bank's irresponsible and illegal foreclosure practices.

Wall Street Banks Must Stop Preventable Foreclosures: Reducing foreclosures is good for families,

communities and the economy. Banks should be subject to court-based mandatory mediation programs

to give homeowners a fair shot at getting a loan modification. Banks must also be forced to fully end the

dual track process, a controversial practice whereby homeowners negotiating a loan modification in

good faith find that the bank has nonetheless proceeded with foreclosure and taken their homes.

Wall Street Must Clean Up and Pay for Foreclosure-Related Blight: Vacant foreclosures unattended by

banks have become a magnet for blight and illicit activity that further destabilizes neighborhoods

already decimated by foreclosures. Banks must maintain and pay for the cleanup of blighted, vacant

homes in neighborhoods.

pushed

homeowners into high-cost loans they couldn't afford and then promptly cashed out by selling the loans

to investment banks that turned them into mortgage-backed securities (MBS). This widespread practice,

which started among subprime lenders but was quickly adopted by the big banks, created and inflated

the housing bubble. Bankers and brokers raked in mega-bonus checks making homeowners vulnerable.

When W

bonuses but Californians lost billions in savings in their homes.

-documented and continues to have devastating consequences as they

use flawed-and, in some cases, fraudulent--procedures to flood the housing market with foreclosuresthat are throwing hundreds of thousands of California families out of their homes. The total disregard

for mortgage laws and standards is the latest example of a predatory industry that continues to

devastate families already hit hard by the economic crisis.

Currently, the five largest mortgage companies in the U.S. are under investigation by all 50 state

Attorneys Generals for foreclosure fraud. They may be on the hook for more than $20 billion in

damages. However, this amount is not nearly enough to compensate communities for the harm that

has been done, as this report documents.

Who is Responsible for this Mess?


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y lending practices have devastated California. Lenders pushed homeowners into high-cost

taxpayers and got to keep their bonuses but Californians lost billions in savings in their homes.

BANK OF AMERICA

CEO Brian MoynihanFederal taxpayer bailout funds received:xvii $230.1 billionxviiiProfits since bailout (2009-2010): $4.0 billion2010 CEO Brian Moynihan bonus: $9.05 million

xix2010 CEO Brian Moynihan total pay: $10 millionxx2010 bonuses and compensation: $35.1 billion

JP MORGAN CHASE

CEO Jamie DimonFederal taxpayer bailout funds received: xxi $100.7 billionxxiiProfits since bailout (2009-2010): $29.1 billion2009 CEO Jamie Dimon pay:

xxiii$17.5 million

xxiv

2010 bonuses and compensation: $28.4 billion

WELLS FARGO

CEO John StumpfFederal taxpayer bailout funds received: xxv $43.7 billionxxviProfits since bailout (2009-2010): $24.6 billion2010 CEO John Stumpf bonus: $14.3 millionxxvii2010 CEO John Stumpf total pay: $17.1 million

xxviii


CITIGROUP

CEO Vikram PanditFederal taxpayer bailout funds received: xxix $414.9 billionxxxProfits since bailout (2009-2010): $9.0 billion2008-2010 CEO Vikram Pandit pay: 10.8 millionxxxi2010 bonuses and compensation: $24.4 billion

GOLDMAN SACHS

CEO Lloyd BlankfeinFederal taxpayer bailout funds received: xxxii $53.4 billionxxxiiiProfits since bailout (2009-2010): $21.7 billion2010 CEO Lloyd Blankfein bonus: $12.6 million

xxxiv

2010 CEO Lloyd Blankfein total pay: $13.2 million

xxxv


MORGAN STANLEY

CEO James GormanFederal taxpayer bailout funds received: xxxvi $36.3 billionxxxviiProfits since bailout (2009-2010): $6.0 billion2009 CEO James Gorman pay: $15.0 millionxxxviii2010 bonuses and compensation: $16.0 billion

Who is Responsible for this Mess?


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SEPTEMBER 2011 7

The Cost of the Foreclosure Crisis in Los Angeles by Zip Code (2008-2012)

Zip CodeForeclosures

2008-12Foreclosed Home

Value LossImpacted Homes

Value LossTotal Home Value

LossProperty Tax

Loss Local Gov't Cost

90001 3,125 $404,954,409 $828,315,837 $1,233,270,246 $7,522,949 $20,044,310

90002 4,006 $519,133,771 $1,061,864,532 $1,580,998,303 $9,644,090 $26,905,217

90003 5,929 $768,358,417 $1,571,642,217 $2,340,000,634 $14,274,004 $37,938,817

90004 1,143 $148,109,166 $302,950,566 $451,059,732 $2,751,464 $6,987,819

90005 1,045 $135,485,931 $277,130,313 $412,616,244 $2,516,959 $5,291,821

90006 1,612 $208,866,583 $427,227,102 $636,093,685 $3,880,171 $10,368,277

90007 939 $121,696,278 $248,924,205 $370,620,483 $2,260,785 $5,341,816

90008 1,419 $183,905,238 $376,169,805 $560,075,043 $3,416,458 $6,964,744

90010 96 $12,493,633 $25,555,158 $38,048,791 $232,098 $423,038

90011 5,701 $738,886,922 $1,511,359,614 $2,250,246,536 $13,726,504 $32,077,818

90012 834 $108,062,148 $221,036,211 $329,098,359 $2,007,500 $5,434,115

90013 469 $60,783,338 $124,329,555 $185,112,893 $1,129,189 $3,222,780

90014 302 $39,191,645 $80,164,728 $119,356,373 $728,074 $2,042,120

90015 720 $93,339,360 $190,921,419 $284,260,779 $1,733,991 $4,707,259

90016 2,737 $354,772,515 $725,671,053 $1,080,443,568 $6,590,706 $15,813,930

90017 469 $60,809,258 $124,382,574 $185,191,832 $1,129,670 $3,238,164

90018 2,634 $341,397,588 $698,313,249 $1,039,710,837 $6,342,236 $15,702,401

90019 2,573 $333,414,105 $681,983,397 $1,015,397,502 $6,193,925 $13,514,141

90020 935 $121,177,870 $247,863,825 $369,041,695 $2,251,154 $6,195,584

90021 246 $31,830,251 $65,107,332 $96,937,583 $591,319 $819,155

90022 2,266 $293,704,052 $600,758,289 $894,462,341 $5,456,220 $11,871,985

90023 1,469 $190,437,179 $389,530,593 $579,967,772 $3,537,803 $8,126,175

90024 738 $95,698,117 $195,746,148 $291,444,265 $1,777,810 $3,192,014

90025 804 $104,174,088 $213,083,361 $317,257,449 $1,935,270 $4,049,627

90026 1,833 $237,612,307 $486,025,173 $723,637,480 $4,414,189 $10,418,272

90027 718 $93,054,236 $190,338,210 $283,392,446 $1,728,694 $4,061,165

90028 532 $68,896,423 $140,924,502 $209,820,925 $1,279,908 $2,326,709

90029 618 $80,042,195 $163,722,672 $243,764,867 $1,486,966 $3,661,202

90031 1,332 $172,578,023 $353,000,502 $525,578,525 $3,206,029 $7,764,670

90032 2,219 $287,612,758 $588,298,824 $875,911,582 $5,343,061 $13,979,483

90033 1,321 $171,256,083 $350,296,533 $521,552,616 $3,181,471 $8,245,395

90034 644 $83,463,688 $170,721,180 $254,184,868 $1,550,528 $3,465,066

90035 534 $69,155,627 $141,454,692 $210,610,319 $1,284,723 $1,719,073

90036 471 $60,990,701 $124,753,707 $185,744,408 $1,133,041 $2,103,653

90037 3,555 $460,709,190 $942,359,706 $1,403,068,896 $8,558,720 $20,386,586

90038 389 $50,467,019 $103,227,993 $153,695,012 $937,540 $1,865,213

90039 987 $127,917,174 $261,648,765 $389,565,939 $2,376,352 $5,487,957

90040 383 $49,585,725 $101,425,347 $151,011,072 $921,168 $1,776,760

90041 899 $116,564,039 $238,426,443 $354,990,482 $2,165,442 $4,495,740

90042 2,733 $354,228,186 $724,557,654 $1,078,785,840 $6,580,594 $16,040,832

90043 3,422 $443,523,964 $907,208,109 $1,350,732,073 $8,239,466 $20,048,155

90044 6,591 $854,180,862 $1,747,188,126 $2,601,368,988 $15,868,351 $40,261,680


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LossProperty Tax


90045 987 $127,865,333 $261,542,727 $389,408,060 $2,375,389 $6,076,364

90046 1,338 $173,433,396 $354,750,129 $528,183,525 $3,221,920 $7,433,931

90047 4,560 $590,933,279 $1,208,727,162 $1,799,660,441 $10,977,929 $28,620,444

90048 469 $60,731,497 $124,223,517 $184,955,014 $1,128,226 $2,234,41090049 726 $94,039,211 $192,352,932 $286,392,143 $1,746,992 $2,892,042

90056 492 $63,738,264 $130,373,721 $194,111,985 $1,184,083 $2,345,938

90057 575 $74,495,230 $152,376,606 $226,871,836 $1,383,918 $3,872,721

90058 166 $21,539,852 $44,058,789 $65,598,641 $400,152 $946,067

90059 3,689 $478,101,778 $977,935,455 $1,456,037,233 $8,881,827 $25,997,608

90061 1,931 $250,313,303 $512,004,483 $762,317,786 $4,650,138 $12,260,410

90062 2,524 $327,063,607 $668,993,742 $996,057,349 $6,075,950 $15,225,522

90063 2,531 $328,074,503 $671,061,483 $999,135,986 $6,094,730 $15,798,546

90064 429 $55,651,099 $113,831,793 $169,482,892 $1,033,846 $2,326,709

90065 1,940 $251,427,880 $514,284,300 $765,712,180 $4,670,844 $12,041,200

90066 791 $102,567,023 $209,796,183 $312,363,206 $1,905,416 $4,418,824

90067 304 $39,399,008 $80,588,880 $119,987,888 $731,926 $1,699,844

90068 1,082 $140,255,284 $286,885,809 $427,141,093 $2,605,561 $6,303,266

90069 1,168 $151,426,977 $309,736,998 $461,163,975 $2,813,100 $6,330,187

90071 31 $4,069,503 $8,323,983 $12,393,486 $75,600 $276,898

90077 316 $41,006,073 $83,876,058 $124,882,131 $761,781 $1,838,292

90089 1 $129,602 $265,095 $394,697 $2,408 $19,229

90094 399 $51,659,357 $105,666,867 $157,326,224 $959,690 $2,411,317

90095 3 $336,965 $689,247 $1,026,212 $6,260 $0

90210 581 $75,298,762 $154,020,195 $229,318,957 $1,398,846 $2,861,275

90211 212 $27,501,544 $56,253,159 $83,754,703 $510,904 $1,088,361

90212 193 $24,987,266 $51,110,316 $76,097,582 $464,195 $480,725

90230 1,056 $136,885,632 $279,993,339 $416,878,971 $2,542,962 $5,591,79390232 247 $31,985,774 $65,425,446 $97,411,220 $594,208 $1,211,427

90245 225 $29,186,370 $59,699,394 $88,885,764 $542,203 $1,053,749

90247 2,059 $266,850,518 $545,830,605 $812,681,123 $4,957,355 $12,710,369

90248 368 $47,745,377 $97,660,998 $145,406,375 $886,979 $2,045,966

90272 400 $51,866,720 $106,091,019 $157,957,739 $963,542 $1,926,746

90290 242 $31,337,764 $64,099,971 $95,437,735 $582,170 $999,908

90291 599 $77,605,678 $158,738,886 $236,344,564 $1,441,702 $2,380,550

90292 828 $107,336,376 $219,551,679 $326,888,055 $1,994,017 $4,472,665

90293 545 $70,684,931 $144,582,813 $215,267,744 $1,313,133 $3,272,776

90302 1,958 $253,734,796 $519,002,991 $772,737,787 $4,713,700 $12,648,836

90402 171 $22,213,783 $45,437,283 $67,651,066 $412,672 $980,679

90501 1,105 $143,210,210 $292,929,975 $436,140,185 $2,660,455 $7,053,197

90502 1,558 $201,919,916 $413,018,010 $614,937,926 $3,751,121 $9,641,421

90710 1,119 $145,050,558 $296,694,324 $441,744,882 $2,694,644 $6,134,051

90717 541 $70,114,682 $143,416,395 $213,531,077 $1,302,540 $2,615,144

90731 1,948 $252,412,855 $516,299,022 $768,711,877 $4,689,142 $11,395,105

90732 1,002 $129,809,363 $265,519,152 $395,328,515 $2,411,504 $5,930,224

90744 1,962 $254,279,124 $520,116,390 $774,395,514 $4,723,813 $12,160,420

90810 2,044 $264,958,329 $541,960,218 $806,918,547 $4,922,203 $13,148,790

91040 1,328 $172,111,456 $352,046,160 $524,157,616 $3,197,361 $7,918,502


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SEPTEMBER 2011 9






LossProperty Tax


91042 1,726 $223,641,211 $457,447,932 $681,089,143 $4,154,644 $9,422,210

91214 1,214 $157,336,828 $321,825,330 $479,162,158 $2,922,889 $5,518,723

91303 1,066 $138,103,891 $282,485,232 $420,589,123 $2,565,594 $6,907,057

91304 2,444 $316,747,288 $647,892,180 $964,639,468 $5,884,301 $14,840,94291306 3,278 $424,783,515 $868,875,372 $1,293,658,887 $7,891,319 $20,763,474

91307 1,332 $172,655,784 $353,159,559 $525,815,343 $3,207,474 $6,918,594

91311 2,242 $290,567,684 $594,342,990 $884,910,674 $5,397,955 $13,875,646

91316 1,813 $234,942,506 $480,564,216 $715,506,722 $4,364,591 $11,083,596

91324 1,326 $171,852,252 $351,515,970 $523,368,222 $3,192,546 $7,407,011

91325 1,499 $194,299,318 $397,430,424 $591,729,742 $3,609,551 $8,360,769

91326 1,676 $217,187,032 $444,246,201 $661,433,233 $4,034,743 $8,829,957

91331 6,049 $783,962,498 $1,603,559,655 $2,387,522,153 $14,563,885 $39,219,468

91335 4,819 $624,577,958 $1,277,545,824 $1,902,123,782 $11,602,955 $29,558,819

91340 1,939 $251,324,198 $514,072,224 $765,396,422 $4,668,918 $12,648,836

91342 7,009 $908,354,498 $1,857,997,836 $2,766,352,334 $16,874,749 $46,388,040

91343 3,788 $490,958,296 $1,004,232,879 $1,495,191,175 $9,120,666 $24,974,625

91344 3,005 $389,454,010 $796,610,475 $1,186,064,485 $7,234,993 $16,894,599

91345 1,367 $177,114,093 $362,278,827 $539,392,920 $3,290,297 $8,549,213

91352 2,207 $285,979,773 $584,958,627 $870,938,400 $5,312,724 $13,544,908

91356 2,037 $264,025,194 $540,051,534 $804,076,728 $4,904,868 $11,625,853

91364 1,638 $212,236,235 $434,119,572 $646,355,807 $3,942,770 $9,222,228

91367 2,446 $317,058,333 $648,528,408 $965,586,741 $5,890,079 $14,498,666

91401 1,365 $176,880,810 $361,801,656 $538,682,466 $3,285,963 $7,341,632

91402 4,272 $553,633,824 $1,132,432,821 $1,686,066,645 $10,285,007 $29,497,286

91403 1,000 $129,602,000 $265,095,000 $394,697,000 $2,407,652 $5,749,471

91405 2,162 $280,147,683 $573,029,352 $853,177,035 $5,204,380 $13,775,656

91406 2,856 $370,195,153 $757,217,358 $1,127,412,511 $6,877,216 $18,990,56091411 766 $99,301,052 $203,115,789 $302,416,841 $1,844,743 $3,907,333

91423 1,081 $140,073,842 $286,514,676 $426,588,518 $2,602,190 $5,218,751

91436 479 $62,131,199 $127,086,543 $189,217,742 $1,154,228 $1,811,372

91504 936 $121,307,472 $248,128,920 $369,436,392 $2,253,562 $4,284,221

91505 921 $119,415,283 $244,258,533 $363,673,816 $2,218,410 $5,061,073

91601 1,149 $148,912,698 $304,594,155 $453,506,853 $2,766,392 $6,926,286

91602 654 $84,785,628 $173,425,149 $258,210,777 $1,575,086 $3,138,173

91604 1,027 $133,049,413 $272,146,527 $405,195,940 $2,471,695 $5,468,728

91605 2,452 $317,810,024 $650,065,959 $967,875,983 $5,904,043 $13,556,445

91606 1,801 $233,465,043 $477,542,133 $711,007,176 $4,337,144 $10,237,520

91607 917 $118,870,954 $243,145,134 $362,016,088 $2,208,298 $4,914,932

Total: 199,894 $25,906,610,347 $52,990,793,892 $78,897,404,239 $481,274,166 $1,190,405,857

*Foreclosure data from RealtyTrac. Data is for zip codes fully or partially within city boundary. 2011 - 2012 numbers are projections

based upon recent trends.


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MethodologyDirect impact to foreclosed homes was calculated using methodology from the U.S. Joint Economic Committee

Report (Sheltering Neighborhoods from the Subprime Foreclosure Storm) using median county home value from U.S

Census, decline estimate of 22%, and number of foreclosures from RealtyTrac. The 22% decline estimate is based on

the most conservative property value decline ranging from 22% to 28% based on The Value of Foreclosed Property,Anthony Pennington-Cross, Marquette University and RealtyTrac 2010 sales report.

Neighboring homes value decline was calculated using methodology from the U.S. Joint Economic Committee Report

(Sheltering Neighborhoods from the Subprime Foreclosure Storm) using median county home value from U.S.

Census, decline in value of 0.9%, and number of foreclosures from RealtyTrac. The decline estimate is based on a

conservative decline estimate of 0.9% on one-eighth mile radius (approximately 50 homes) based on The External

Costs of Foreclosure: The Impact of Single-Family Mortgage Foreclosures on Property Values. Dan Immergluck,

Georgia Institute of Technology and Geoff Smith, Woodstock Institute . Higher estimates are put the decline at 1.4%

in low to moderate income communities and others double the impact radius to a quarter of a mile.

Property tax losses were estimated using lost home values (foreclosed and impacted homes as described in prior

section) and California effective property tax rate of 0.61% from the U.S. Census and Tax Foundation.

Impact to local governments based on The Municipal Cost of Foreclosures: A Chicago Case Study. Many experts,

including the U.S. Joint Economic Committee Report, use the $19,229 cost from the Chicago study as an approximate

cost of foreclosure. The Chicago study was published in 2005 and may not capture the full post-crisis level of impacts

and level of costs in California . The cost is conservatively calculated us-owned properties).


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SEPTEMBER 2011 11

Endnotes:

i RealtyTracii Ibid.iii Home Wreckers: How Wall St Foreclosures Are Devastating Communities. March 2011.iv CoreLogic press release.07 Jun 2011. http://www.corelogic.com/uploadedFiles/Pages/About_Us/ResearchTrends/CL_Q4_2010_Negative_Equity_FINAL.pdf v The Value of Foreclosed Property, Anthony Pennington-Cross, Marquette University.vi Direct impact to foreclosed homes was calculated using methodology from the U.S. Joint Economic Committee using median county home value from U.SCensus, decline estimate of 22%, and number of foreclosures from RealtyTrac. The 22% decline estimate is based on the most conservative decline ranging from22% to 28% based on The Value of Foreclosed Property, Anthony Pennington-Cross, Marquette University and RealtyTrac 2010 sales report.vii The External Costs of Foreclosure: The Impact of Single-Family Mortgage Foreclosures on Property Values. Dan Immergluck, Georgia Institute of Technologyand Geoff Smith, Woodstock Institute.viii Neighboring home value decline was calculated using methodology from the U.S. Joint Economic Committee using median county home value from U.S.Census, decline in value of 0.9%, and number of foreclosures from RealtyTrac. The decline estimate is based on a conservative decline estimate of 0.9% to one-eighth mile radius (approximately 50 homes) based on The External Costs of Foreclosure: The Impact of Single-Family Mortgage Foreclosures on Property

Values. Dan Immergluck, Georgia Institute of Technology and Geoff Smith, Woodstock Institute . Higher estimates are a 1.4% decline in low to moderate incomecommunities and others double the impact radius to a quarter of mile.ix Consumer Finance: Tapping Home Equity in Retirement. Amy Hoak, Wall St. Journal. March 17, 2011. http://www.marketwatch.com/story/tapping-home-equity-in-retirement-2011-03-17 x Property tax losses were estimated using lost home values (foreclosed and impacted homes as described in prior section) and effective tax rate of 0.61% from theU.S. Census and Tax Foundation.xi Methodology based on The Municipal Cost of Foreclosures: A Chicago Case Study. Many experts, including the U.S. Joint Economic Committee, use the$19,229 cost from the Chicago study as an approximate cost of foreclosure. Also, the Chicago study from 2005 likely does not capture the full post-crisis level ofimpacts and level of costs in California . We used a conservative method of only calculating those cost fo r REOs (bank-owned properties).xiihttp://www.nw.org/network/neighborworksprogs/foreclosuresolutions/reports/documents/7ForeclosureImpacts.pdfxiii Cost per foreclosure of $19,229 based on U.S. Joint Economic Committee report using estimates The Municipal Cost of Foreclosures: A Chicago Case Study.xiv CA Board of Equalization, CA Property Tax Oveview. http://www.boe.ca.gov/proptaxes/pdf/pub29.pdfxv The New Bottom Line. The Win/Win Solution. Aug 2011.xvi CoreLogic underwater data and methodology from The Win/Win Solution. The New Bottom Line. Aug 2011.xvii Includes bailouts that BofA has paid back and federal guarantee programs it has exited.xviiihttp://nomiprins.squarespace.com/storage/bailouttallyoct2010.pdf xixhttp://dealbook.nytimes.com/2011/01/31/bank-of-america-c-e-o-gets-9-05-million-stock-bonus/ xxhttp://dealbook.nytimes.com/2011/01/31/bank-of-america-c-e-o-gets-9-05-million-stock-bonus/ xxi Includes bailouts that the bank has paid back.xxiihttp://nomiprins.squarespace.com/storage/bailouttallyoct2010.pdf xxiii 2010 not yet availablexxiv http://dealbook.nytimes.com/2011/01/28/blankfein-gets-13-2-million-for-2010/xxv Includes bailouts that the bank has paid back.xxvihttp://nomiprins.squarespace.com/storage/bailouttallyoct2010.pdf xxvii WFC DEF 14A, 21 Mar 2011, http://www.sec.gov/Archives/edgar/data/72971/000119312511072275/ddef14a.htm xxviii WFC DEF 14A, 21 Mar 2011, http://www.sec.gov/Archives/edgar/data/72971/000119312511072275/ddef14a.htm xxix Includes bailouts that the bank has paid back.xxxhttp://nomiprins.squarespace.com/storage/bailouttallyoct2010.pdf xxxihttp://online.wsj.com/article/SB10001424052748704115404576096473337115378.html xxxii Includes bailouts that the bank has paid back.xxxiiihttp://nomiprins.squarespace.com/storage/bailouttallyoct2010.pdf xxxivhttp://dealbook.nytimes.com/2011/01/28/blankfein-gets-13-2-million-for-2010/ xxxvhttp://dealbook.nytimes.com/2011/01/28/blankfein-gets-13-2-million-for-2010/ xxxvi

Includes bailouts that the bank has paid back.xxxviihttp://nomiprins.squarespace.com/storage/bailouttallyoct2010.pdf xxxviiiAaron Luccheti and Randall Smith. As Street Rebounds, So Does Top Pay. Jan 22, 2011.http://online.wsj.com/article/SB10001424052748704115404576096473337115378.html


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