Banksters' Legal Costs Continue To Pile Up; Continued Bleeding Attributed Significantly To Foreclosure, Mortgage Issues

Housing Wire reports:

• Legal expenses at Bank of America and JPMorgan Chase more than doubled for the second quarter from the previous period, according to each bank's financial documents.



• BofA reported $1.9 billion in litigation expenses for the second quarter, most of it related to its foreclosure and mortgage issues. It's an increase from $785 million for the previous quarter.



• Chase reported $1.3 billion in legal expenses for the second quarter, more than triple from the $400 million for the previous quarter and nearly double the $700 million added to reserves one year ago. However, legal expenses peaked in the fourth quarter of 2010 at $1.5 billion.

For more, see Litigation costs mount at BofA, Chase over foreclosure, mortgage issues.