Wells Fargo is eligible for up to $1.5 billion in bailout funds over the next seven years. About $28 billion of that money was carved out to help distressed homeowners by paying banks to lower their interest rates and monthly payments. The banks and the Treasury Department, which oversees the homes program, defend it. Bank of America said it has helped more than 2.1 million customers avoid foreclosure through the homes program and others. It has already received $2.9 billion from the homes program, and over the next seven years it could receive an additional $2.6 billion.

Source: Los Angeles Times November 08, 2016 00:51 UTC