NEW YORK — Eight-years after taxpayers rescued the U.S. financial system, some of the country’s largest banks, including JPMorgan Chase and Wells Fargo, continue to receive billions in bailout money, according to government data.
Wells Fargo is eligible for up to $1.5 billion in bailout funds over the next seven years. JPMorgan and Bank of America could receive $1.1 billion and $964 million respectively.
The continuous flow of funds is a remnant of the $700 billion bailout effort, known as the Troubled Asset Relief Program or TARP, put in place during the financial crisis. Some of that money, about $28 billion, was carved out to help distressed homeowners by paying banks to lower their interest rates and monthly payments.