REUTERS | BofA, Wells, Citi see foreclosure probe fines for forecloure fraud

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REUTERS | BofA, Wells, Citi see foreclosure probe fines

REUTERS | BofA, Wells, Citi see foreclosure probe fines

Fri Feb 25, 2011 9:20pm EST

CHARLOTTE, N.C./NEW YORK (Reuters) – Bank of America, Citigroup and Wells Fargo — three of the biggest banks in the United States — said they could face fines from a regulatory probe into the industry’s foreclosure practices.

The statements, made in regulatory filings on Friday, are the most direct admission yet from major banks that they could have to pay significant amounts of money to settle probes and lawsuits alleging that they improperly foreclosed on homes.

Bank of America Corp (BAC.N), the largest U.S. bank by assets, said the probe could lead to “material fines” and “significant” legal expenses in 2011.

Wells Fargo & Co (WFC.N), the largest U.S. mortgage lender, said it is likely to face fines or sanctions, such as a foreclosure moratorium or suspension, imposed by federal or state regulators. It said some government agency enforcement action was likely and could include civil money penalties.

Citigroup Inc (C.N) said it could pay fines or set up principal reduction programs.

The biggest U.S. mortgage lenders are being investigated by 50 state attorneys general and U.S. regulators for foreclosing on homes without having proper paperwork in place or without having properly reviewed paperwork before signing it.

The bad documentation threatens to slow down the foreclosure process and invalidate some repossessions.

Continue reading … REUTERS

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One Response to “REUTERS | BofA, Wells, Citi see foreclosure probe fines”

  1. Geanette says:

    This is wonderful news!! At last our government is holding these mega banks accountable for the illegal and unjustified practices by hitting them where it really hurts in the pocket!!!

    Yes, make them pay hefty fines for their greed…not only do they think they are too big to fail, but too big for the US govt laws, rules and regulations!..they really need to be broken up because they are simply too big..period!!

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