Big Banks Face Fines on Role of Servicers

post — Admin @ 11:43 am — post Comments (0)
postFebruary 17, 2011

The penalties against Bank of America Corp., J.P. Morgan Chase & Co., Wells Fargo & Co. and 11 other home-loan servicers being investigated since last fall over breakdowns in procedures for payment collection, loan modifications and foreclosures could include fines and changes in how the companies operate, these people said.

While regulators havent agreed on exact details of the punishment, some banks could be notified within days of the enforcement action being taken against them.

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