Fed To Fine 8 More Banks Over Foreclosure Violations

Law360, New York (March 19, 2012, 6:08 PM EDT) -- The Federal Reserve is preparing to lodge monetary sanctions against eight banks over foreclosure violations, it said Monday, on top of the $766.5 million it fined five other institutions last month in a massive $25 billion settlement over the mortgage crisis.

As part of its continuing investigation, begun in 2001, into misconduct and negligence in residential mortgage loan services and foreclosure processes, the federal agency will formally fine the banks for deficiencies, such as robosigning of foreclosure documents, according to a written testimony by Suzanne G....
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