Thursday
October 23, 2014

8 Banks to Be Fined for Wrongful Foreclosures

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8 Banks to Be Fined for Wrongful Foreclosures

The Federal Reserve announced it will fine eight more banks for allegedly improperly foreclosing on home owners. The financial institutions were not included in the recent $25 billion mortgage settlement involving the nation’s five largest banks.  

The eight companies are: EverBank, Goldman Sachs Group, HSBC Holdings PLC, PNC Financial Services Group, MetLife, OneWest Bank, SunTrust Banks, and U.S. Bancorp. The Fed did not disclose the amount of the fines on the banks. 

Banks continue to face fines and new mandates from federal and state officials due to the way they handled foreclosures over the last few years. Last April, government regulators had ordered 14 lenders and servicers to reimburse home owners who in 2009 and 2010 were improperly foreclosed upon. Eligible home owners have until July 31 to apply for reimbursement.  

Source: “U.S. Fines Eight Banks for Alleged Foreclosure Abuse,” Associated Press (March 19, 2012)