Caution urged on bank foreclosure fines

Caution urged on bank foreclosure fines Banks will be fined for failures that led to the foreclosure debacle but regulators should avoid “dangerously large” penalties, according to one of the top officials participating in fractious settlement talks.

John Walsh, acting comptroller of the currency, told the Financial Times that he supported financial penalties for mortgage servicers, led by Bank of America and Wells Fargo, whose shoddy paperwork and improperly signed affidavits caused the repossession of delinquent borrowers’ homes to come to a grinding halt.
http://link.ft.com/r/QM42II/V1F3ZK/C5MKOT/C5CIMU/8A83Q0/MQ/h?a1=2011&a2=4&a3=25