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02/28/11

Foreclosure Fines May go to Loan Modifications

Deputy Treasury Secretary Neal Wolin said he did not have a set timeline for when regulators and a coalition of state attorneys general will forge a settlement with the largest U.S. banks.

Those banks, including Bank of America, JPMorgan Chase, and Wells Fargo, and other mortgage servicers, have been accused of foreclosing on borrowers without having the necessary paperwork in place.

Asked if authorities are considering using penalties to encourage loan modifications, Wolin told the Reuters Future Face of Finance Summit that option is being discussed.

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