Big banks say fines over foreclosures possible

/ Source: The Associated Press

Probes by state attorneys general and other government agencies into banks' foreclosure practices carry the risk of fines and other major costs. That's from regulatory filings filed by three of the country's biggest banks.

Revelations that major U.S. banks rammed through hundreds of foreclosures daily without giving many borrowers a fair shot at keeping their homes triggered investigations from all 50 states' attorneys general and from state and federal regulators. They also sparked pressure from lawmakers and class-action lawsuits.

Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. have called out possible financial repercussions in annual filings with the Securities and Exchange Commission Friday. None of them have provided any details on how much was at risk.