A senior associate director at the Federal Reserve called the fines "appropriate" but declined to offer more details about the size of the fines or when they will be levied.
The nation's 5 largest banks BOA, Wells Fargo, Chase, Citigroup and Ally Financial last month agreed to a $25 billion settlement with state and Federal governments after a 16 month probe.
As part of the settlement the banks agreed to reduce mortgages for about one million homeowners. They also will pay into a fund that will send $2,000 to some 750,000 homeowners that were improperly foreclosed upon.
Seperately, government regulators in April ordered 14 mortgage lenders and services to reimburse homeowners who were improperly foreclosed upon.
Since then, letters have been sent to 4.3 million borrowers who were at risk of foreclosure during 2009 and 2010.
The deadline for homeowners to seek money under the orders is July 31. So far , nearly 122,000 homeowners have asked for an auditor to review their foreclosure.