Halt! Who Forecloses There?
Posted on Oct 8, 2010
Arriving a little late to the party, Bank of America has announced it is halting home foreclosure sales in all 50 states as it proceeds with a widening investigation of flaws in the process.
The country’s biggest bank had frozen the process in 23 states last week after reports that tens of thousands of foreclosures were being approved without proper oversight. —JCL
Bank of America is halting foreclosure sales in all 50 states as part of a widening investigation into flaws in the process, the company announced Friday.
The announcement came a week after the nation’s largest bank said it was freezing home foreclosures in 23 states where foreclosures must be approved by the courts. The latest move by Bank of America extends a review of foreclosure documents to all states, regardless of the required legal processes.
The bank said the foreclosure process on delinquent borrowers will continue, but it will not proceed to judgment or a foreclosure sale.
“Our ongoing assessment shows the basis for our past foreclosure decisions is accurate,” said Bank of America spokesman Dan Frahm in an e-mailed statement.
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