Friday, October 8, 2010

Bank of America halts foreclosures in all 50 states

Just announced today, Friday, October 8, 2010 - Bank of America will stop all foreclosure proceedings in all 50 U.S.  states while they review their internal legal procedures related to the foreclosure document filing process.


From the official statement:




"Bank of America has extended our review of foreclosure documents to all 50 states. We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for our past foreclosure decisions is accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus.” (source, Mortgage Professional Magazine, Oct 8, 2010)



The bank hasn't halted all foreclosure proceedings, however. If a borrower is delinquent, the bank is still issuing notices of default and pursuing efforts to modify certain mortgages, the spokesman said. (source: Wall Street Journal, October 8, 2010)


Last week, Bank of America halted foreclosures in 23 states where evictions need court approval, saying it was reviewing its filings in the wake of disclosures about improperly prepared documents. (source: The New York Times, October 8, 2010)


Bank of America services 14 million loans. More than 14 percent of those loans are past due or already in foreclosure. (source: The New York Times, October 8, 2010)

More news coverage --

from the political left, http://www.huffingtonpost.com/2010/10/08/bank-of-america-halts-foreclosures_n_755737.html AND http://www.washingtonpost.com/wp-dyn/content/article/2010/10/08/AR2010100804213.html?hpid=topnews

from the political right, http://online.wsj.com/article/SB10001424052748704657304575539963605720860.html?mod=WSJ_hpp_LEFTTopStories AND http://www.foxbusiness.com/markets/2010/10/08/bank-america-extends-foreclosure-moratorium/