The WPJ
Residential Real Estate News
Bank of America Stops Foreclosure Proceedings in All 50 States
On the heels of many congressional leaders call for lenders to halt foreclosure proceedings in the wake of a scandal surrounding poor documentation practices, today Bank of America has expanded its current foreclosure proceedings halt from 23 states to all 50 U.S. states.
Mortgage servicers have been attracting sharp criticism in recent weeks for employing a practice called "robo signing" in which documents are signed by computers or people who don't properly review the paperwork. Several banks, including Bank of America, J.P. Morgan Chase, and Ally Financial have halted foreclosures in 23 states to review their own foreclosure procedures.
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