WCTV - Business
Posted: Fri 11:53 AM, Oct 08, 2010
Reporter: AP
Bank of America Halts Foreclosure Sales in 50 States
Washington (AP) --
Bank of America Corp., the nation's largest bank, is stopping sales of foreclosed homes in all 50 states as it reviews potential flaws in foreclosure documents.
The company had previously said it would only stop such sales in
the 23 states where foreclosures must be approved by a judge.
The move comes amid evidence that mortgage company employees or
their lawyers signed documents in foreclosure cases without
verifying the information in them.
"We will stop foreclosure sales until our assessment has been
satisfactorily completed," company spokesman Dan Frahm said in a
statement. "Our ongoing assessment shows the basis for our past
foreclosure decisions is accurate."
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