Bank of America delays foreclosures in 23 states
WASHINGTON — Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents.
The move adds the nation's largest bank to a growing list of mortgage companies whose employees signed documents in foreclosure cases without verifying the information in them.
Bank of America isn't able to estimate how many homeowners' cases will be affected, Dan Frahm, a spokesman for the Charlotte, N.C.-based bank, said Friday. He said the bank plans to resubmit corrected documents within several weeks.
Two other companies, Ally Financial Inc.'s GMAC Mortgage unit and JPMorgan Chase, have halted tens of thousands of foreclosure cases after similar problems became public.
The document problems could cause thousands of homeowners to contest foreclosures that are in the works or have been completed. If the problems turn up at other lenders, a foreclosure crisis that's already likely to drag on for several more years could persist even longer. Analysts caution that most homeowners facing foreclosure are still likely to lose their homes more (http://www.comcast.net/articles/news-general/20101001/US.Bank.of.America.Foreclosures/?cid=NET_SZHeadlineRSSLinks&attr=article_news_general_US.Bank.of.America.Foreclosures)
Oh Geesh, this is going to turn into such a political football that I'm going to have to reopen my vomatorium. I can just hear Barney Frank, of Fannie Mae or Freedie Mac infamy, ranting about the big, bad business community and the high bonuses of the CEOs.
That being said, Bank of America, needs to get this straightened out ASAP. I can see the lawsuits coming down the road. Is that Gloria Allred leading the pack?
Quote from: crepe05 on October 02, 2010, 03:56:54 AM
Oh Geesh, this is going to turn into such a political football that I'm going to have to reopen my vomatorium. I can just hear Barney Frank, of Fannie Mae or Freedie Mac infamy, ranting about the big, bad business community and the high bonuses of the CEOs.
That being said, Bank of America, needs to get this straightened out ASAP. I can see the lawsuits coming down the road. Is that Gloria Allred leading the pack?
I'm sure she will be there once she is done with Whitmans maid... ;)
This us exactly why I roll my eyes when marxists and other democrats try to characterize the banks as evil "geniuses" who had some master plan to profit while hurting the working man. it's just laughable to anyone who has ever worked for a mortgage company or bank.