Bank of America Stops Foreclosures Nationwide
Just days after pulling out of the wholesale broker channel, Bank of America has released a statement claiming it is stopping the sale of foreclosed homes in all 50 states as it reviews potential flaws in its documents.
The company has officially stated:
"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.”
Bank of America's latest action comes as state attorneys general nationwide have called out many of the industry's top mortgage servicers, including GMAC Mortgage/Ally Financial Inc. and JP Morgan Chase for allegedly utilizing company reps as so-called "robo-signers." These company reps are accused of signing off on thousands of foreclosure documents daily without properly reading through the documents.
According to Moody’s Investors Service, Bank of America's servicing portfolio totaled 13.7 million mortgages for an unpaid principal balance of approximately $2.1 trillion.
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