Speaking in New York at a Bank of America Merrill Lynch Financial Services Conference in New York, Bank of America Chief Executive Officer Brian Moynihan noted that a rapid settlement to the "robo-signer" foreclosure crisis is necessary for all involved as mortgage companies nationwide are scrutinized by state attorneys general. Moynihan cited the current foreclosure process as a "difficult process" and proposed that it be streamlined in order to better accommodate homeowners looking for foreclosure solutions.
Moynihan's comments come just hours before a 2:00 p.m. Senate Banking Committee Hearing titled, "Problems in Mortgage Servicing, From Modification to Foreclosure." Among those delivering testimony is Barbara Desoer, president of Bank of America Home Loans. Desoer's testimony comes on the heels of the company's recent foreclosure freeze as they conducted an internal investigation on their foreclosure practices and procedures.
"Problems in Mortgage Servicing, From Modification to Foreclosure" begins at 2:30 p.m. EST and will be held in Washington, D.C. at 538 Dirksen in the Senate Office Building.
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In October, Bank of America instituted a nationwide halt on home repossessions as it reviewed its internal processes. JPMorgan Chase & Co (JPM.N) and Ally Financial Inc's GMAC Home Mortgage each instituted 23-state foreclosure moratoriums, pending similar reviews.
Moynihan's comments were just hours ahead of a U.S. Senate Banking Committee hearing on the subject.
Later on Tuesday, Bank of America's home mortgage chief is expected to join Iowa's attorneys general as part of the Congressional hearing on foreclosure issues.