Bank of America halts foreclosure sales in 50 states
FILE - In this July 13, 2010 file photo, Bank of America's headquarters are shown in Charlotte, N.C. Bank of America Corp., the nation's largest bank, is stopping sales of foreclosed homes in all 50 states Friday, Oct. 8, 2010, as it reviews potential flaws in foreclosure documents. (AP Photo/Chuck Burton, file) Credit: AP Photo/Chuck Burton
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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