Bank of America Freezing Foreclosures

Bank of America, the country’s largest mortgage lender by assets, said on Friday that it was reviewing documents in all of its pending foreclosure cases to evaluate if there were errors made.

It is the third major lender in the last two weeks that has said it was freezing foreclosures in the 23 states where the process is controlled by courts.

But Bank of America went further than the first two lenders, GMAC Mortgage and JPMorgan Chase, which have said they will amend paperwork only in cases they think were improperly done. So far, that has amounted to only a handful of cases.

Read Full Article from New York Times

- Posted: 2010-10-01 20:46:22

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