BoA Joins the Party

Bank of America is halting foreclosures in 23 states because of paperwork problems, the Associated Press is reporting.

Full article here:

The announcement follows the disclosure that a BofA official admitted to signing up to 8,000 foreclosure documents a month, usually without reading them.

Earlier today, Connecticut Attorney General Richard Blumenthal ordered a 60-day moratorium on all foreclosures by all banks, the first state to implement an industrywide freeze. Wednesday, JPMorgan Chase announced it was suspending foreclosures on 56,000 homes because of potential problems with documentation.

California expanded its moratorium on foreclosures by Ally Financial and its GMAC unit, announced last week, to include JPMorgan Chase.

Colorado and Illinois have also halted Ally/GMAC foreclosures. At least seven other states are investigating the document procedures.

Thinking of buying a foreclosed home? Better think twice.

(Posted by Michael Winter)


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