Charlotte, N.C.-based Bank of America Corp., the nation’s largest bank, said Friday it would stop sales of foreclosed homes in all 50 states as it reviews documents used to process foreclosures. A.
WASHINGTON – 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.
CHARLOTTE, N.C., Oct 8 (Reuters) – Bank of america corp (bac.N) is halting foreclosures and sales of foreclosed properties in all 50 U.S. states pending a review of its internal processes, the bank.
‘Bank of America, the country’s largest bank, said on Friday that it was halting all foreclosure proceedings and sales of foreclosed homes indefinitely.’ david streitfeld, The New York Times Largest US Bank Halts Foreclosures in All States
Bank of America Chief Executive Brian Moynihan said Friday that the bank hasn’t found problems in its foreclosure process, but opted to temporarily halt all foreclosures to "clear the air." He said the bank wants to "go back and check our work one more time."
Bank of America is expanding its foreclosure freeze from the 23 judicial states to include all 50 states. Consumer advocacy groups, state attorneys general, and federal lawmakers are all calling.
Mortgage applications tumble 12.9% as refinancing activity falls 15.3% In fact, the refinance share of mortgage activity increased to 52.6 percent of total applications from 50.1 percent the previous week, the highest level for refinancing since April 2004.
Potential flaws in foreclosure documents are threatening to throw the real estate industry into a full-blown crisis, as Bank of America on Friday became the first bank to stop sales of foreclosed.
Bank of America said Friday that it will stop sales of foreclosed homes in all 50 states as it looks into reports that mortgage servicers signed foreclosure documents without reading them, a practice.
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Bank of America Corp., the nation’s largest bank, said Friday it would stop sales of foreclosed homes in all 50 states as it reviews potential. PNC becomes the fourth major U.S. lender to halt some.
Charlotte, N.C.-based Bank of America Corp., the nation’s largest bank, said Friday it would no longer complete foreclosures in all 50 states as it reviews documents used to process foreclosures.
. week earlier it would stop foreclosures in the 23 states where the process must be approved by a judge. Ally Financial’s GMAC Mortgage unit and JPMorgan Chase had announced similar plans. Bank of.