Bank of America Defends Foreclosure Practices

Published by: Mike Goldman on 16th Nov 2010 | View all blogs by Mike Goldman
Bank of America logo.gif
Bank of America Defends Foreclosure Practices

A Bank of America official on Monday claimed the bank had not improperly foreclosed on any homes, despite reports of sloppy paperwork, according to a report from Bloomberg News.  The report cited prepared testimony that was scheduled to be delivered Tuesday by Barbara Desoer, BoA's top loan executive, at a meeting of the Senate Banking Committee on Tuesday.  JPMorgan Chase's David Lowman was also scheduled to give testimony at that meeting.

"Thus far we have confirmed the basis for our foreclosure decisions have been accurate," Desoer said in the testimony, according to the report, though she acknowledged the bank "[has] not found a perfect process," adding "quite simply, it did not live up to our standards."

Bank of America, as well as JPMorgan Chase, called for voluntary, temporary halts to their foreclosure processes as they acknowledged significant errors in their procedures.  Chief among the issues raised were the use of so-called robo-signers, or mid-level employees who signed thousands of foreclosure documents without properly verifying their authenticity.

Citigroup and Wells Fargo have so far resisted calls by a number of state officials to halt seizures and have publicly defended their foreclosure practices.

Comments

0 Comments

     
Please login or sign up to post on this network.
Click here to sign up now.

Latest DT's

  • View DT's
    Here's a great bio that Full in Bloom did for the band Possessedhttp://fullinbloommusic.com/biography-possessed.html View DT's
    3 years ago by Geno
  • View DT's
    Rated: PG-13 In Theaters: January 24th Director: Stuart Beattie Starring: Aaron Eckhart, Bill Nighy, Yvonne ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: PG-13 In Theaters: January 10th Director: Renny Harlin Starring: Kellan Lutz, Gaia Weiss, Scott Adkins View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: R In Theaters: December 4th Director: Scott Cooper Starring: Christian Bale, Casey Affleck, Zoe Saldana, Sam ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: PG-13 In Theaters: December 13th Director: Peter Jackson Starring: Ian McKellen, Martin Freeman, Richard ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: R In Theaters: January 3rd Director: Gregory Plotkin Starring: Andrew Jacobs, Jorge Diaz, Gabrielle Walsh View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: TBD In Theaters: February 7th Director: George Clooney Starring: George Clooney, Matt Damon, Bill Murray, Cate ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: PG-13 In Theaters: January 17th Director: Tim Story Starring: Ice Cube, Kevin Hart, John Leguizamo, Bruce ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: R In Theaters: January 17th Directors: Matt Bettinelli-Olpin, Tyler Gillett Starring: Allison Miller, Zach ... View DT's
    3 years ago by dallaseste

Top Authors

Subscribe