Bank of America Defends Foreclosure Practices
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.
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.
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