Bank of America Extends Foreclosure Halt to All 50 States

Published by: Mike Goldman on 8th Oct 2010 | View all blogs by Mike Goldman

http://t2.gstatic.com/images?q=tbn:ANd9GcRQEf4Nvl40zNSf6p6Og5HF5ClqJxTiIfpiqJ-Fdcd7_2Mr8QM&t=1&usg=__d1R6MJWijUsBDoZ5NjX9dOjZozA=

Bank of America Extends Foreclosure Halt to All 50 State

Responding to growing political pressure, Bank of America (BoA)became the first major US bank to voluntarily halt foreclosure proceedings in all 50 states. Lending institutions have comeunder tremendous scrutiny recently because of claims that they had regularly used “robo-signers”, or persons who routinely signed thousands of foreclosure-related documents daily without properly verifying their authenticity.

The largest mortgage servicer in the nation, BoA said it has decided to extensively review foreclosure documents in cases across the country. “We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for foreclosure decisions is accurate,” the bank said in a statement. The discover of the industry's use of robo-signers has prompted a number of legislators to push for a nationwide moratorium on forclosures.

Last week, BoA, JPMorgan Chase, and Ally Financial all announced a halt on foreclosures in the 23 US states that require a court order to execute a foreclosure. BoA's latest foreclosure halt will take effect on Saturday and the firm plans to keep the moratorium in place until all questionable documents have been reviewed. Share's of BoA responded favorably to the announcement in aerly trading, as the company's stock price jumped 1.1 percent to $13.46. The stock is still about 12 percent below where it was last year at the same time.

Comments

0 Comments

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

Latest DT's

Listen to the New Song from Pantera

Recorded during the Vulgar Display of Power sessions, 'Piss' is the final unreleased track by Pantera. 'Piss' ... View DT's

1 month ago by Geno
Baylor Women Become 1st 40-0 NCAA Team in History, Men or Women

The Baylor women's basketball team dominated the Notre Dame Fighting Irish on Tuesday, earning the national title and becoming ... View DT's

1 month ago by dallaseste
Google Acquires Milk for Talent Including Digg Founder

Google Inc made a significant addition to its talent pool this week by bringing in Digg founder Kevin Rose and some other ... View DT's

1 month ago by Geno
Federal Reserve Posts $77 Billion Profit for 2011

The Federal Reserve issued its financial reports to the public on Tuesday, showing that it made a substantial profit of $77.4 ... View DT's

1 month ago by Geno
Jimmy Page to Release New Album of Lost Solo Tracks

Legendary Led Zeppelin guitarist Jimmy Page revealed over the weekend he has a new album coming out on Tuesday. Read More View DT's

1 month ago by Geno
Neil Young's "Americana" Due In June

Neil Young announced on Monday his upcoming "Americana" album will arrive in stores on June 5th. Read More View DT's

1 month ago by Geno
Garbage Debuts First New Single in 7 Years

Alternative rock veterans Garbage debuted a new song entitled "Blood for Poppies" Monday, making it available as a free ... View DT's

1 month ago by Geno
Dates Announced for KISS / Motley Crue Tour

KISS and Motley Crue, two of the most iconic rock acts ever, are hitting the road together this summer in what is being billed ... View DT's

1 month ago by Geno
Washington Redskins Give Up 3 No. 1 Picks for Robert Griffin III

According to a report from NFL Network contributor Jay Glazer, The Washington Redskins reached an agreement Friday night with ... View DT's

2 months ago by dallaseste