Bank of America Extends Foreclosure Halt to All 50 States

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

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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.

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