BofA halts foreclosure sales in 50 states# Living
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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 flaws in
foreclosure documents.
A week earlier, the company had said it would only stop such sales in the 23
states where foreclosures must be approved by a judge.
The move comes amid evidence that mortgage company employees or their
lawyers signed documents in foreclosure cases without verifying the
information in them.
"We will stop foreclosure sales until our assessment has been satisfactorily
completed," company spokesman Dan Frahm said in a statement. "Our ongoing
assessment shows the basis for our past foreclosure decisions is accurate."
http://news.yahoo.com/s/ap/20101008/ap_on_bi_ge/us_foreclosure_mess
sales of foreclosed homes in all 50 states as it reviews potential flaws in
foreclosure documents.
A week earlier, the company had said it would only stop such sales in the 23
states where foreclosures must be approved by a judge.
The move comes amid evidence that mortgage company employees or their
lawyers signed documents in foreclosure cases without verifying the
information in them.
"We will stop foreclosure sales until our assessment has been satisfactorily
completed," company spokesman Dan Frahm said in a statement. "Our ongoing
assessment shows the basis for our past foreclosure decisions is accurate."
http://news.yahoo.com/s/ap/20101008/ap_on_bi_ge/us_foreclosure_mess
